Property investments are one of the most
lucrative financial assets owned by an individual. It is also the largest or
the major component of financial investment in one’s entire lifetime. If you
have already purchased a home loan or am planning to invest in one, then read
along these basic guidelines for a clear insight into property investments and
house loans specifically.
Credit Score: Banks pull a substantial amount of
finance when lending loan amount to the lender. Hence, it is important for the
individual to own a good credit score to claim the loan without any hassle.
Mortgage Amount: Before applying for a home loan
for a specific property is to look out for home loan eligibility by checking
your eligibility using a home
loan emi calculator. Understand your debt-to-income ratio. It is
advised to have a debt-to-income ratio below the 50% mark to have your loan
approved without any delay or disapproval.
Funding your dream home in the right way: If you
intend to live at your home for 5 years or more then the safest and best
considered bet is to apply for a 30-year fixed rate mortgage
Second Mortgage Options: A second mortgage lets
you borrow against the value of your home. It is best advised to consult a
financial advisor before taking any financial decision to help save finances in
a smart way.
For those with low down payment finances: It’s
possible to claim mortgage without the 10-20% down payment mark. Again, seek
financial advice for your home loan and get familiar with these mortgage
programs that lets you take mortgage on very little down payment
It's possible to get a mortgage without a 10%-20%
down payment. Even today, people get a mortgage with no money down. There are a
few legitimate programs allowing you to get a mortgage with very little down.
Get acquainted with some of the safer mortgage programs out there.
