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SmartChoice - Poor Credit History?
You were foolish with your money when you were younger, went through
a messy divorce, had a small business failure, lost your job or
maybe you were attacked by aliens. Bottom line is you have a bad
credit history and your bank won't give you a mortgage. Sound
familiar?
Have you seen the Bluestone advertisement on TV recently or heard
our advertisement under 'SmartChoice Home Loans' on Radio Pacific or
Solid Gold FM recently?
These are areas we can help. Give us a ring today.
What to do?
You need our help! We can show you what you need to do get the
mortgage approved. There are several lenders who specialize in this
sort of lending but you won't find them on every street corner.
There are private lenders, trust companies and even some banks that
will take a good look at your situation and will approve your
application if the deal makes sense.
Even if you were just discharged from a bankruptcy, there are still
options available to you. SmartChoice has the answers.
Initial
Objective:
To clean up clients' financial affairs. This is not to be done
by just replacing one or more loans with another loan, but rather to
gain either:
-
a better overall outcome for the client by saving their home
or
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refinancing to achieve lower overall repayments and in most cases a
lower overall interest rate.
Helping the
Client:
Loans clients are followed up on a minimum quarterly basis, to
ensure they are kept on track and do not go back to the temptations
of old.
Final Objective:
To put client in a position whereby credit is cleaned up, loan
payments are consistently maintained and they can be put back to the
prime banking system. ie Clean them up completely.
LVR: Lending Value Ratio - which means percentage of loan to
value of property.
CRA: Baycorp check
PLA: Property Law Act Notice - served prior to a house going
to mortgagee auction.
Case 1 3 defaults, 1 unpaid. Marriage
split, had Instant Finance and Baycorp and wanted to do
maintenance to upgrade property. Bank declined. Loan $116,000
refinanced successfully at LVR 78.14%. Overall repayments
less than before.
Case 2 Clean Credit with Baycorp. Some Bank
dishonours. Loan payments 3 weeks in arrears. H/P debt burden too
high. LVR 90%. Loan $243,000. Refinanced all debts at LVR 90%.
Overall repayments less than before.
Case 3 Self-employed had no viable
financials. 1 paid CRA. Mortgage arrears. Bank issued PLA notice
and was about to proceed to mortgagee sale. Refinanced with loan
$50,000 well within capacity at LVR 22.22%. Wife was on salary of
$40,000.
Case 4 Too much H/P. 5 defaults, 2
collections and 2 judgments and 1 unpaid collection. Bank loan OK.
Consolidated all debt at $144,000 at lower overall interest rate and
repayments on LVR of 82.29%.
Case 5 Clients overcommitted. Unpaid CRA –
3 defaults, missed loan repayments. Renovating home. Refinanced
$156,000 at LVR 89.14%. Clients could finish renovations and have
some money left over.
Case 6 Mortgage in arrears plus 7 other
debts at various stages of arrears. Were bad money managers.
Refinanced all debt at $140,000 plus an allowance for renovation.
LVR 69%.
Case 7
12 defaults, 12 other debts. All unpaid. Sickness in
family. Bank mortgage $108,000 OK. Refinanced and
cleared all debt with loan $212,000. Loan Ratio 56%. Clients
now have capacity to pay extra off to clear debt more quickly.
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