What is the difference between purchase mortgage and refinance ? What is down payment ? What is closing cost ? What is bankruptcy and after how many years of bankruptcy customer can recover their credit score ? What is cash out ? What DTI ration ? What is LTV ratio? How many types of mortgage program in the Australian market ? Mock call for mortgage

Question

Accepted Answer

Purchase mortgage is used to buy a new home, while refinance is used to replace an existing mortgage. Down payment is the initial payment made when purchasing a home. Closing cost is the fees associated with closing a mortgage. Bankruptcy is a legal process where a person or business is unable to repay their debts. Cash out is when a borrower refinances their mortgage for more than they owe. DTI ratio is the ratio of a borrower's monthly debt payments to their gross monthly income. LTV ratio is the ratio of the loan amount to the appraised value of the property.

Purchase mortgage is used to buy a new home, while refinance is used to replace an existing mortgage.
Down payment is the initial payment made when purchasing a home.
Closing cost is the fees associated with closing a mortgage.
Bankruptcy is a legal process where a person or business is unable to repay their debts.
Cash out is when a borrower refinances their mortgage for more than they owe.
DTI ratio is the ratio of a borrower's monthly debt payments to their gross monthly income.
LTV ratio is the ratio of the loan amount to the appraised value of the property.

Accepted Answer

Mock Call

Good morning /Afternoon

My name is Jack from XYZ Real estate or Mortgage company

M I talking to Mr John Barnes

Hi Mr Barnes how r u doing today

Hi Mr Barnes I'm calling from XYZ Realty company we have good name in Sydney location and we have been serving real Estate and mortgage services for more than 15 years in Australian market

Today I'm contacting bcoz you have inquired about few listing in our Real estate website ..............

Or

Today I'm contacting with the information through one of business source .........,...

And I came to know that your looking real estat services

Did you contact any real estate company so far

(If yes then there is no harm to see few option )

If you share your requirement with the price range then our realtor team will share few listing at your email and accordingly we will line up appointment with seller premises

So may I know :

(Strt asking relevant real estate or question)

Closing thanks for the information I have realtor or loan officer will call as per your convenient and will discuss in detail then share few listing with you

Accepted Answer

Mortgage is at the time of purchase a property loan which you take by paying minimum amount n rest of you take action and paying monthly a lumdum installent with internet decided by bank or other mortgage company from where you take a loan

Refinance means Re+ finance Re means again and finance menas loan

When you take a loan on same property bcoz of few reason low interest or monthly payment

Shortern terms

Cashout need cash out for any reason on same property with same or different bank

Down payment at the time to purchase a property which lumsum amount you pay to get a loan is called down payment

Closing cost at the time of purchase property when u take a loan at that time which fees you need to pay to bank to get a loan is called closing cost

DTI Ratio

Debt to income ratio

Total debts or expenses divvided by income at the time to get a loan it is very important factor mortgage or refinance both process

LTV Ratio

At the time of refinance it's very importance factor which loan/ mortgage divided by home value of the property

Normal mortgage Govt loan program

Program for army people with special discounted interest rate called VA veteran loan

Difference between Residential commercial or Mix property

Residential property are those property which you buy for resident for living

Commercial property means those properties which you buy for commercial use

And Mix property those semi residential or commercial

Residential property with stores or or offices or for commercial use

Difference between primary or investment

Primary property are those property which is either ur first property or a property where you currently living

And investment property are those property which you buy to earn money or to get rent

Usually investment property as compare primary property have higher interest rate

And usually commercial mortgage as compare residential mortgage have high interest rate

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