Financial Documents In A Mess? Get A Low Doc Home Loan.

By Guy Baldwin

If you are someone who works for themselves then you know what a nightmare it can be dealing with banks, especially when it is you who needs something from them. If you are after something substantial like a mortgage then the level of difficulty increases even further. Sometimes even if you have a working partner with a stable provable income.

The problem, the banks will tell you, is that people who are self employed often find it difficult to give sufficient proof of income. There is an awful lot of red tape document producing involved in the average home loan process. A lot of self employed people find this difficult to get through. Fluctuations in their average income also does not help matters when the self employed set out to get an Australia home loan.

If this is something you can relate to then you will be pleased to hear about a new type of loan on the market. It is officially called a low doc home loan and it is designed to make things easier for people like you who are looking for Australian home loans. Many lenders are starting to offer these types of loans with various conditions to suit the lender. You often have a choice of variable or fixed rate mortgage the same as you do with a regular loan.

There are of course pro's and con's the same as with any home loan product. You require to shop around and read the fine print to make sure you are getting the best deal you can get to suit your situation.

Some lenders insist you pay for lender mortgage insurance once you get into borrowing upward of eighty percent of the property's value. This is not necessarily a bad thing but it is something you need to be aware of from the outset. Banks also associate a higher level of risk with self employed customers due to a perceived instability in their income. Because of this it is possible they will charge a higher rate for you mortgage. On the bright side after a period of reliable payment many lenders will reduce this rate. It pays to discuss this with your lender when you first start shopping for your Australian home loans.

The things that may work in your favor on this type on loan are many. Proof of finance is not needed so if this has always been an obstacle to your acquiring your own home then that is great news for you. A simple financial statement will suffice. Most prominently irregular sources of income are considered. A big bonus for the self employed.

To help you check the fine print and locate the best deal for you, you will need to discuss with someone who knows what they are doing. These types of areas can be very complicated and a wrong choice can be expensive. You would do well to contact the experts at Directmoney Home Loans.

About the Author:

Guy Baldwin is the manager of the website http://www.directmoneyhomeloans.com.au. Are you a First Home Loan Buyer or Looking to consolidate your debt? Get your best Australia Home Loan by accessing leading lenders for the low rate.

Different Home Loan Products Are Quite Helpful

By Guy Baldwin

Many people are still looking to buy houses despite the economic climate and why not. People will still need somewhere to live even if there is a credit crunch on. Buying a house now is really not such a bad idea especially if you have a bit of capital behind you. Prices have stopped their ridiculous climb and low interest rates on Home Loans make it a very attractive choice next to renting. So long as you are fairly secure in your economic situation then there is really no reason not to get a home loan. So long as you do your research and choose the right option a Home Loan now may prove a very smart move indeed.

So, what are your options in today's market? People keep going on about how dire things are but really the variety of options open to you is vast. Depending on your situation you may want to consider a First Home Owner loan or if that is not for you then a Low Doc home loan may be the answer to your needs. Perhaps you need to learn a little more about those options.

If you live in NSW and you are looking to purchase your first home with Australian home loans then you may be eligible for a first home buyers grant. This should come as extremely welcome news as it has a huge capability to save you cash. The best news about this is that it is not means tested. So long as this is your first ever purchase of a home then you are eligible. There is also no tax on it and it is accessible no matter what price range of house you are looking at. If you are buying an previously recognized home you could receive a increase of up to fourteen thousand dollars. A new build house could get you a cash injection of up to twenty one thousand. There are other first home loan options in other states so make sure you look into them.

If you are not buying your first home and you are self employed then there is a better option for you. It is called the Low Doc home loan. Self employed people and sometimes other types of individuals can sometimes have trouble providing all the documentation that is needed to complete a home loan. Evidence of their income can sometimes prove troublesome for these people. If this sounds like you then a low doc home loan is the option for you. You should be aware that some lenders charge higher interest rates due to risk on these types of loans so you need to check out all your options carefully.

If you are a bit lost as to which of the many options is for you then you need someone with some expertise to fill you in on all the details. Direct Money home loans have all the answers for you because they have been helping people like you for years.

About the Author:

Guy Baldwin is a director of the website http://www.directmoneyhomeloans.com.au. If you'd like to get assistance contact Directmoney at 1300 882 432 and get the best low rate home loans for you, and their services are free of charge.

