Financial Documents In A Mess? Get A Low Doc Home Loan.

By Guy Baldwin

People who work for themselves and not big company can have real trouble securing a loan. Whatever the purpose they want the loan this can be very annoying. If you want the loan to buy your own home so that you can pay a mortgage instead of rent then it can be very frustrating. You would think most people who are able to support themselves and pay regular rent should be able to get a home loan.

The problem usually lies with your ability to prove your income without any doubt for the previous few financial years. If you are self employed this can be a red tape horror in terms of necessary documentation. Banks can have you running around for days and then still refuse you when you think you have jumped through all their hoops. Sometimes the problem may be an inability to accurately predict your next year's income due to the fluctuations involved in self employment.

If this is something you can relate to then you will be pleased to hear about a new type of loan on the market. It is officially called a low doc home loan and it is designed to make things easier for people like you who are looking for Australian home loans. Many lenders are starting to offer these types of loans with various conditions to suit the lender. You often have a choice of variable or fixed rate mortgage the same as you do with a regular loan.

There are of course pro's and con's the same as with any home loan product. You need to shop around and read the fine print to make sure you are getting the best deal you can get to suit your situation.

Some lenders claim you to pay for lender mortgage cover once you find into borrowing upward of eighty percent of the property's value. This is not necessarily a bad thing but it is something you need to be aware of from the outset. Banks also connect a higher level of danger with self employed customers due to a professed unsteadiness in their income. Because of this it is possible they will charge a higher rate for you mortgage. On the bright side after a period of dependable payment many lenders will reduce this rate. It pays to discuss this with your lender when you first start shopping for your Australian home loans.

The things that may work in your good turn on this type on loan are many. Confirmation of business is not needed so if this has always been an obstacle to your acquiring your own home then that is great news for you. A simple financial statement will suffice. Most importantly uneven sources of income are considered. A big extra for the self employed.

To help you check the fine print and locate the best deal for you, you will need to discuss with someone who knows what they are doing. These types of areas can be very complicated and a wrong choice can be expensive. You would do well to contact the experts at Directmoney Home Loans.

About the Author:

Guy Baldwin is an executive of the website http://www.directmoneyhomeloans.com.au where you can get access to all leading lenders to get a best low ratesof home loan .You can also contact at 1300 882 432 and take their services free of charge.

Know More About Home Loan Products

By Guy Baldwin

For many people owning their home and paying their own mortgage instead of rent to a landlord is a lifelong dream. Some people think that with the credit crunch there is no way they are going to achieve that dream. But if they use some common sense they should be able to see that the present economic climate could be a great time to buy, especially for the first time. House prices have stopped going up and low interest rates combined with this could make for the perfect time for a Home Loan. The time is right for getting your own home loan mortgage especially if you have a bit of capital behind you or if you are after a first home buyer loan.

There are lots of different options for you if you are looking for a loan. It totally depends on your situation some people have bad credit and just want to release some money with a home equity loan. Or you may have other unique circumstances and need a loan that fits them. The best thing for you to do is to have a look at what some of your options are in the present market.

If you live in NSW and you are looking to purchase your first home with Australian home loans then you may be eligible for a first home buyers grant. This should come as extremely welcome news as it has a huge capacity to save you cash. The best news about this is that it is not means tested. So long as this is your first ever purchase of a home then you are eligible. There is also no tax on it and it is available no matter what price range of house you are looking at. If you are buying an already established home you could receive a boost of up to fourteen thousand dollars. A new build house could get you a cash injection of up to twenty one thousand. There are other first home loan options in other states so make sure you look into them.

If you are not buying your first home and you are self employed then there is a better option for you. It is called the Low Doc home loan. Self employed people and sometimes other types of individuals can sometimes have trouble providing all the documentation that is needed to complete a home loan. Evidence of their income can sometimes prove troublesome for these people. If this sounds like you then a low doc home loan is the option for you. You should be aware that some lenders charge higher interest rates due to risk on these types of loans so you need to check out all your options carefully.

If you are a bit lost as to which of the many options is for you then you need someone with some expertise to fill you in on all the details. DirectMoney Home Loans has all the answers for you because they have been helping people like you for years.

About the Author:

Guy Baldwin is a director of the website http://www.directmoneyhomeloans.com.au. If you'd like to get assistance contact Directmoney at 1300 882 432 and get the best low rate home loans for you, and their services are free of charge.

