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.
Home loan experts??
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Smitty
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Re: Home loan experts??
...pm sentaardvark 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.
GOTTA LUV the 12R!!
but I know what you mean...
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ozx6r
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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
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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.
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Felix
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It works easy.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.
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.
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Neka79
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remeber that Vin Pooftel use to be one of those lending types..maybe he has sum idea..on sumthing...Felix wrote:It works easy.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.
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.
Neka
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2006 Zeddy 1000
1996 VS series 2 S pak Ute