mortgage schedule excel
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Modeling Structured Finance Cash Flows with Microsoft Excel: A Step-by-Step Guide.Book & CD-ROM $40.00 A practical guide to building fully operational financial cash flow models for structured finance transactionsStructured finance and securitization deals are becoming more commonplace on Wall Street. Up until now, however, market participants have had to create their own models to analyze these deals, and new entrants have had to learn as they go. Modeling Structured Finance Cash Flows with Micros… |
What ‘Large Mortgage’ Clients expect of Mortgage Advisors
It is fair to comment that a high percentage of ‘whole of market’ mortgage advisors are averse to handling large mortgage applications.
The processing of a large mortgage is a specialist area and the relationship between the mortgage advisor and the lender is paramount; few mortgage advisors have the time or inclination to develop such relationships because they receive so few large mortgage applications.
With the mortgage market seeing more restrictions on lending than ever before, clients looking to borrow large sums of money are finding it harder to obtain the funding amounts they need. Many mainstream lenders have withdrawn from the ‘large mortgage’ market as they now prefer to spread their mortgage risk by processing a higher number of smaller mortgages.
This problem is, however, where one of the few brokers specialising in high-value mortgages can help.
Such a mortgage advisor will have excellent relationships with lenders and private banks who specialise in dealing with high value clients, delivering tailored solutions with highly competitive terms.
High Net Worth clients and their individual mortgage needs are all different, yet, they all have one thing in common … they expect excellent service.
What should a ‘high-value’ mortgage client expect of their mortgage advisor?
- Access to lenders offering funding up to £50million and beyond
- Highly competitive rates from a range of lenders, including private banks
- Lending arranged on a case-by-case basis and tailored to each clients’ individual needs
- Respect for their busy schedules
- Expertise and an excellent service from pre-application to completion
In addition, consideration should be given to
- Would there be an overall financial benefit to the client if their day-to-day banking arrangements were moved to the prospective mortgage provider?
- Could raising a larger deposit from an existing property portfolio achieve improved terms for the mortgage?
- Would ‘offsetting’ some of the client’s savings against the mortgage be of financial benefit?
- If some flexibility is required by the client, would it be beneficial to have part of the borrowing on a separate mortgage product that has no early repayment penalty?
- Could other assets owned by the client be charged to the lender in order to achieve more favourable mortgage terms?
- If the client’s income is not in Sterling, would a ‘foreign currency mortgage’ reduce any potential currency-risk?
Specialist mortgage advisors in this market will know that lenders of large-size mortgages have different mortgage underwriting criteria to mainstream lenders; those advisors will be able to speak directly with senior underwriting staff that can assess the case, often prior to an application.
Finally, a good mortgage advisor who does not have expertise or experience in this area will refer a high-value mortgage application to a specialist advisor, rather than try to muddle through and, as a consequence, lose or upset the potential client.
About the Author
Having experience in many areas of the banking and financial industries has given the author, Nigel Osgood, a wide range of related knowledge which has been shared by publishing many articles worldwide.
http://www.advancedfinancialadvice.co.uk
mortgage schedule excel Questions
How to determain car loan interest?
I can track my mortgage payments from an amortization schedule and see exactly how much I need to pay each month in order to get it paid on in x amount of time (I put this together on an excel spreadsheet). I want to do this with my car loan, but each month the interest is a different rate. One month I see that 36% of my payment went to interest, the next month its 28%, the next month its 31%. Seems to me the best plan would be to send in extra payments during the months that the interest is the lowest so that more goes towards the principal – but how in the world am I supposed to know when they will take more or less interest? Can I ask them to just give me a fixed rate each month?
The reason that the interest varies is because they charge interest by the day and some months have more days than do other months. The actual rate does not change. Trying to time the extra money won’t make any difference, since the actual amount of interest taken out will remain the same – in other words, if you send in an extra $50, the extra $50 will be put toward principle regardless of which month you send it.
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Modeling Structured Finance Cash Flows with Microsoft Excel: A Step-by-Step Guide.Book & CD-ROM $40.00 A practical guide to building fully operational financial cash flow models for structured finance transactionsStructured finance and securitization deals are becoming more commonplace on Wall Street. Up until now, however, market participants have had to create their own models to analyze these deals, and new entrants have had to learn as they go. Modeling Structured Finance Cash Flows with Micros… |
