17 Jun 2008 7:37 AM:
In relation to developers mortgages, there are several banks involved in the financing of Porto Fino all offering differing terms and conditions, the benefit of going down this route is that you will save 2 - 2.5% in closing costs in relation to mortgage taxes, valuation fees and notary costs but this is only useful if the lender is prepared to lend sufficient LTV. If you contact the developer they will give you the contact details of the bank dealing with your particular block.
Community thread: Happy New Year!........again
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16 Jun 2008 7:56 PM:
Valuations are varying quite wildly depending on the block, bank and valuation company, as long as you can get a valuation at the purchase price it is still possible to get 80% and sometimes, 90% of that value.
Community thread: Happy New Year!........again
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14 Jun 2008 7:37 AM:
Good morning,
Quite correct, for those who bought later we are trying with a 90% of purchase price product that has an additional insurance and higher interest rate in order to try and negate the valuation issue, I will keep you posted as these come to fruition.
Community thread: Happy New Year!........again
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13 Jun 2008 10:59 AM:
Good morning,
I have just got my first couple of cases in Porto Fino to binding offer stage, valuations in both cases were about 15% in excess of original purchase price with 80% of value mortgage, this equates to a shortfall of around 6% of pp on a 15/85 payment structure taking into account closing costs, in the next couple of weeks there will also be a sub prime mortgage becoming available that will allow coverage of full completion requirement with an additional insurance and higher interest rate.
Community thread: Happy New Year!........again
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17 May 2008 8:17 AM:
First valuations i've had are 15% in excess of pp allowing loan amount at 90% of pp.
Community thread: Mortgage bureau
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