Repair Your Credit Score By Reducing Your Debt To Credit Ratio

By Bart Icles

One of the major factors that makes up your credit score is your debt to credit ratio. It actually makes up about 30% of your score. You can easily calculate that ratio by yourself by taking your existing credit card balances and divide it by the total amount of credit that is available to you. Even though this is a very simple calculation, it does provide valuable information as to how easy it is to manipulate your credit score.

So, what if you have a low credit score and want to improve it? You can take advantage of any of the following strategies to push your debt to credit ratio to a more favorable position. There is no magic ratio that you are trying to stay under, but it has been said that under 45% is the safest.

1- The first thing you can do to increase your credit score and lower your debt to credit ratio is to increase your credit limits. The more credit you have available the lower your ratio will be. You should get in the practice of calling all the lenders with whom you have made on time payments for the last 6 months and ask for a credit limit increase. Do this every six months!

2- Take time to review your credit report and reactivate all old accounts. Did you know that most lenders will deactivate your credit card if it is not used for 3-6 months? Inactive card limits are not counted towards your debt to credit ratio. You need to make sure to use every one of your cards to make small purchases over 3-6 months to keep the card active and counting toward your ratio.

3- You can raise your available credit by applying for a new credit card (if you can stay in control of your spending). By adding another card, you are adding available credit without adding to your credit balance. The more credit you are issued and have available, the better your debt to credit ratio will be.

4- Have you ever heard of an authorized user? Most of us havent. Sometimes, due to our lack of credit history, it is hard to build a large available credit limit. If you ask a friend or family member, who has excellent credit and a long credit history to add you to their account, you will immediately receive the benefit of their history and credit limit without the responsibility of making payments.

5- The last and probably the hardest for most individuals is to pay down your balances. As I said above, you should try to get your debt to credit ratio below 45% for the maximum benefit to your credit score.

About the Author:

Bart Icles is a Credit Repair Specialist. He strives on a regular basis to assist clients with strategies and tactics to improve their credit scores and help them have a greater peace of mind. He also helps clients repair their credit by attorney if needed. Visit CreditScoresRevealed.com for more information.

No Documentation Loans - The Option for the Self Employed

By Gressly Stevens

Are you an individual that owns a business? Do you work as an independent contractor or are you a tipped employee? These are all situations that can make getting a good mortgage difficult because proving your income can be very hard to do.

There is a solution and it is called no documentation loans. This could be the answer to all your issues. Here are the situations to use a no doc loan in.

If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms.

You should have no problems getting the mortgage you need with a stated income program. You will not have to prove any income and you will be able to write down a number of what you really make. These programs started specifically for the self employed so don't be afraid to take advantage of them.

Next, if you are an independent contractor and get paid mainly in cash, then it can be hard to prove what your income is. If this is you, then you are a perfect candidate for a stated income or no documentation loan. This will give you the leverage you need to get a loan and get it fast.

Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.

Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.

However, you can use the stated income program to get the mortgage you are after. This will give you the option of just writing down what you make and signing it. They will not be proving your actual income or your employment so you do not have to worry about that.

When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations.

About the Author:

Discover all the lenders that do no documentation loans by clicking here now!

How to Use Invoice Factoring and Survive the Recession

By Phillip Evans

Its now a blatant fact that the United Kingdom Economy is in decline and Company Directors interested in their Companies existence must have a plan or they will most certainly go into liquidation

The tricky trading conditions over the Christmas and New Years holiday season saw a record level of shops go bust

Stores and Companies to be effected by the recession are Savvi the music retailer formerly Virgin Megastore, Adams the Independent childrens clothes retailer, USC the Fashion store and Whittard of Chelsea, the specialist tea and coffee retailer.

Another victim of the recession has been our beloved Woolworths that went into administration just before Christmas and saw its final stores close on the 5th of January 2009, which has left 27,000 people facing redundancy.

A business owner should be thinking how can I survive this economic downturn? The Turnaround Management Association says that for a business to achieve a successful turnaround it needs four things; a credible management team, a viable business core, a valid business plan and appropriate funding.

The credit crunch and lack of liquidity within the financial money markets has restricted traditional forms of lending from Banks into Businesses to very dangerous levels. This limitation of funding has implemented a Cash Flow Squeeze on British Business.

Company Directors with an eye on survival should immediately have a plan to reduce expenditure within the business. Carefully review expenditure to identify any areas of your business where savings can be made. Meticulously going over the Companies expense to find areas where costs can be cut. You should look at Telephone Charges and Tariffs, Utilities, Trade Suppliers, distribution costs. The build up of a number of cost saving can be remarkable.

