Q: What happens if I change my mind & cancel?
A: If you have had a loan approved and decide not to go ahead with a purchase, you may incur a cancellation fee.
If you are not sure or think you might change your mind, please click here to contact a B & B Hunter Finance to discuss the best options.
Q: What are the risks in switching loans?
A: Making the decision to change loans or refinance, is difficult as there are hundreds of loans available from hundreds of lenders. On top of that, there are other factors to consider such as how long do you want your loan period to be, or how much you can afford each month?
Some loans have early pay out penalties and other costs you will need to consider. Sometimes re-financing is not the answer, so speak to one of our Consultants to ascertain if refinancing is the right option for you.
Q: Do I need approval before I find a property?
A: Yes, it's usually best.
Having a loan already approved (usually subject to a valuation of the property you buy) means that you will know how much you can afford to pay for a home. It also lets you make a quick purchase decision, which may be a useful negotiating tool with the owner or agent; or at auction time.
Q: How long does a loan approval take?
A: The loan approval process depends on the borrower, the lender and the type of loan.
The average loan can usually be approved in 48-72 hours after we receive your completed application.
Q: How much of the purchase price can I borrow?
A: This depends on a range of factors including your personal circumstances, the price of the property and any valuation that may be required (a bank valuation may not be the same as the purchase price).
Depending on the lender, they may be prepared to lend up to 100% of valuation, depending on your ability to repay. It's worth noting that loans of more than 80% valuation often require mortgage insurance, which the borrower pays for.
Q: Can I get a loan with Irregular Income?
A: Lo Doc Loans is the answer
In the past an irregular income, or lack of records, could make getting a home loan very difficult.
Fortunately, today our Consultants can tell you about a range of options, such as Lo Doc Loans and similar loans designed for borrowers in your situation.
Q: What can I afford to borrow?
A: How much you can afford to borrow to buy a home depends on a range of factors relating to the property itself, your lifestyle requirements and other personal circumstances.
There's no point living in the home of your dreams if you can't afford to do other things you really want to do! Our loan Repayment Calculator can help to provide you with initial payment information.
| 
