Mortgage FAQ about home loan finance, mortgage refinance and refinancing, equity home loans and low doc loans at low interest rates! | ||
 | ||
| ||
Apply Online for home mortgage loans, car finance, mortgage refinancing & debt consolidations |  |
 |  |  |  |
 | Mortgage FAQFrequently asked questions about Mortgage home loans.
Which mortgage home loan is best for me ?You certainly have a lot of home loans to choose from. Fixed or variable? Principle and interest or Interest only or Line of credit mortgage facility. The simple answer is the best mortgage that you can actually get, for your circumstances. In the end its the lender who does the choosing! Lenders can and do say "Thankyou, but no thankyou"! One of our main functions is to put your application in its best possible light, whilst at the same time being honest to the lender. We have to know what to say and how to say it and to whom. Rest assured that we will get you the best home loan we can for your circumstances. When you consider that are services are free to you it makes sense to apply for your mortgage through Mr Mortgage.
To apply for a home loan, please click here now. Back to TopWhat is an L.V.R?L.V.R. when referred to a mortgage is an abbreviation of Loan to Value Ratio. This is a ratio, expressed as a percentage, of the size of the mortgage loan in dollars required compared to the value of the property that you are contemplating to buy. The value of the property is not what you think its worth, or what the market says its worth, or what a real estate agent says its worth. It is the value that a registered valuer says its worth for the purpose of obtaining a loan from a credit provider. To calculate the loan to value ratio you divide the loan value by the value of the property, and multiply the result by 100 to obtain the percentage. We have loans from 65% to 97% of the value of the property depending on your needs circumstances and credit rating. To apply for a home loan, please click here now. Back to TopWhat is a D.S.R. in a mortgage? A D.S.R. as relating to a mortgage is the abbreviation for debt to service ratio. This is ratio expressed as a percentage of the loan to determine an applicants ability to repay the home loan requested, based on their total income. All Banks and lenders have different methods and formulas to arrive at this calculation, but as a rule of thumb your total debt repayment should not exceed 35% of your gross income, for a single income, or 30% where two incomes are taken into consideration. These figures are very conservative and many lenders will go much higher these days. Also as another rule of thumb, your total debt [including mortgage and credit cards and other loans] should not be more than four times your income. Also you should not buy personal goods on credit including cars if you plan on getting a mortgage in the near future. These debts may be the reason that you can't get a mortgage. To apply for a home loan, please click here now. Back to TopWhat is a mortgage "honeymoon" rate? Honeymoon rates for mortgages. These can best be described by a parable. Back in the early 1960's the Ford Mustang was released. It brought car buyers streaming into the showrooms, just to have a look. In fact it was such a "puller" that every Ford dealer had to have a red Ford Mustang in the front showroom window. Guys would drive by and say "Wow honey, look at that low sleek number!" They would go into the showroom and want to test drive this baby. Then the dealer would step in and say, sure, but first lets make sure that this beauty is the one for you". Before you knew it this guy was the proud owner of a shiny new Ford Falcon Station Sedan, complete with a V8, and a roof rack, [for the camping trips that the salesperson said he was going to do], that cost more than the Mustang. He would go to bed happy, but when he woke up in the morning, he would look out at and see a still shiny new, but now it looked more like a big fat ugly petrol guzzler sitting in his driveway. He wondered what the hell happened to him! There are a few similarities here with Honeymoons aren't there? Lets not dwell on the personal relationship side of the analogy, and move on to the mortgage analogy. When you see an ad for a home loan rate, and you see a low rate well below the market, you're likely to say to your partner "Wow honey, look at this great sleek number". You go to the bank, and one of two things will happen to you. You either walk out the bank with a big fat ugly money guzzling home loan, that the bank manager told you really need. You wake up the next day and you wonder what happened to you. Or, worst yet, you drive away with great low sleek number, that sooner than you know it, turns into a big fat ugly Home loan that you find you're married to for the next 25 years. That's when you find out how expensive it is to divorce your bank loan! So that's what a honeymoon rate is and that's why it's called a honeymoon rate. Now, if you still want a honeymoon rate, fine, we've got them, and we won't talk you out of one, we promise. To apply for a home loan, please click here now. How can I pay out my Mortgage sooner ?There are only 6 ways that I know that will work to pay out your mortgage sooner.
To apply for a home loan, please click here now. Back to TopWhat are the advantages of using Mr Mortgage service?
Back to TopCan I still use my existing bank account if I change to a MrMortgage loan ?Yes you can. In fact you can now get free internet banking and phone banking with most of our loans. Where we offer a bank product you can simply keep your existing banking arrangements and have the mortgage repayments debited of your bank account by the home loan bank selected. To apply for a home loan, please click here now. Back to TopCan someone with a bad credit history still get a loan at reasonable rates?As long as you are truthful with us, we will put our best endeavours to getting you a loan, regardless of your past credit history. We get into problems when we find out things from sources other than from yourself. We have ways and means of checking, and the lenders need to know that you're likely to repay the loan. You may have to pay a rate for risk, at least for a qualifying period, but that is better than no loan at all. Fair enough? Back to TopI don't fit my bank's lending criteria. Can I still get a Mortgage from MrMortgage?We are good at setting loans. If there is a lender out there who will give you a mortgage home loan, chances are we know them. have personal contact with their back office and can do what is necessary to get you a mortgage. As are service is free to you, why would you even consider trying to do it yourself? To apply for a home loan, please click here now. Back to TopWhere does MrMortgage get the Money from?We principally use the major banks, regional banks with wholesale channels and originators that source wholesale Funders. This gives us the ability to take applications for home loan Mortgages between $50,000 to $3,000,000 [ that's $3million]! So if you have the project that meets our lending panel's criteria, we can get you the money! Leave the hard part to us! Back to TopWhy Choose MrMortgage.com.au?Why choose us? Good question! Simple answer. Because we work on your behalf for free, not the Bank's or other credit providers that we source funds from. Our customers come first. To put it in plain English, if you belonged to our own family we could not give you a better deal than the one we'll submit to you. But there are other solid reasons you should securing your loan through us. Maybe you can tell us which is most important to you?
To apply for a home loan, please click here now.
To apply for a home loan, please click here now. We keep your report card clean
| ||||||
 |  |