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Mortgage Insurance – Sex, Lies and Deception (But without the Sex) part one | Spank Your Ppt2003%C8%ED%BC%FE%CF%C2%D4%D8%B9%D9%B7%BD%CD%F8%D5%BE Bank Blog
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Now I know why Banking shares are so good!! I think it would behoove the banks to just call LMI what it is. A Fee!
With LMI on the steep increase since the GFC their profits from fees are leaping ahead. No wonder!
Since we’re talking about Mortgage Insurance – Sex, Lies and Deception (But without the Sex) part one sybblog, Be sure to include your base salary plus any money earned from overtime, bonuses and expected pay raises. Don’t forget to include the amount of money you plan to put towards the purchase price.
Well … I loved this blog.. Can’t believe what has happened today… Turned down for our house loan… The reason… Lenders mortgage insurer see’s our post code as a categorie 3 and as we are first home buyers and builders and were using some of our boosts as part deposit… Guess what their ” computer” chucked a fit and refused!!! What the hell!!! Am so angry right now… If we were to build in the next town there would be no problem.. How the heck does that work?!?! So at the moment I am not wanting to spank our bank they were as perplexed as us… I would like to hug genworth in the face with a chair!!!… Not sure were our options lye now do we give in andd keep renting or extend contract and look for another financier with a different mortgage insurer… This was supposed to be an exciting chapter of our lives and thanks to mortgage. Insurance… It is one of the worst head f*cks imaginable…. Most ridiculous insurance ever!!!
Oh how frustrating! LMI really is terrible. And so many people are getting rejected for loans as a result of Lender’s mortgage insurer policies when they can clearly show that they can handle the loan.
Three possible options for getting around this are:
1. Get a 20% deposit (then Genworth or any other LMI doesn’t get involved)
2. Try a bank that uses QBE LMI. They and Genworth are much of a muchness, but sometimes their policies vary slightly enough that you get passed with one but not the other.
3. Try going through a few different channels to apply for your loan. Sometimes it just takes the right mortgage broker to get you through. Seek Home Loans have helped others with this in the past and they might be able to help you.
Hope this helps! Good Luck and let us know how you go!
Not sure if many people know this, but a number of lenders including CBA, NAB, and St George will waive the LMI requirement for certain professions such as doctors (and those in health care) for loans up to 90% LVR.
The sad thing is that many brokers dont even know about this and the lenders themselves will never go out of there way to tell you about it. You need to do a lot of your own research to avoid LMI.
Now I know why Banking shares are so good!! I think it would behoove the banks to just call LMI what it is. A Fee!
With LMI on the steep increase since the GFC their profits from fees are leaping ahead. No wonder!
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Since we’re talking about Mortgage Insurance – Sex, Lies and Deception (But without the Sex) part one sybblog, Be sure to include your base salary plus any money earned from overtime, bonuses and expected pay raises. Don’t forget to include the amount of money you plan to put towards the purchase price.
What a Joke! I knew it was crap but didn’t realise it was THAT bad!
Well … I loved this blog.. Can’t believe what has happened today… Turned down for our house loan… The reason… Lenders mortgage insurer see’s our post code as a categorie 3 and as we are first home buyers and builders and were using some of our boosts as part deposit… Guess what their ” computer” chucked a fit and refused!!! What the hell!!! Am so angry right now… If we were to build in the next town there would be no problem.. How the heck does that work?!?! So at the moment I am not wanting to spank our bank they were as perplexed as us… I would like to hug genworth in the face with a chair!!!… Not sure were our options lye now do we give in andd keep renting or extend contract and look for another financier with a different mortgage insurer… This was supposed to be an exciting chapter of our lives and thanks to mortgage. Insurance… It is one of the worst head f*cks imaginable…. Most ridiculous insurance ever!!!
Oh how frustrating! LMI really is terrible. And so many people are getting rejected for loans as a result of Lender’s mortgage insurer policies when they can clearly show that they can handle the loan.
Three possible options for getting around this are:
1. Get a 20% deposit (then Genworth or any other LMI doesn’t get involved)
2. Try a bank that uses QBE LMI. They and Genworth are much of a muchness, but sometimes their policies vary slightly enough that you get passed with one but not the other.
3. Try going through a few different channels to apply for your loan. Sometimes it just takes the right mortgage broker to get you through. Seek Home Loans have helped others with this in the past and they might be able to help you.
Hope this helps! Good Luck and let us know how you go!
LMI can be avoided by certain professions
Not sure if many people know this, but a number of lenders including CBA, NAB, and St George will waive the LMI requirement for certain professions such as doctors (and those in health care) for loans up to 90% LVR.
The sad thing is that many brokers dont even know about this and the lenders themselves will never go out of there way to tell you about it. You need to do a lot of your own research to avoid LMI.