On time 3:21 what is stamp duty? sorry that is what I understood. My question is, "if you buy out a spouse, will you have to come up with a down payment"? My home is paid off and the pay out will be less that what the property is worth. thanks!
Just want to know how likely I could get approved for a home loan if so how much I’m 19 on a lower income I’m in no rush just looking at my options and seeing from there 🙂
@@rickgrimesshorts yeah sure mate, just shoot me an email with your income details and I can crunch the numbers. Your age doesnt matter more around income/deposit. You can also have a look at this calculator here for more info www.huntergalloway.com.au/how-much-home-can-i-afford/
Thanks for the info. If both ex-spouses agree to keep the duplex house & one spouse moves into the second household part of the same house, then still it needs to buyout or refinance the matrimonial home or both could continue to pay the mortgage without buyout or refinancing?
Thanks Kasfhi, great question. It's a bit of a tricky one and depends on if the properties are on separate titles. Also, it might be wise to get some legal advise around this too. Happy to chat further, feel free to hit us up on our contact form on our website.
@@NOKIDLIFE4143 no worries. I'm afraid as we're in Australia, I'm not familiar with how lenders in the USA treat this type of income. I'm sorry I wasn't able to help. I did find this on the web, but unsure how accurate this information is. homeguides.sfgate.com/can-count-kids-social-security-income-mortgage-96344.html All the best :)
What do you mean overtime? The banks will accept overtime income towards your loan application but generally need to show 3-6 months consistent overtime for them to use it.
@@MortgageBrokerAustralia I meant to say “over time” like over the course of years. That’s what she’s told me so far. I’m not sure how that would even work. Like I’m going to take monthly payments. Thanks in advance.
@@paulkersey8626 ahhh sorry I get it now. Yeah would be tricky as the bank would need to give a mortgage to the current person who owns it. Best to speak with a solicitor/conveayncer to see how you could practically do a contract on that basis. Cheers
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Can they have a co-signer to assume the rest of the loan. Like another family member to assume the buying out person
On time 3:21 what is stamp duty? sorry that is what I understood. My question is, "if you buy out a spouse, will you have to come up with a down payment"? My home is paid off and the pay out will be less that what the property is worth. thanks!
Thanks Manny, you wouldn't need a down payment when you have the property paid off.
Great tips 👍
Wooooo thanks so much!
What to do if I want to buy the house in my name so if i seperate with my partner , she does not claim anything from it?
Hey Edem, tricky one best to speak with a lawyer on that one to make sure you are both protected. Cheers, Jayden.
Yes, unless you pay off the mortgage and the equity split
Sweet 💪
thanks heaps for the comment!
Hey I need some advice,info please
Sure mate let me know how we can help - or email jayden at Huntergalloway.com.au
Just want to know how likely I could get approved for a home loan if so how much I’m 19 on a lower income I’m in no rush just looking at my options and seeing from there 🙂
@@rickgrimesshorts yeah sure mate, just shoot me an email with your income details and I can crunch the numbers. Your age doesnt matter more around income/deposit. You can also have a look at this calculator here for more info www.huntergalloway.com.au/how-much-home-can-i-afford/
Thanks for the info. If both ex-spouses agree to keep the duplex house & one spouse moves into the second household part of the same house, then still it needs to buyout or refinance the matrimonial home or both could continue to pay the mortgage without buyout or refinancing?
Thanks Kasfhi, great question. It's a bit of a tricky one and depends on if the properties are on separate titles. Also, it might be wise to get some legal advise around this too. Happy to chat further, feel free to hit us up on our contact form on our website.
What if you don’t pass affordability? Do you just get rejected and have to sell?
Hi Liana, without passing affordability the bank wouldn't be able to approve your home loan. Thanks for watching and wishing you all the best :)
What if the loan specifies spouse SSI Income is not factored into the repayment of the loan?
Hi Antoinette, when you say SSI income are you referring to Supplemental Security Income? Are you based in the USA? :)
@@MortgageBrokerAustralia yes
@@NOKIDLIFE4143 no worries. I'm afraid as we're in Australia, I'm not familiar with how lenders in the USA treat this type of income. I'm sorry I wasn't able to help.
I did find this on the web, but unsure how accurate this information is.
homeguides.sfgate.com/can-count-kids-social-security-income-mortgage-96344.html
All the best :)
My wife wants to buy me out overtime. How exactly does that work?
What do you mean overtime? The banks will accept overtime income towards your loan application but generally need to show 3-6 months consistent overtime for them to use it.
@@MortgageBrokerAustralia I meant to say “over time” like over the course of years. That’s what she’s told me so far. I’m not sure how that would even work. Like I’m going to take monthly payments. Thanks in advance.
@@paulkersey8626 ahhh sorry I get it now. Yeah would be tricky as the bank would need to give a mortgage to the current person who owns it. Best to speak with a solicitor/conveayncer to see how you could practically do a contract on that basis. Cheers