5 Sure Fire Ways To Repair Your Credit Score

By Bart Icles

One of the major factors that makes up your credit score is your debt to credit ratio. It actually makes up about 30% of your score. You can easily calculate that ratio by yourself by taking your existing credit card balances and divide it by the total amount of credit that is available to you. Even though this is a very simple calculation, it does provide valuable information as to how easy it is to manipulate your credit score.

So, what if you have a low credit score and want to improve it? You can take advantage of any of the following strategies to push your debt to credit ratio to a more favorable position. There is no magic ratio that you are trying to stay under, but it has been said that under 45% is the safest.

1- The first thing you can do to increase your credit score and lower your debt to credit ratio is to increase your credit limits. The more credit you have available the lower your ratio will be. You should get in the practice of calling all the lenders with whom you have made on time payments for the last 6 months and ask for a credit limit increase. Do this every six months!

2- Take time to review your credit report and reactivate all old accounts. Did you know that most lenders will deactivate your credit card if it is not used for 3-6 months? Inactive card limits are not counted towards your debt to credit ratio. You need to make sure to use every one of your cards to make small purchases over 3-6 months to keep the card active and counting toward your ratio.

3- You can raise your available credit by applying for a new credit card (if you can stay in control of your spending). By adding another card, you are adding available credit without adding to your credit balance. The more credit you are issued and have available, the better your debt to credit ratio will be.

4- Have you ever heard of an authorized user? Most of us havent. Sometimes, due to our lack of credit history, it is hard to build a large available credit limit. If you ask a friend or family member, who has excellent credit and a long credit history to add you to their account, you will immediately receive the benefit of their history and credit limit without the responsibility of making payments.

5- The last and probably the hardest for most individuals is to pay down your balances. As I said above, you should try to get your debt to credit ratio below 45% for the maximum benefit to your credit score.

About the Author:

Bart Icles helps people fix bad credit scores. He strives on a regular basis to assist clients with strategies and tactics to improve their credit scores and help them have a greater peace of mind. Visit CreditScoresRevealed.com for more information about our credit restoration services.

What Is A Split Home Loan And Its Advantages?

By Guy Baldwin

Buying a house or trying to consolidate debt using the equity in your existing premises can cause a lot of anxiety. Mainly this is due to the array of home loan products on the market. It is incredible that we all have the choices available to us to finance our homes but unless you are a banker they can be very hard to understand. Everybody is keen to get the best deal for them and that may not be the same deal that worked for other people they know. All in all the research that is requires to ensure that the right choice is made can be quite daunting. It is important, however, that you take the time because a bad decision can really affect your monetary future.

One of the individual situations that people encounter is where a bridging loan comes in. Most people have been in a chain for buying a house and know it can be a very tricky position to be in. The timing of selling your house and buying another rarely works out as you would want it to despite your best efforts and organization skills. This is where a bridging home loan product can come in very handy. The way it works is that the bank agrees to cover both sides of your deal for a limited time. The only thing you need to worry about is whether you can afford to pay for your existing mortgage and the interest on the second house for a short period of time. If you can then this type of finance allows you unprecedented flexibility. A bridging home loan usually lasts anywhere from a couple of weeks up to twelve months.

A subsequent option that you may want to consider when it comes time to refinance your home loan is the split rate home loan. This is the mortgage equivalent of sitting on the fence and now and again that is just the right place to be. If, when it comes time to re mortgage you find yourself in uncertain inexpensive time then this may be just the option for you. The bottom line is that it allows you to have both a fixed term mortgage and a variable one by splitting the loan into two separate portions. This could give you a lot of peace of mind.

The last option you might want to consider is the home equity loan, this is also known as a revolving line of credit or a line of credit home loan. This is the home loan that allows you the most amazing flexibility with your finances. It is essentially a credit facility secured against the equity in your home. It allows you to withdraw funds up to that limit at any time you like. This can be very useful if you have ongoing renovations on the house or you are self employed.

If all of this sounds very interesting but you still don't feel you have a solid enough understanding to move forward on your home loan then you need to call in the experts. The people at DirectMoney Home loans are there to help you make a decision.

About the Author:

Guy Baldwin is a director of the website http://www.directmoneyhomeloans.com.au. If you'd like to get assistance contact Directmoney at 1300 882 432 and get the best low rate home loans for you, and their services are free of charge.