Cash Flow within a business is vital at any time but even more so in a recession and having access to working capital should be at the top of any business owners list. Funding a business with invoice factoring, which is increasingly popular for small to medium businesses. While not suitable for all Companies, the huge benefit of invoice factoring is that rather than have money tied up in invoices that are yet to be paid, you can receive an initial payment up front, typically 80% - 85% of the gross value, and the remainder when the customer pays the invoices to an invoice finance provider, less the service fee which has been negotiated with them. However, if the customer defaults on payment, then the finance company will recover the money provided to you initially from any further invoices which are factored. This can lead to erratic cash flow if customers are poor payers or they go into insolvency.

About the Author:

Invoice Factoring is provided by the Asset Based Finance team of Enable Finance Ltd. Enable Finance are professional corporate finance company providing UK business access to traditional and alternative sources of finance. For a free consultation please contact the Business Refinance Team.

Know The Advantages Of A Home Equity Loan

By Guy Baldwin

There are just so many home loan products out there at the moment. This a good thing because it gives you the chance to find one that completely suits your unique financial situation. The fact it is a good thing does not prevent it being very confusing at times. You may be looking to debt consolidate or you may need a home equity loan. It could even be that you are after a first home buyer loan. Whatever the situation you have got a lot of choices in front of you and it is vital that you understand each choice completely.

One of the individual situations that people encounter is where a bridging loan comes in. Most people have been in a chain for buying a house and know it can be a very tricky position to be in. The timing of selling your house and buying another rarely works out as you would want it to despite your best efforts and organization skills. This is where a bridging home loan product can come in very handy. The way it works is that the bank agrees to cover both sides of your deal for a limited time. The only thing you need to worry about is whether you can afford to pay for your existing mortgage and the interest on the second house for a short period of time. If you can then this type of finance allows you unprecedented flexibility. A bridging home loan usually lasts anywhere from a couple of weeks up to twelve months.

Another product that may interest you if you are looking for a home loan product is the split rate home loan. This is an interesting loan especially for those people not brave enough to go for a completely variable loan. As the name suggests it is a half and half loan. It allows you the security of a fixed rate loan with half of the mortgage and the flexibility of a variable loan on the other half of the home loan. You need to investigate this option carefully as different conditions can apply to the two different halves of the loan and it is important that you are aware of all of the limitations.

The last option you might want to consider is the home equity loan, this is also known as a revolving line of credit or a line of credit home loan. This is the home loan that allows you the most amazing flexibility with your finances. It is basically a credit facility secured against the equity in your home. It allows you to withdraw funds up to that limit at any time you like. This can be very useful if you have ongoing renovations on the house or you are self employed.

If all of this sounds very good but you still don't feel you have a solid enough understanding to move forward on your home loan then you need to call in the experts. The people at Directmoney Home Loans are there to help you make a decision.

About the Author:

Guy Baldwin is a director of the website http://www.directmoneyhomeloans.com.au. If you'd like to get assistance contact Directmoney at 1300 882 432 and get the best low rate home loans for you, and their services are free of charge.

No Fax Payday Loans-But Are They Hard To Get?

By Jacob Williams

Often there is a circumstance in which you will run into an unforeseen expense. This could be a medical emergency or an unanticipated bill. Unless you have savings put away for such expenses you might not have the money to pay for it. These are the times when a payday loan can be of great benefit to you. A payday loan will allow borrowing up to fifteen hundred dollars for a short period of time, normally until your next paycheck.

In order to get a payday loan agency you merely want to search for one on the net. Make for certain you do your research in order to gain the best deal possible. Not all payday loans are the same. Some have higher interest rates then others. There are various time periods for repayment as well as repayment methods. If you would preferably not use the net to find a loan you can also find payday loan agencies in your area.

In order to qualify for a payday loan you will need to furnish information on your bank account, employment, income, and identification. You will also need to be eighteen or older. After the application is processed and you have been approved you will have the money transferred to your bank account with in 24 to 48.

Previously if you needed money for a unforeseen expense or an emergency, you would have had to fill out numerous forms and applications. Then you would have had to wait while they were being verified before you could get a loan. This was a frustrating process when dealing with a fiscal or medical emergency. But now there is no longer need for this, because you can now apply for a no fax payday loan.

