All About Real Estate

The period from April to June is a peak time for prospective property buyers to start looking for a good property deal. However, you should be well aware and duly prepared for the new home loan market. Thanks to recent changes in the lending criteria, several inexperienced and novice property buyers may face an unexpected home loan rejection. Mortgage Choice, Australia’s leading independently-owned mortgage broker, encourages all borrowers to take note of certain essential property loan preparation tips prior to making their way to the greener pastures offered by successful property investment.

As per Senior corporate affairs manager Kristy Sheppard, “Property investment can lead to financial rewards if clever decisions are made upfront. Along with researching thoroughly to find a profitable property, good investment decisions come from a clear strategy, meticulous preparation, careful comparison of finance options and securing a home loan tailored to your needs. Spending a good amount of time shopping around often leads to a bargain. The key is patience, understanding of short and long term requirements and knowing what is needed for home loan approval.

“In becoming more risk-adverse, lenders have tightened their policies around who they will lend to and how much. To help determine what loan options are available to suit your individual circumstances, it’s a valuable exercise to visit a reputable and educated mortgage broker with knowledge of the approval criteria for a wide range of home loans and lenders. A broker helps borrowers compare lenders’ interest rates, loan features, fees and service, and advises on the criteria needed to qualify for home loan approval. Lenders have different benchmarks. Lender A may require a five percent deposit from genuine savings with six months evidence, while Lender B requires a 10 percent deposit.

“Regardless, having a larger deposit or more equity to contribute means you borrow less and are therefore more likely to be approved. A number of lenders have now capped their loan to value ratios at 90% of the purchase price for home buyers and 80% for investors. Also be aware that reducing your other debt commitments will probably increase the amount you can borrow. For example, someone with credit card limits totaling $50k can borrow less than someone with a $5k limit, regardless of how much debt the credit card/s actually hold. Further, small blemishes in someone’s credit history can reduce the likelihood of home loan approval. A default on a car loan, credit card or even a mobile phone bill can leave a borrower loan-less. Similarly, each time you apply for credit and are rejected, it is recorded on your credit file, so it’s important to investigate your history in this respect before you apply for a loan. An experienced and knowledgeable mortgage broker will also help determine if you have a strong likelihood of being pre-approved for a home loan before you apply. Why is this important? Being declined for a pre-approval - which many people take out before property hunting - may also count towards your credit record, depending on the lender.”

Mortgage Choice suggests a number of tips to help you further in getting approval for a home loan. First of all, you need to see if a family member can ‘gift’ you funds to contribute towards the property purchase, to help build your deposit and allow you to prevent lenders mortgage insurance. Lenders will require a statutory declaration as an assurance that the money need not be repaid. You must also be sure to have a solid employment record and you shouldn’t expect overtime to be included if it is non-essential work (it may, but it is best not to expect so). To enable costs reduction involved in buying property, you can consider sharing the commitment by purchasing with others you trust such as friends and family. Another effective tip is to include on your loan application details regarding all your important assets eg. shares held, gifted funds, savings accounts. You should be aware that there is a vast range of lenders out there. It could happen that one lender is much more likely to approve you for a loan than others. Research a little bit! If you are in the market to have a property of your own, make sure you to contact your local mortgage broker for an obligation free consultation. It will defintely help you make decisions in the right direction.

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Remortgages and secured loans are home loans for whom only those who own their own home are eligible. This is the case because both remortgages and secured loans must be secured against the asset of a home.

This can normally be a first residence or a holiday home, although there are mortgage and secured loan lenders who are unwilling to accept a holiday home as security

Secured loans and remortgages are almost the very same thing as they can both be used for just about anything.

If you have a notion to buy an expensive car or even to indulge yourself in treating yourself to the luxury of a boat using a remortgage or secured loan to do this can be the ideal way, as you can spread your payments from a five to a twenty five year repayment period.

Funding home improvements with a secured loan or a remortgage can be the most cost effective way as repayments can be made from a five to a twenty five year period thus making the home improvements affordable.

Using a remortgage or a secured homeowner loan for home improvements often means that with having the ready money you can grab a bargain.

Both secured loans and remortgages can be used for debt consolidation where credit cards, personal loans are payed off leaving only the secured loan or the remortgage to be paid each month. The savings by arranging debt consolidation can be huge.

