Home loan experts??
Mon Jan 22, 2007 5:52 pm
Anyone here know a bucket load about home loans and buying cars with the equity in your home?
If so, please send me a PM.
If so, please send me a PM.
Mon Jan 22, 2007 7:47 pm
sure..get rid of that girly subaru and get a real car..a Holden...
Re: Home loan experts??
Mon Jan 22, 2007 8:13 pm
aardvark wrote:Anyone here know a bucket load about home loans and buying cars with the equity in your home?
If so, please send me a PM.
...pm sent
Mon Jan 22, 2007 10:34 pm
pm sent from me too
Tue Jan 23, 2007 1:02 am
don't do it!
sorry couldn't resist.
debt bad.
esp for consumer goods....eurrrgh
sorry couldn't resist.
debt bad.
esp for consumer goods....eurrrgh
Tue Jan 23, 2007 8:34 am
I know my home loan costs me alot??
Tue Jan 23, 2007 8:36 am
MrsDuane wrote:I know my home loan costs me alot??
Try paying one on your own...
Tue Jan 23, 2007 9:09 am
heheh you just got a brand new bike - you'll be right!
We just getting used to it though - when we used to it it will be ok - our house isnt even ready yet, still ajusting!
We just getting used to it though - when we used to it it will be ok - our house isnt even ready yet, still ajusting!
Tue Jan 23, 2007 9:15 am
I don't think I can ever get used to it 
but I know what you mean...
Got the bike with a loan; it was an easy choice between that and a car
but I know what you mean...
Got the bike with a loan; it was an easy choice between that and a car
Wed Jan 24, 2007 5:15 pm
i have two home loans ..... i'm gonna die soon
Wed Jan 24, 2007 5:39 pm
mrmina wrote:i have two home loans ..... i'm gonna die soon
you borrowed on your home loan for the....funeral?
Wed Jan 24, 2007 6:15 pm
heard about a loan coming out soon where they will lend 120% on a home loan but u only ever pay back the 100 percent basically the 20% u spend on shit, means the bank always owns a share is ya house and when u sell they get the profits - not bad if a house doubles in value every 7 yrs hey
Wed Jan 24, 2007 9:25 pm
banks don't own homes. the bloke with the loan does.
they hold a charge over property commonly known as a mortgage.
a charge is a legal document that allows the bank a certain level of control over the property. i.e. if you breach the terms of your credit contract with them, they can sell the property on your behalf in order to recover the debt.
interestingly, i've seen utility companies excercise a similar right.
over a debt less than $1000.
based on that, i can't see how any lender would be dumb enough to offer that sort of product. What happens if the client doesn't make the first payment? They could be stuck with a $300,000 house that they may only be able to get $240,000 in a quick sale (80% of market value is commonly used) and have $360,000 outstanding. That's a $120,000 loss.
Unless they can convince a mortgage insurance company to cover it. In which case you'd be paying close to 40 or 50 grand in LMI.
that's not to say it won't happen, or that you're misinformed. I just hope it doesn't ever happen. a lot of ppl will get in trouble. lenders aren't in the habbit of giving away money.
jason, if ya wanna have a chat, drop me a pm and i'll give ya a buzz or vice-versa.
they hold a charge over property commonly known as a mortgage.
a charge is a legal document that allows the bank a certain level of control over the property. i.e. if you breach the terms of your credit contract with them, they can sell the property on your behalf in order to recover the debt.
interestingly, i've seen utility companies excercise a similar right.
over a debt less than $1000.
based on that, i can't see how any lender would be dumb enough to offer that sort of product. What happens if the client doesn't make the first payment? They could be stuck with a $300,000 house that they may only be able to get $240,000 in a quick sale (80% of market value is commonly used) and have $360,000 outstanding. That's a $120,000 loss.
Unless they can convince a mortgage insurance company to cover it. In which case you'd be paying close to 40 or 50 grand in LMI.
that's not to say it won't happen, or that you're misinformed. I just hope it doesn't ever happen. a lot of ppl will get in trouble. lenders aren't in the habbit of giving away money.
jason, if ya wanna have a chat, drop me a pm and i'll give ya a buzz or vice-versa.
Wed Jan 24, 2007 10:09 pm
diesel wrote: What happens if the client doesn't make the first payment? They could be stuck with a $300,000 house that they may only be able to get $240,000 in a quick sale (80% of market value is commonly used) and have $360,000 outstanding. That's a $120,000 loss.
It works easy.
The amount of work they put in to assessing how good you are for the loan basically reduces their risk to "low" that you'd not make any payments. What they are working on, is at worst, their bad debts come several years down the line, when the house has enough natural capital appreciation to make up any shortfall. I am quite sure they will come after any and all assets you have if there is anything short.
Wed Jan 24, 2007 10:15 pm
Felix wrote:diesel wrote: What happens if the client doesn't make the first payment? They could be stuck with a $300,000 house that they may only be able to get $240,000 in a quick sale (80% of market value is commonly used) and have $360,000 outstanding. That's a $120,000 loss.
It works easy.
The amount of work they put in to assessing how good you are for the loan basically reduces their risk to "low" that you'd not make any payments. What they are working on, is at worst, their bad debts come several years down the line, when the house has enough natural capital appreciation to make up any shortfall. I am quite sure they will come after any and all assets you have if there is anything short.
remeber that Vin Pooftel use to be one of those lending types..maybe he has sum idea..on sumthing...