If you find yourself faced with an emergency and are in need of funds to cover the cost, a no fax payday loan is your better option. These payday loans are very easy and fast. All you need to do is look online for companies that provide no fax payday loans and fill out their application. No fax payday loans only ask for basic information, such as your name, address, bank information, and employer. Most companies do not even make a credit check. This means even if you have a bad credit history or have been made bankrupt you can nevertheless get a no fax payday loan.

There are some drawbacks to no fax payday loans. You will have to pay the loan back with your next paycheck with the interest included. Due to the fact that you are taking out a short term loan it is essential to go over all the terms before taking one out. A lot of people think that this type of loan are traps set for working class borrowers. For this reason make for certain that you require the loan and are able to pay it back before taking out a payday loan.

About the Author:

Jacob Williams is a personal finance adviser, with 30 years of knowledge in the finance industry. For further Free information on Payday Loans try visiting Online Payday Loans or No Fax Payday Loans....

Fend off Foreclosure with Loan Modification

By Carina McMullen

Many Americans are finding it hard to pay their mortgages in these tough times. There is a better answer than letting your home be foreclosed upon and losing everything that you've worked so hard for.

This procedure allows you to rearrange your payments, settle late fees, and can help you get your mortgage back into an affordable range with little effort. It doesn't matter if you've lost your job or just purchased a home that you can no longer afford, you should consider loan modification as an option for saving your home.

Loan modification is a process conducted by a professional company. They contact your bank or lender and work with them to eradicate late fees, set up payment schedules, and get your mortgage back on track. By knowing the inside secrets of the lending industry, these advisors can often get deals and programs for you that you might not be able to find on your own. Using the process of modification can lower interest rates, split up payments, defer payments, and even eliminate fees and penalties that you have accrued as a result of not being able to pay your mortgage on time, or at all.

This process is NOT the same as refinancing your home and it doesn't make the modification company the owner of your loan. Your mortgage lender will stay the same, and you don't have to have a certain credit score to qualify for this process. The company simply works on your behalf so that you can keep your home and avoid foreclosure, while having the same loan with the same company. When it comes to loan modification, you are simply changing the details of your mortgage, not getting a new loan.

You might think that you can contact your mortgage company and figure out ways to save your home all on your own. The truth is that you won't get nearly as many options if you do this. The lender looks at you as a consumer, and therefore thinks that you're not as informed about the details of loan modification as a professional would be. By having a professional handle the modification process for you, you'll end up with better payment options and a more affordable way to pay for your home. Don't give up on your dream of home ownership without checking into loan modification to see if your home can be saved.

About the Author:

Loan Modification has become a method of stopping foreclosure and relieve homeowners of unaffordable mortgage payments. Mortgage Modification may be a great solution for struggling homeowners who owe more on their mortgage than their home is worth.

Remove Late Payments

By Matt Douglas

Late payments are not created equal; a 90 day and 120 day late pay will cause your score to be dramatically lowered. However with a 30 day or 60 day late pay it will cause very minimal damage to your score.

This mark can be deleted by the lender as a way to keep your business and keep you happy. We suggest you contact the lender and ask them to delete the mark.

A phone call and a letter including the reason is the most effective method. Also be respectful and nice to them because they do not have to remove this mark.

A 90 or 120 day mark is much harder to erase. If you account is still open, we suggest you contact the lender.

It is a good idea to make sure your account is up to date before asking them to remove the item from your report. The lender will often look at your payment history to see if late payments are common with your account.

If you can not get the mark removed we suggest you dispute it directly with the credit bureaus. This is done by creating a dispute letter and mailing it to each bureau or you can hire a service to do this on your behalf.

The negative item will be on your report for a maximum of seven years. Your account will go to a collection agency after 180 days of delinquency.

The reason a creditor is able to remove this mark from your file is because they report to the bureaus monthly. Thus all they have to do is not report this negative mark, the next month.

You will find it very difficult to have the lender erase this mark if your account is not up to date. Additionally there is information that claims negative items on your credit must stay there for seven years.

This is false, seven years is the maximum amount of time most negative items can remain on your report. The Fair Credit Reporting Act passed by Congress made this law. There is no minimum amount of time a negative item has to be on your report.

In sum the first step is contacting the lender, if you still have the account, and then if that is unsuccessful dispute it directly with the bureaus.

About the Author:

For more tips to Improve Credit Score or to read a review of the popular credit repair service Lexington Law visit us. You can also get a free credit repair consultation by calling 1-866-246-7311.