No Documentation Loans - The Option for the Self Employed

By Gressly Stevens

Do you work for yourself, own your own business, or are you a tipped employee? Do you need to refinance or get a mortgage, but you are not sure how you will with the lack of proof for your income? Getting a mortgage can be difficult with no real proof of what you make.

However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.

If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms.

This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.

Next, if you are an independent contractor and get paid mainly in cash, then it can be hard to prove what your income is. If this is you, then you are a perfect candidate for a stated income or no documentation loan. This will give you the leverage you need to get a loan and get it fast.

Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.

Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.

However, you can use the stated income program to get the mortgage you are after. This will give you the option of just writing down what you make and signing it. They will not be proving your actual income or your employment so you do not have to worry about that.

Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.

About the Author:

Get started on the road to your No Documentation Mortgage by Going Here!

How the Crunch on Credit is Bad for First Time Buyers

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In the past, banks loved first time buyers, who would take out their first house mortgage and then come back again and again for services and new mortgages, which meant a lot in profits for the bank. Now, first time buyers are being seen as less important because their finances are less stable and they pose a bigger risk to banks. You may ask yourself how first time buyers are getting hit by the credit crunch exactly.

It is complicated to answer this question. To answer it, you have to remember what first time buyers got when the economy was booming. In the past, first time buyers were able to get a mortgage without putting down a big down payment or they got a better interest rate than traditional mortgage shoppers. When they didn't put down a large enough down payment, first time buyers found themselves in financial troubles when the economy changed for the worse. Because of the problems paying off these expensive houses often got put on the banks' shoulders, these banks are now thinking differently about what to do with first time buyers.

So what does this mean if you already have a first time buyer mortgage? Well, the good news is you don't have to worry if you are sitting pretty with a good interest rate or any other special deal in your home. The results of the credit crunch are going to happen in the future, and people who want to buy their first house now are probably not going to get the same good deals that you did. What they are going to be able to expect is to have to pay more for a down payment, or if they do get a low down payment like five or ten percent, they are going to have to pay a whole lot more in mortgage insurance to cover the risk. This is going to add a lot of money to their mortgage bills every month, making a low down payment mortgage a lot more expensive for them.

Also, you can probably expect to see fewer first time buyer deals offered by banks. Add to that the fact that mortgages are going to get more and more expensive because banks are going to be more careful with their money because of the bad economy. In the past almost anyone could get a mortgage, but in the future, you are going to need to be financially secure and do a lot more in order to secure a mortgage. This can be an advantage if you are someone who has good credit, because you are going to have to pay less for those who ruin the system by foreclosing on their homes. When someone defaults on their mortgage, a little bit of that mortgage is passed onto everyone else in the form of higher interest and fees. If your credit score is not so hot, you might not be so happy to hear about these changes.

Those looking for their first mortgage are absolutely going to be affected in a negative manner by the credit crunch. There is no changing the situation, so hopefully you already have your mortgage in place and don't have to worry about what the future holds for you.

About the Author:

Have To Become A 1st Time Buyer? Phone Mortgage Loans at 01 4790579 Now

How to Use Debt Factoring and Survive the Recession

By Phillip Evans

There is no avoiding the issue the UK Economy is in recession and if you are a business owner you must have a plan to survive this economic slump or you will most certainly fail.

The challenging trading conditions over the Christmas and New Years holiday season saw an exceptional level of shops go into insolvency

The following stores and Companies, to name a few, have gone into administration. Wedgewood the fine China and tableware manufacturer has gone along with Savvi, USC the Fashion store and MFI the furniture retailer.

One of the most well know victims of the recession is Woolworths that went into administration just before Christmas. Its final shops closed on January the 5th, resulting in 27,000 staff loosing their jobs.

How can a business survive this recession? Well Alan Tilley of the Turnaround Management Association says that for a business to achieve a successful turnaround it needs four things; a viable business core, credible management team, a valid business plan and appropriate finance.

Traditional sources of finance have been restricted to very low levels due to the Credit Crunch and lack of liquidity within the money markets. This constriction of lending has brought about a Cash Flow squeeze on UK plc.

As a business owner one of the first things you should do to survive a economic downturn is cut costs. Carefully review expenditure to identify any areas of your business where savings can be made. Look at distribution costs, advertising, marketing, business premises and even the simplest things such as turning off the office lights at the end of the working day. Simple measures can give rise to immediate benefits for little or no pain.

