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miraclehomeloans
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@miraclehomeloans
Join Date: 2010
Post Count: 3
August 26, 2010 - 2:21 am
Hi Banker,
Keep in mind that to get 6.66% you usually need to have their Wealth Creation Package or MAV package which is around $30 per month. Yes it gives you other discounts too but some people just don't want to pay fees. Also we do not need anyone to borrow over a certain amount to qualify for a discount. Everyone gets it. The Miracle Loan is really tailored to people with single or dual loans of around 320,000 where they would normally be charged a higher rate and a monthly fee.
In regards to the sensitized rate that can depend on the lender, some will charge some wont but if the customer is staying with the same bank and the new deal requires all loans to be re assessed to suit their situation then yest they would get the additional rate applied to servicing.
We have a number of funding sources but try to stick to the non bank sources.
DEF is varied over a 3 years period and reduces but if we have provided the right loan then there is very little chance the customer will have to pay this, unless they really need to get out.
The idea of companies like me is to give people choice with a very good product and all the features they need with no ongoing fees of any type. A Good basic home loan and hopefully more of us will appear out here.
Do you trust the banks ?
miraclehomeloans
Member
@miraclehomeloans
Join Date: 2010
Post Count: 3
August 25, 2010 - 9:03 pm
I can beat all the banks rates for starters, but as for the question I would suggest go with a second lender. The reason being that if you want to purchase further property in the future and you reach your limit with one bank, you will always have a second option. Having 2 properties with one bank is no problems but when it gets to 3 or 4 you may find they place restrictions on your borrowings.
Plus when a bank assesses you they add a margin to the interest rate of the proposed loans so if all you loans are with one bank some will add this margin to all your loans and decrease the amount you can borrow where as other lenders may only take into account the actual loan repayment, allowing you to borrow more. It might not affect you now but it may in the future so plan you strategy early on and it will save you having to refinance at a later date.
miraclehomeloans
Member
@miraclehomeloans
Join Date: 2010
Post Count: 3
August 25, 2010 - 8:50 am
A line of credit can be a very handy facility to have in place should you ever wish to buy that investment property and need a fast source of funds. The other benefits are that you can simply pull money out of it to use for what ever purposes you choose but the repay the money as soon as you have it back, A classic setup would be to use a line of credit secured against your home as a source of deposit funds to purchase an investment property. Once you have setup the finance on the new investment property you can use the source of those funds to pay back down the line of credit. This works if you have sufficient equity.
A line of credit on your home simply for the purpose of repaying is not such a good idea as you can access the funds any time you want and can fall behind rather than getting ahead. I would always recommend a standard low rate home loan if your looking to pay off you home and gain equity fast.