Mortgage Calculator: what lenders look for
Getting a mortgage can be tricky business. Arm yourself with some insider knowledge and start planning for your dream home today! Here are the key factors that mortgage lenders look for...
- Your monthly income: in practice, you need to be earning $50,000+. Focus will be on your basic income rather than commissions, bonuses and overtime – but these do count
- Your occupation: some professions and trades (e.g. construction) are considered unstable. Employment should be full time and permanent
- Your job stability: it’s an advantage if you’ve been at the company for at least 2 years. Mortgage lenders will also look at your employment history to establish continuity
- Debt-to-income ratio: combined housing expenses and other debts should be no more than 35% of your income
- Credit history: you should have no payment arrears or outstanding direct debits. Unnecessarily large credit card balances will count against you. It’s a good idea to check your credit report before you apply for a mortgage
- Loan-to-value ratio: the proportion of your loan amount to the value of your property. Lenders look for low ratios i.e. the deposit should be as large as possible
- Savings: considerable emphasis is placed on savings. You should have a large deposit and evidence of good saving habits
- Life style: have you paid rent regularly? Do your monthly statements reflect frugal spending? Is your deposit a parental gift or have you saved for it yourself?
21:52 Thu 26 August 2010
Category: tools
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I have a problem with veda advantage as they refuse overturn their decision and they don't owe to me and i don't owe them so how can I borrow without Veda advantage approve so I do need to find $8,000 very urgently and I have less than1 week left to find.
Hi Rhonda, if you are a homeowner you shouldn't have any problem getting a loan for $4000. It is generally harder to get an unsecured loan once you are retired - but because you have a regular pension you may be eligible. Call into your bank for free advice.
iam righting to ask if there is a loan place i can go because i need 4000 to pay my bills off. so i can just have one bill to pay each month.i dont work anymore i have retried. and i am on a pension and i get 500 a fortnite. iam fineing it very hard ti get by. thank u for your time rhonda
That's great advice, thanks!
i think this site is awesome, especially trying to help out people in hardships, whom have bad credit history or whom have no credit history at all. hopefully I will be lucky enough to get approved for a loan during my hard time...time will tell if these sites are what they say they are!
I'm in a similar situation Jodie. I managed to get a 2000 loan but it has helped a lot. Make an appontment to talk to your bank. Good luck!
hi im bankrupt for second time have 2 causal cleaning jobs one iv held for 12 month second job i started 2 months ago i work 5 days wk at this job 25hrs.other job gives me anywere from 12 to 40 hours awk im a single mother of three children paying 250wk rent had a run of bad luck car stolen and burnt out. 8 days later house was broken into while we were sleeping. bank account has been emptied by a so called friend im struggling now need $4000 loan to retreve our things from pawn brooker catch rent up pay tele check before im charged with froud and to pay for xmas
I totally agree with these tips! I use them all the time
I really like this blog, it gives interesting ideas for the reader. Keep it up!
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