Hi guys,
I would like some advice regarding finance for wrapping.
I have used 80% LVR loans for my first two wrap properties and am considering using 90% LVR loans in the future. 90% LVR loans will mean I have less ‘cash’ in the deal but has the disadvantage that I need mortgage insurance.
My questions are;
Are many of you guys out there using 90% LVR loans?
Can someone recommend a lender where disclosure of wrapping is accepted In Melbourne?
I have heard that it is that the mortgage insurers thenselves who will not provide the insurance if it is disclosed that the intention is to wrap the said property?
Thanks for your help…
Anthony
Hi Karma ,
you could try this lender as they will lend for wrapping with full disclosure.Personally if the deal is good i wouldnt mind paying morgage insurance, Better COCR .
Commanding Heights Morgage Solutions
(02) 4926 2277 Mr David Cook email [email protected].Not sure what state there based in though , i think its NSW.
Regards Risky [cowboy2]
If you want the rainbow youve got to put up with the rain!
I’ve herd it’s mortgage insurers, as well as PR section of the banks (public relations).
As for 90% loans, work out total up front costs for each scenario, and figure out which one is cheaper.
As for banks and wraps, what are you currently doing at the moment???? Even at 80% lend, you still have to inform the banks if there are any material changes to ownership, etc. Of course some banks seem not to care, so long as you pay the mortgage, so figure out what would be best for you.
Rgds.
Lucifer_au
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