I Iggy_Type_R 14th Nov, 2002 #1 Can someone please explain to me how these work? I tried doing a search, but it's hard when the min search string lengh is 4 characters!
Can someone please explain to me how these work? I tried doing a search, but it's hard when the min search string lengh is 4 characters!
R Rolf Latham 14th Nov, 2002 #2 Hiya Basically the lender accepts your word for it as to what you earn, by you signing a declaration. Generally proof of income is not required. Rates and fees tend to be a little higher that normal loans for the increased risk. Reasonably, loan to valuation ratios go to 80 %, while there are products that go to 90 the rates are huuuge. Ta Rolf
Hiya Basically the lender accepts your word for it as to what you earn, by you signing a declaration. Generally proof of income is not required. Rates and fees tend to be a little higher that normal loans for the increased risk. Reasonably, loan to valuation ratios go to 80 %, while there are products that go to 90 the rates are huuuge. Ta Rolf
geoffw 15th Nov, 2002 #3 Iggy Here's a couple of links to give you a bit of an idea about what it's all about. http://www.mortgagehouse.com.au/blemished.asp http://www.pacificmortgage.com.au/NonConformingLoans.html http://www.libertyfinancial.com.au/mediafiles/media020100a.asp They give a good idea of how they work- but of course, being the people who sell the products, give only the good side of the story.
Iggy Here's a couple of links to give you a bit of an idea about what it's all about. http://www.mortgagehouse.com.au/blemished.asp http://www.pacificmortgage.com.au/NonConformingLoans.html http://www.libertyfinancial.com.au/mediafiles/media020100a.asp They give a good idea of how they work- but of course, being the people who sell the products, give only the good side of the story.