Home Loans
Let's talk about home loans.
It is true that most of us think about owning our home rather than live in a rented apartment. But in most cases, we are sort of the finance to move on. This is when the issue of home loan comes up. There is a popular saying that "NO LOAN, NO HOME"! To a reasonable extent, it is true.
Be that as it may, it is very important you understand as much, what it takes to get a home loan, how to determine what type of loan is available, what type that is best for you, where to start your search e.t.c. My suggestion is that you read as much as you can about home loan process, with that information and your intention, then consult your local professional mortgage broker or lender. They will advise you better.
If you have sourced home loan online, especially first time home buyers, you would find out there are a lot of mortgage sites quoting very low rates on loans, WATCH OUT! most of them are not what you see. You need to talk to a local expert to understand it more, there are different strokes for different folks.
You can actually have a good deal with home loans. You need to consider these too:
About mortgage, it is important to know that rates are based on your individual needs and financial situation. The rates quoted online and on phones are not always the accurate representation of what you are qualified to receive. Most of the quotes are applicable only to those individuals with a perfect credit records.
Consider this qualifying factors as crucial elements before shopping for a home loan:
CREDIT
You should have a good credit record. If your credit record is perfect, in terms of early payment , then you have a better chance than one with a poor credit record.
DEBT TO INCOME
Lenders use your debt to income to verify that you have the means to pay a monthly mortgage
DOWN PAYMENT
Several loans are available with little down payment; however, most of those with lower DP, has a higher interest rate. It is advisable you evaluate your finances and estimate maximum amount of money you can afford to put down on your new home.
The higher the down payment, the lower the interest rate!
EQUITY
It is true that most of us think about owning our home rather than live in a rented apartment. But in most cases, we are sort of the finance to move on. This is when the issue of home loan comes up. There is a popular saying that "NO LOAN, NO HOME"! To a reasonable extent, it is true.
Be that as it may, it is very important you understand as much, what it takes to get a home loan, how to determine what type of loan is available, what type that is best for you, where to start your search e.t.c. My suggestion is that you read as much as you can about home loan process, with that information and your intention, then consult your local professional mortgage broker or lender. They will advise you better.
If you have sourced home loan online, especially first time home buyers, you would find out there are a lot of mortgage sites quoting very low rates on loans, WATCH OUT! most of them are not what you see. You need to talk to a local expert to understand it more, there are different strokes for different folks.
You can actually have a good deal with home loans. You need to consider these too:
About mortgage, it is important to know that rates are based on your individual needs and financial situation. The rates quoted online and on phones are not always the accurate representation of what you are qualified to receive. Most of the quotes are applicable only to those individuals with a perfect credit records.
Consider this qualifying factors as crucial elements before shopping for a home loan:
CREDIT
You should have a good credit record. If your credit record is perfect, in terms of early payment , then you have a better chance than one with a poor credit record.
DEBT TO INCOME
Lenders use your debt to income to verify that you have the means to pay a monthly mortgage
DOWN PAYMENT
Several loans are available with little down payment; however, most of those with lower DP, has a higher interest rate. It is advisable you evaluate your finances and estimate maximum amount of money you can afford to put down on your new home.
The higher the down payment, the lower the interest rate!
EQUITY
If you are looking to refinance, receive a home equity loan,consolidate debts or make home improvements, then you need to know how much equity you have in your house before you apply. Most of the time, the more equity you have, the more more money you can borrow.
Are you confused yet? Don’t really know where to start?
See this too loan tips it will help.
we woul be glard to have your comments
Avhomeconsultants
2 comments:
I read your articles and it has been quite informative. please i would like to have more information on loans source hints.
keep it up!
just visited your site and it has kept me buzy. I love the qualifying factors prio shopping for a home loan, but must all of them be met? I would like to read from you ao this topic.
Have fun!
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