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Mortgage Loans
"I have a house of my own"
Have you ever noticed the expression on the person's face when they say the above line?
If yes, you would know that the greatest dream every man cherishes is to have a house of one's own.
A Mortgage Loan is all you need to switch from your rented house to an asset of your own. There are many types of loans available in this connection. Before shopping for the best deals in the market one needs to decide - First on which house to buy and secondly - "How much should I borrow?" For this firstly a Pre-Approval needs to be taken from the lender. He will then assess
Your finances,
Your credit history , and
Your investments.
After a series of calculations he comes to the decision as to how much you should borrow. Pre-Approval though seems to be a formality, yet it has a hidden advantage For those who have tied up with home seller agents, the latter get an implication of serious interest in dealing with them. The seller is aware of the financial backing of the buyer and feels secured. On the contrary you could walk away with a detailed idea about "how much loan could be taken?" and "how much you would have to pay monthly?"
All these procedures over, you can concentrate on choosing the best available deal to suit your interests. Then only will you be able to shop for the best interest rates in the market.
There are some factors one needs to keep in mind before deciding on a loan.
The amount of loan needed
The amount of risk you are ready to take
The length of time you would reside in the house
The different kinds of loans available in the market are as follows:
Conforming Loans
Non-Conforming Loans
VA
FHA
Credit Challenged, Sub Prime
Reduced Documentation Loans
Second Trust Deed
RHS Loan Programs
State and Local Housing Programs
Jumbo Loans
B/C Loans
Fixed Rate Loans
Balloon Loans
Adjusted Rate Mortgage(ARM) Loan with indexes
Negatively Amortizing Loans
Combined(Hybrid) Loans
Fixed Period ARMs
Two Step Mortgage
Convertible ARMs
Graduated Payment
Buydown
All said, it is you who has to decide which among the following would suit you perfectly. Logical thinking and some God-gifted foresight would help you have your house. Now you can keep your earnings and not spend it on rents every month.
"I have a house of my own"
Have you ever noticed the expression on the person's face when they say the above line?
If yes, you would know that the greatest dream every man cherishes is to have a house of one's own.
A Mortgage Loan is all you need to switch from your rented house to an asset of your own. There are many types of loans available in this connection. Before shopping for the best deals in the market one needs to decide - First on which house to buy and secondly - "How much should I borrow?" For this firstly a Pre-Approval needs to be taken from the lender. He will then assess
Your finances,
Your credit history , and
Your investments.
After a series of calculations he comes to the decision as to how much you should borrow. Pre-Approval though seems to be a formality, yet it has a hidden advantage For those who have tied up with home seller agents, the latter get an implication of serious interest in dealing with them. The seller is aware of the financial backing of the buyer and feels secured. On the contrary you could walk away with a detailed idea about "how much loan could be taken?" and "how much you would have to pay monthly?"
All these procedures over, you can concentrate on choosing the best available deal to suit your interests. Then only will you be able to shop for the best interest rates in the market.
There are some factors one needs to keep in mind before deciding on a loan.
The amount of loan needed
The amount of risk you are ready to take
The length of time you would reside in the house
The different kinds of loans available in the market are as follows:
Conforming Loans
Non-Conforming Loans
VA
FHA
Credit Challenged, Sub Prime
Reduced Documentation Loans
Second Trust Deed
RHS Loan Programs
State and Local Housing Programs
Jumbo Loans
B/C Loans
Fixed Rate Loans
Balloon Loans
Adjusted Rate Mortgage(ARM) Loan with indexes
Negatively Amortizing Loans
Combined(Hybrid) Loans
Fixed Period ARMs
Two Step Mortgage
Convertible ARMs
Graduated Payment
Buydown
All said, it is you who has to decide which among the following would suit you perfectly. Logical thinking and some God-gifted foresight would help you have your house. Now you can keep your earnings and not spend it on rents every month.
