Search found 7 matches
- Tue Nov 03, 2015 2:04 pm
- Forum: Home Loan Forum
- Topic: Can I get a low interest rate with minor bad credit?
- Replies: 7
- Views: 17957
Re: Can I get a low interest rate with minor bad credit?
My sincere gratitudes for taking out the time to reply to my post, Otto. I checked out your website and I find it very informative. I’ve learnt a lot of things that I didn’t know or didn’t really understand. Thanks again
- Sun Nov 01, 2015 10:01 am
- Forum: Home Loan Forum
- Topic: Can I get a low interest rate with minor bad credit?
- Replies: 7
- Views: 17957
Re: Can I get a low interest rate with minor bad credit?
Hello,
I also have defaults listed on my credit file but they are over a $1,000 so I don’t think a major bank will accept my mortgage application. Right now, I’m not entirely sure what type of home loan I want to take out but what I am sure of is that I’ll probably be making a purchase sometime next year.
My question - if I have to apply with a specialist lender, is there anything that I need to keep in mind before I do?
I also have defaults listed on my credit file but they are over a $1,000 so I don’t think a major bank will accept my mortgage application. Right now, I’m not entirely sure what type of home loan I want to take out but what I am sure of is that I’ll probably be making a purchase sometime next year.
My question - if I have to apply with a specialist lender, is there anything that I need to keep in mind before I do?
- Mon Jul 13, 2015 7:13 pm
- Forum: Home Loan Forum
- Topic: How much can subcontractors borrow on a mortgage?
- Replies: 4
- Views: 11991
Re: How much can subcontractors borrow on a mortgage?
I really appreciate your quick response. Thanks! I’ll keep this in mind and won’t hesitate to call if I need more help. Good day.
- Sat Jul 11, 2015 9:16 am
- Forum: Home Loan Forum
- Topic: How much can subcontractors borrow on a mortgage?
- Replies: 4
- Views: 11991
Re: How much can subcontractors borrow on a mortgage?
Hi all,
I’m a self-employed subcontractor and I want to get my one off expenses added back to my assessable income to increase my borrowing power. The bank told me that I need an accountant’s letter to confirm the amount.
Getting the letter is no big problem but I’m worried that I’ll have to get it done half a dozen times because I don’t know how it should be. Can anyone tell me how an ideal accountant’s letter should be (one that the banks would accept)?
I’m a self-employed subcontractor and I want to get my one off expenses added back to my assessable income to increase my borrowing power. The bank told me that I need an accountant’s letter to confirm the amount.
Getting the letter is no big problem but I’m worried that I’ll have to get it done half a dozen times because I don’t know how it should be. Can anyone tell me how an ideal accountant’s letter should be (one that the banks would accept)?
- Sun May 17, 2015 8:11 am
- Forum: Commercial Loan Forum
- Topic: How does a no doc loan work?
- Replies: 5
- Views: 49684
Re: How does a no doc loan work?
Taking out this kind of loan seems like a huge risk because of the high interest rates and exit fees. I’ll need help in minimizing these costs as much as possible. I’ll give you a call tomorrow to discuss my situation in detail. Have a good day!
- Thu May 14, 2015 12:22 pm
- Forum: Commercial Loan Forum
- Topic: How does a no doc loan work?
- Replies: 5
- Views: 49684
Re: How does a no doc loan work?
I get it now. Thanks, Otto. This loan seems like a great option for people like me but there must be a catch. Do lenders charge higher interest rates for no doc commercial loans?
- Thu May 14, 2015 8:23 am
- Forum: Commercial Loan Forum
- Topic: How does a no doc loan work?
- Replies: 5
- Views: 49684
How does a no doc loan work?
Hi there,
I’ve been running a pub in Crawley since last August. It’s only been a little over eight months but the sales have grown beyond my expectations. That’s why I’m looking to expand and buy a bigger property.
However, a few days back, a customer at the pub told me that I can’t qualify for a low doc loan. I asked a friend at the bank about it and he told me that it's because I can't provide evidence of my tax returns yet. He also said that I can qualify for a no doc loan instead.
He was very busy so he couldn’t explain to me how the loan works. Can anyone in this forum help me be clear on this?
I’ve been running a pub in Crawley since last August. It’s only been a little over eight months but the sales have grown beyond my expectations. That’s why I’m looking to expand and buy a bigger property.
However, a few days back, a customer at the pub told me that I can’t qualify for a low doc loan. I asked a friend at the bank about it and he told me that it's because I can't provide evidence of my tax returns yet. He also said that I can qualify for a no doc loan instead.
He was very busy so he couldn’t explain to me how the loan works. Can anyone in this forum help me be clear on this?