Cash Flow within a business is vital at any time but even more so in a recession and having access to working capital should be at the top of any business owners list. Funding a business with invoice factoring, which is increasingly popular for small to medium businesses. While not suitable for all Companies, the huge benefit of debt factoring is that rather than have money tied up in invoices that are yet to be paid, you can receive an initial payment up front, typically 80% - 85% of the gross value, and the remainder when the customer pays the invoices to an invoice factoring provider, less the service fee which has been negotiated with them. However, if the customer defaults on payment, then the factoring company will recover the money provided to you initially from any further invoices which are factored. This can lead to unpredictable cash flow if customers are poor payers or they go into insolvency.

About the Author:

Debt Factoring is provided by the Asset Based Lending team of Enable Finance Ltd. Enable Finance are specialist corporate finance brokers providing British business access to traditional and alternative sources of finance. For a free meeting please contact the Business Refinance Team.

Low Interest Business Credit Cards are Good For Your Business

By Caressa Waechter

A business credit card is similar in most aspects to a regular consumer credit card. They have a similar application and approval process, the same rules apply about paying interest if your card has a balance, and they also affect credit ratings in very similar ways.

Low interest rates, easy online account access, rewards programs, and services to support business needs are all trademarks of credit cards for business. Also, their credit limit is often times higher than what you are used to as a consumer.

Most businesses don't have a credit history on their own, so the owner's credit history is checked during the application process. So if you want a card for your company, make sure that you have fairly good personal credit. This means that you will be personally guaranteeing the company's credit line.

A business credit card allows you to keep track of business spending, as well as spending of employees. Because of this, a business credit card makes for an excellent tool for managing business expenses.

Most credit cards for business offer quarterly and annual reports of your credit card charges. This really can assist you in seeing how much is spent on what category every year, helping you to formulate financial strategies.

Another feature of a business credit card is rewards programs. These can be similar to what is offered on a normal consumer credit card, but generally have rewards that are more tailored to the needs of a business owner, or the company itself.

When it comes to managing expenses and helping grow your business, a business credit card is a great tool to have. You do need to find one that fits the needs of your business, giving your company maximum benefits.

Because a business credit card is most effectively used as a financial tool to help your business be a success, you really have to make sure that they don't get abused. Used right, a business card can help your business grow and it can contribute to your financial success.

About the Author:

Author Caressa Waechter uses a low interest business credit cards in her business and realizes how powerful of a tool they are. Learn more about getting a business credit card cash back by visiting her website.

Debt Settlement Basics

By William Blake

When you are in debt over your head and you know there is no way out on your own you may be need to think about trying to reach a settlement with your creditors. Your situation is not unique. Most people have found themselves with financial difficulties at some point and sometimes settlement is the best option. Debt settlement is a serious step, however, and should be carefully understood and considered.

Debt settlement involves using a third party to manage the debt situation. You may have tried to talk to the creditors but to no avail. Each month that the payment is late, there is a fee. Once the fees push the balance over the credit limit, there is another fee. Things can get out of control in an as little as a few months.

Debt settlement puts you in touch with an agency that specializes in helping individuals deal with serious debts. Debt settlement agencies will review your situation to see if you qualify. Debt settlements are mainly done for unsecured debt.

An unsecured debt is one that is not backed by any collateral. It is a greater risk for the creditor because they extend credit to you with nothing to fall back on except your promise to pay. Credit cards are the most common unsecured debts.

Debt settlements can still affect your credit in a negative way. Creditors may report that you are entering into a debt settlement plan and other notations that can turn away future creditors. If you use a third party debt settlement agency, make sure that you understand this fact.

If the debt settlement agency determines that your debt does not exceed the amount that you could reasonably pay then you will not be eligible for debt settlement. If in your case the amount of your debt does exceed what you could reasonably repay the agency will begin to work up a proposal based on what you can afford.

The debt settlement agent will look at the interest rates being charged by the credit card company. During a debt settlement, they may be able to talk the creditor into lowering the interest rate to a more manageable one. The same goes for late fees. If late fees are a problem, the creditor may waive them in the interest of recouping some of the debt owed to them.

Once you have enlisted the services of a debt settlement agent all of you dealings will be with that company and you will no longer deal directly with your creditors. You will pay a determined amount to the settlement agent each month and that amount will be distributed by him to your creditors according to the agreements reached.

About the Author:

Tire of struggling to keep up with your credit card debt? Learn some simple credit card tips on the Debtopedia website. Get a free copy of my report "Secrets Of Credit Card Debt" at http://www.debtopedia.com