Simply Mortgages

Recently we met a couple purchasing their first home together at an advantageous purchase price from family.

They required 100% funding of the purchase price, which was possible due to the equity in the property being gifted.

Both husband and wife were self employed and had a few defaults on their credit report.

Debt servicing appeared fine based upon self-declared incomes although financials provided indicated the income declaration was reasonable.

The successful loan was approved of just over  $190,000 at 10.35% pa for a 30 year term.

Do you know anyone in a similar situation?

Let us know, we might be able to help.

The Pocket Mortgage Guide: 60 of the Most Important Questions and Answers about Your Home Loan

This book includes everything you need to know to make getting a mortgage simple and trouble-free. How large a house will you be able to afford? What is PMI, and why do you have to pay it? How can you be sure you’re not being taken advantage of? The “Pocket Mortgage Guide” gives you the authoritative answers you need to simplify the entire mortgage process. This pocket-sized, value-packed guide features: painless techniques for trimming years off the life of your mortgage; strategies for including “fix-up” money in your mortgage; guidelines for getting the best deal when shopping for a refinancing loan; handy tables for looking up what your monthly payment would be at different interest rates; your mortgage is the biggest financial commitment you’ll ever make, and it’s up to you to understand how it works. Learn the facts you need to know to get the house – and mortgage – at the lowest possible cost, in “The Pocket Mortgage Guide.”

From The Publisher:

The “Mortgage Professor” answers critical homemortgage questions

This value-packed consumer reference by a nationally syndicated mortgage columnist is indispensable for anyone looking to secure a home mortgage. “The Pocket Mortgage Guide “answers 50 of the most commonly asked mortgage questions, including: How can I find the lowest-cost lender? Should I choose a 15-year loan or a 30-year loan? What is PMI and how can I cancel it? How large a mortgage will I be able to afford? What will my monthly mortgage payment be? What is a “debt ratio” used for and how is it calculated? What is a home equity line of credit and what should it be used for?

The book also provides valuable interest amortization tables and is the perfect resource for home buyers.

The Pocket Mortgage Guide: 56 of the Most Important Questions and Answers About Your Home Loan – Plus Interest Amortization Tab