To a great extent it is only the borrower himself who can make the decision as whether a remortgage or a secured loan is better.

You have simply to pick which one suits you better.

Remortgages normally take over a month to pay out where as homeowner loan funds cann be received in just over two weeks.

You can find these experts on the inter net by typing in such keywords as secured loans, remortgages, homeowner loans, mortgage brokers, etc.

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The craft of sash window replacement is often found in the type of carpentry known as joinery. Joiners are often builders of tables and cabinets as well as any type of intricate joining of wood such as a sash might entail. Another type of carpenter that may be knowledgeable about sash building is an architectural timbering carpenter.

Sometimes with an older home a lot of the character comes from the size and shape of the windows and with age and time they can develop dry rot and require maintenance that only a joiner or someone who has a specialty in cabinet making can assist with. Recreating these works of art will surely maintain the integrity and value of your home for years to come.

Assess your windows and if they look like they are beyond help a master joiner could restore them to their original beauty using modern techniques of incorporating resin-based products and traditional old world joinery.

Find a joiner who is good with detail and perhaps is listed as a decorative arts carpenter. If your windows are from a period where a lot of detail work is added to the windows and perhaps through time some of it has been lost it can be recreated with modern techniques.

There are companies that specialize in only sash window replacement. The best thing about these types of firms is that they know exactly what needs to be done and they will create for you a new window that looks just like the original but better constructed with new materials done in the old fashioned style.

Ask local construction firms for recommendations on who they use to build their custom cabinetry in their higher end projects and you will be sure to find a craftsman who is skilled in joinery. Or try asking an architectural firm if they have recommendations on sash window carpenters, they are sure to.

Call upon a custom cabinetry shop to find an artisan carpenter who will be well trained in the fine art of old world joinery fused with new age tools and products. These types of artisans will probably be well versed in sash building.

Keep in mind that this type of project will entail the removal of old lead paint if your house is of an older vintage. A professional will utilize a two-step process that is dust free and will eliminate health hazards.

Maintaining the art of old world craftsmanship and being environmentally friendly at the same time, hiring a master joiner ensures the integrity of your home. No need to replace your windows with manufactured product when a master can do the job for you.

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Take advantage of VA mortgage rates if you are a military veteran looking to buy a home. The VA loan was signed into law after world war two. This bill has been helping veterans buy their first home ever since.

If you have served in the military and have an honorable discharge you qualify for a VA loan. There are advantages to using the VA loan over using a conventional loan.

If you applied for a conventional loan you would expect to pay up to twenty percent of loan amount up front. This is the down payment.

If you apply for a loan amount of two hundred thousand dollars you might have to pay up front twenty to forty thousand dollars. This is not including the closing costs which depends on the escrow agreement.

With a conventional loan the borrower also may be charged PMI or private mortgage insurance. This is an insurance policy on the loan. The beneficiary of the insurance policy is the lender. If the borrower defaults on the loan then the private insurance company pays the lender the outstanding amount of the loan.

The borrower is the beneficiary on the loan but the lender makes the premium payments. The borrower can expect to pay one to two hundred dollars on each house payment depending on the amount of the loan.

A military veteran on the other hand will not have to pay a down payment. Nor will a military veteran have to pay PMI. The government guarantees the loan so in essence they are the insurance policy in case the VA loan defaults. And because the government guarantees the loan lenders are able to waive the down payment.

The VA loan is a way the government says thank you to and rewards those who have served in the armed forces. The VA loan has not only benefited military veterans but it has also benefited the country in general.

The home owner is the foundation of a strong and proud nation. The home owner takes pride in his or her community more than someone who rents a home. People who take pride in community make better members of society.

The home is the bedrock of the family. The stronger the family the stronger the community and the stronger the community the stronger the country which is made up of communities. The family living in the house they own grows up more secure and confident.

The VA bill signed after the Second World War which provides VA loans was passed in order to make this country stronger after fighting a war so that people could be free.

Since the VA bill took effect is has helped countless veterans purchase houses and raise their families. It is the most effective bill in the last one hundred years to help create a strong and proud country.

For all military veterans it is a reward for service to the country. Take a look at this benefit all veterans should apply for.

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