XM Loans - The Mortgage Optimizer

We have encountered many potential home or lot purchasers who were confused about the amount of down payment they were required to have for their respective purchase. Generally, it appears as if most buyers are being incorrectly informed about the percentage of down payment that is required for most purchase types. If you weren't aware, there may be a different down payment required depending on the type of property being purchased, this requirement can again be different depending on the intended use of the property being purchased. We will illuminate this issue more as we proceed.

Of more importance however, is the question of what do you do with your down payment when you have identified the property you desire to purchase, and have been pre-qualified for? Our advice to you is to ensure that your down payment is placed with a reputable law firm that will be representing your interest in the purchase transaction.

Digressing to the matter of down payment amount, just how this is determined is quite simple once you understand a few things. In most instances, your down payment requirement is only 5% of the sale price of the property. However, if the property being purchased has more apartment units than a triplex, your down payment will be 30% of the sale price. This is because this property is classified as a commercial building rather than a multi-family building.

Further, your down payment requirement will also be 30% of the sale price if you are purchasing a home in which you do not intend to reside. If you already have a home, or if you are living at home with family and intend to buy a home of your own for the express purpose of renting it, your purchase is again classified as a commercial purchase. Unless the property is 3 units or less and you intend to occupy the home or one of the units, your down payment will be 30%. If you will be living in the home that is a triplex, duplex or single family house, your down payment will only be 5% of the sale price.

For more information, email us at info@xmloans.com

From the President’s desk….

The Financial Times recently ran a story titled "UK hails the beginning of the end for tax havens". What this and other similar stories portend for the future of our offshore banking industry is alarming.

The G-20 countries will be meeting in the coming weeks to discuss among other things amendments to the existing TIEA's to create less onerous burden of proof for information o citizens.

With current estimates of over $100 billion in lost taxes annually havens like the Bahamas can be assured of more aggressive legislation to curtail this massive hemoraging of revenues.

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

loanSecrets

If your lender is holding more than a single parcel of property, or more than one of your homes as collateral for your loan, it is your right to request that they release some of your collateral to you.

After years of ontime payments, you will eventually have enough value or equity in a single property. Once you have reached that point, you can rightfully request that the lender release the remaining properties to you. Of course, the fact that your loan is current and you do not have a record of late payments work in your favor to get this request approved.

To find out how to reclaim your property, email us at info@xmloans.com

KNOW THE FACTS –YOU DO NOT NEED TO GIVE AWAY ALL OF YOUR PROPERTY FOR A MORTGAGE LOAN !

1(242) 225-3873 or 1(800) 303-3934
www.xmloans.com

The material contained in this newsletter has been prepared by XM Loans Ltd. 404 Bay Street, PO Box N-4443, Nassau, Bahamas and independent feature contributors. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

As your Trusted Advisor, we always want to make sure you are clear on all details of the home financing process. If you or someone you know are interested in purchasing or refinancing a home, give us a call today! XM Loans Ltd. is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Mortgage Optimizer does not grant to the recipient or distributor a license to any content, features or materials in this email. You may not download, or save a copy of any of the content except as otherwise provided in our Terms and Conditions.

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