Official Process Started

Official Process StartedOfficial Process Started
cosldirakusru asked 5 years ago

Well, started the official process, mortgage officer said he would call back within an hour with news…. I paid $ 14.00 for my credit to be pulled, I checked my bank and it was charged from Credit Technologies, so I google and find GOOD reviews regarding low scores etc that they are able to approve for mortgages:

 

http://www.credittechnologies.com/Client_Comments.asp

http://mortgagepreflight.com/services/consumer/

 

The mortgage company I am using is “American Home Lending LLC”, he is based in Florida, but licensed to do loans in Missouri where we are locating to. Our scores are (These are the MORTGAGE fico scores)

 

535

562

573

 

He told us a few months back when our scores were lower we would be able to get approved… on his website it even says they go down to 550, but he told me he’s gotten loans to go through all the way down to 500….  I will let everyone know what happens, sooooooooo nervous now! We already have our top two houses picked out.


What Mortgage Repayment Methods Are the Best? – YPCtv Education

Calum Wade replied 5 years ago

Thanks so much for this Peter. I am 26 & have just bought my first
investment unit in Brunswick, Melbourne. Your videos make things so much
easier to understand. Legend mate !

jaggsb replied 5 years ago

Hi, very good video and thanks for doing the whole series, Very insightful.
I do have one question though. I understand the concept of inflation being
our friend as 100K today won’t have same value 25 years later, but what
about the interest we pay on that 100K for those 25 years. Interest rates
are always higher than inflation rate, so aren’t we losing money by keeping
the 100K alive in loan ?

YPC Group replied 5 years ago

Cheers Lee thanks for the feedback.

mertvak replied 5 years ago

WOOOOOOOOOOOOOOOOOOOW!!! my mind is blown no srsly

wnc817 replied 5 years ago

I agree 100% with having a line of credit (HELOC) on your primary
residence. That is the strategy I am now using. I received a HELOC and used
the line to purchase two properties. As I pay the line down, I can buy
another property. This provides a flexible option in case I am for any
reason unable to obtain additional mortgages.

arthur Borja replied 5 years ago

Hey Brett, Can you or somebody else help me set my house up with the Line
of credit method? My personal residence is in USA, Nevada, Las Vegas. I’ve
been searching for this method for quite awhile. Any contact would be
great. Thank you.

everlong replied 5 years ago

In Australia it can be an offset account, or a redraw account (be careful
as there could be a different tax implication for redraw accounts if you
use the loan for investment properties – the interest on the amount redrawn
may not be deductible). In the US, it’s commonly called the HELOC (Home
Equity Line of Credit).

Auris Villa replied 5 years ago

Perfect !

Luca K replied 5 years ago

God exists…..and his name is Brett! Great video dude!

Lee White replied 5 years ago

Hey Brett it pains me to say this as I’m an Englishman and your an aussie
but I’m am currently looking for my first investment property and its great
to see someone with sensible advice thats clear and concise. If i was still
living in England i would be seeking advice from you on how to get my
portfolio going, keep posting more video’s. I’m fed up with all the “BS”
that you see on here from the “Guru’s” of the industry who are more like
sale’s people than investors. Cheers

TheChatos89 replied 5 years ago

hmm so from the offset account your reducing interest but but your still
making the same regular payment therefore paying off more principal sooner
is this the main concept?

YPC Group replied 5 years ago

Realistically, inflation will be your best friend over the long term in
paying down your mortgage. Now before everyone jumps up and down, the
actual figure you owe may stay the same but in 25 years, let’s say £200,000
will be the same as £20,000 in todays terms. This is my biggest friend.
However if you don’t have 25 years left then you may need to consider a
repayment vehicle depending on your portfolio. This is best speaking to a
professional about.

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