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Showing posts with label Home Loan. Show all posts
Showing posts with label Home Loan. Show all posts
August 29, 2014
How to Break Into the First Home Buyers' Market within 6 Months
Labels:
financial advice,
Home Loan,
Mortgage
April 11, 2014
Simplifying Personal Finance
A game of percentages
You check out online forums and discussion panels and people are always asking questions like, ‘How much should I save’, ‘How much can I afford on housing per month with XX income,’ or ‘Should I put forth all effort towards repaying outstanding debt or just make minimum payments.’ Without disclosing specifics about your personal finance information and situation, there is a simpler way to calculate how much you should allocate each month to each specific group of expenses. Let’s talk a little bit about percentages and income proportions.
You check out online forums and discussion panels and people are always asking questions like, ‘How much should I save’, ‘How much can I afford on housing per month with XX income,’ or ‘Should I put forth all effort towards repaying outstanding debt or just make minimum payments.’ Without disclosing specifics about your personal finance information and situation, there is a simpler way to calculate how much you should allocate each month to each specific group of expenses. Let’s talk a little bit about percentages and income proportions.
September 26, 2013
4 Additional Costs to Budget for when Buying a House
Buying a house is fraught with emotions, last minute panics and finally, the grand pay off. The house, the home, the next chapter in your life. Although, before you cross the threshold, put down the pen, step back from the dotted line and triple check your budget can stand up to these five unexpected expenses on the home ownership trail.
Association Fees
Buying a home or property is a foot-in-door to an exclusive association developed specifically for new and existing land owners (houses, properties, blocks of land – you’re all included), delivering support and a veritable repository of information, including rights charters and advice for landlords regarding tenants, maintenance and miscellaneous advice on things like strata fees, where applicable. Though Australian association membership is not mandatory and the charges are comparatively meagre when held up against the US and UK, the yearly cost is an unexpected hundred dollars or so down and out, prices varying from state to state.
Association Fees
Buying a home or property is a foot-in-door to an exclusive association developed specifically for new and existing land owners (houses, properties, blocks of land – you’re all included), delivering support and a veritable repository of information, including rights charters and advice for landlords regarding tenants, maintenance and miscellaneous advice on things like strata fees, where applicable. Though Australian association membership is not mandatory and the charges are comparatively meagre when held up against the US and UK, the yearly cost is an unexpected hundred dollars or so down and out, prices varying from state to state.
June 25, 2013
What to Look For in a Home Loan

Reasonable Fees and Charges
Labels:
financial advice,
Home Loan,
Loans,
Personal finance
April 05, 2013
How Beneficial it is to Depend on Home Equity for Retirement
It is known to all that your home is the most vital asset, which you will never wish to lose at any cost. Based on this belief, a doubt surely arises in your mind while planning for retirement – “Is it beneficial to use home equity for meeting your financial needs during the days of retirement?” The answer to this question becomes even more essential when you can arrange for other sources of funds from online giants. According to a few financial advisors, reverse mortgages, home equity loans, and home equity lines of credit are ideal for unlocking the funds locked in your home, thus, enabling you to breathe contentedly during the retired life.
March 16, 2013
How Your Car Can Promise You an Affordable Home Loan
These days, it would not be wrong to day that purchasing a new property is the most difficult task to do. This is certainly due to the rising property prices and the legal formalities involved in it. However, much of that difficulty is faced at the beginning of your purchase due to the formality of making the down payment for getting a loan. Typically, the down payment is 20 percent. It is easy to obtain a loan with a down payment of 5 or 10% but anything more than that can trigger hardships for you. Therefore, it is good to at least gather 10% down payment money personally before you apply for a home loan that demands down payment. Does this 10% sound big to you?
Labels:
car loans,
financial advice,
Home Loan,
Loans
February 01, 2013
A refinance can save your home from a foreclosure - Know the multiple benefits
October 29, 2010
Do you have a basic homeowners insurance policy ?
October 23, 2010
What you need to know about qualifying for a home loan
Are you anticipating buying your first home? First home is the dream of any buyer. But before taking into consideration the scenario of the present real estate market, you should make it sure that you are qualifying for a home loan. It will make your journey to purchase your dream home smoother. The most easy and accessible way for this is taking help of a mortgage broker. But it might increase your headache as it does not guarantee that you'll get the most suitable loan.
While deciding the type of loan you want first look at your finance and then decide the type of loan. If you have no idea about how to qualify for a mortgage loan you will be left with very less options. And of course it means you will have to repay more than you should. Your present credit score is the first & foremost factor to be taken into account by the mortgage lenders to approve you the loan. Rather it is only one side of the coin. Each lenders has their different guidelines for different home loan programs.
There are some general home loan guidelines I'm providing here, check it out:
1. The total of your monthly payments on mortgage, homeowners insurances, taxes and any other home related spendings ( fixed ) must be between (25-28)% of your gross monthly income.
2. The total amount calculated according to above formula with any other long term debt must be less than 40% of your gross monthly income.
3. More improved will be your credit score more better options and lucrative interest rates will be opened to you for qualifying for a home loan.
4. The amount you are able to spend as the down payment is also an important factor to any lender. A large down payment assures them that you have control over your financial situation and it's a positive aspect for you to get approved.
5. If you are a self employer, your status might not be tempting for the lenders as lacking a regular job is considered from a negative view point.
6. Your regular pay check is your positive side.
7. Lenders want a stable income record means stability in your job is also a factor.
8. Your credit card debt ( if you have any ) might be counted by the loan agent against how much home you can afford.
9. Know your debt to income ratio. Take help of different calculators and get to know if your debt load is quite healthy or you should take immediate action against it.
If all these seems too much time consuming for you take help of a professional. Only they can provide you with the proper guidance about qualifying for a home loan to make your dream come true.
Labels:
Home Loan,
Loans,
Mortgage,
qualifying for a home loan
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