Applying for a mortage

[flight]

I had treatment for Hodgkin's Lymphoma in 2001 when I was 22 years old. I have remained free of cancer. I am now 32 years of age and looking at buying my first home. I was interested to hear other people's experiences of applying for mortages. Has anyone experienced any difficulties applying for home loans? Has anyone found any resources that have been helpful? The bank manager raised the topic of life insurance and income protection insurance. I don't feel very optimistic about that. Beginning to think that it might be worth talking to a financial planner before applying for any loans. Interested to hear other people's experiences. From Flight.

[Sailor]

Hi Flight Hodgkins Lymphoma, ten years free of disease! The matter shouldn't even be raised. Have a talk to the Cancer Council about the statistics and then armed with that go and talk to a financial planner. Good luck Sailor At sea, I learned how little a person needs, not how much. Robin Lee Graham


[Mandy]

Hi Flight, My husband had hodgkins when he was 11 and it never came up or even questioned when we were applying for a mortgage. Providing you meet the income, savings and deposit requirements you should be fine. Life insurance and income protection is a whole different matter. We found many insurances wouldn't cover my husband and if they did they either cost a fortune to have or didn't cover anything related to cancer. He did however get cover through his superannuation as it was an automatic cover when his account was opened with no medical checks. This insurance covered a death benefit and a disability benefit. I definitely recommend that you look into the insurance included in your super and/or talk to an insurance broker or financial planner. I am very thankful that he had the insurance through his super as he was diagnosed with non hodgkins lymphoma in 2006 and while he was receiving treatment in 2011 they paid 12 x monthly payments to us from his temporary disability cover. We are now in the process of trying to claim the balance of his disability cover through permanent disability cover as his cancer is considered incurable and is unable to return to work. These payments do come off the balance of his death benefit. But it is at least something to help us with the mortgage. There will still be a 70% balance to be paid at time of death. I hope this has helped and I would be interested to know how you get on. Best wishes Mandy

[Azjoetrucker]

Flight...

    I am in the US and this is pretty much how they played the mortgage game out here....

    Tax returns last 3 years, pay stubs last 3 months, bank statements last 3 months.

   They also wanted to make sure we've had money for the down payment stewing in the bank for 6 months.

   The rest of the mountain of paperwork was simply details and they qualified us for a mortgage payment not to exceed 25% of our income.

   Life insurance?  Not a word-more like mortgage insurance.

    Your income, your credit score and your down payment is what banks are interested in out here.

    Regards, Joe Trucker