Search found 7 matches

by
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 :)
by
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?
by
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.
by
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)?
by
Sun May 17, 2015 8:11 am
Forum: Commercial Loan Forum
Topic: How does a no doc loan work?
Replies: 5
Views: 49702

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!
by
Thu May 14, 2015 12:22 pm
Forum: Commercial Loan Forum
Topic: How does a no doc loan work?
Replies: 5
Views: 49702

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?
by
Thu May 14, 2015 8:23 am
Forum: Commercial Loan Forum
Topic: How does a no doc loan work?
Replies: 5
Views: 49702

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?