2 posts

Understanding Mortgage: Important Information You Need to Know

Introduction to Understanding Mortgage: Mortgage Definition The first step to understanding mortgage is to know what the word means. defines mortgage as: a conveyance of an interest in property as security for the repayment of money borrowed. the deed by which such a transaction is effected. the rights conferred by it, or the state of the property conveyed. In everyday language, this just means that a mortgage (also known as a “deed of trust”) is a legal document that says the lender may take away your home if you don’t repay the loan you took out with them. Originally, that loan will be to buy the house in the first place. But that isn’t always the case, as you’ll see. When you sign the mortgage documents, you’ll also sign a promissory note. This is where you make the promise to repay the money you’ve loaned when taking out your […]

Do I qualify for mortgage loan in Australia?

With house prices increasing 412% over the last 25 years, many Australians still do not afford to buy a home. Major cities have seen a fall in the price of homes in the past few months. However, residents and nonresidents alike still struggle to qualify for a mortgage loan. There is no easy way, to sum up, lending criteria from dozens of banks, credit unions, and non-bank lenders. Nevertheless, there are a few important things you need to check off in order to qualify for a mortgage loan. Do you think you qualify for a mortgage loan? Consider these criteria:  Personal considerations You need to be a natural person over the age of 18 in order to qualify for a mortgage loan. You also need to be an Australia resident or citizen. Some exceptions can be made. If you have no benefit in the loan or a non-resident you might […]