Maricor Bunal
A home loan is a good financing option, if not the best, when it comes to pooling money for house purchase or construction. However, not all home financing are created equal and you may have to shop around for a good deal. That being said, you might like to consider these 5 expert tips to guide you as you choose a loan product or service.
Along with owning a company and travelling the world, living in your dream home is one of our greatest dreams in life. If you like to get yours as soon as possible, getting a home loan is one of the best ways you can go for. But before you sign any contract, it’s good to learn the smarts of a pro real estate professional about getting a home loan. Specifically, here are what they have to say about getting a home loan:
Compromise a little first before going full speed at your dream home
As with all other goals in life, it takes time to achieve the ultimate look and feel of your home. That means, you may have to acquire it piece by piece – a piece of land first, next the structure, then the design and layout. Besides, it would cost you more to buy or build a beautiful home. Experts say it’s good to grow your liquid assets first (e.g., stocks, bonds), the revenue of which you can use to buy properties.
Don’t get distracted with “Honeymoon Rates”
A “honeymoon rate” is an introductory price dealers offer to give the buyer some time to plan and stabilize their budget during the first couple of years of the loan. After that, dealers will revert back the rate to the normal. So the trick is to study the normal rate closely.
Shop around and compare rates
Read the home loan pages of your prospect provider and understand the pros and cons of their products. Refer to ph for interest rate comparison chart for more detailed info and reviews of the loan products on the market today. It’s also good to use loan and mortgage calculators to estimate your monthly payments and determine whether or not it’s within your capacity to pay.
Ask for expert guidance
Get in touch with one of our loan consultants her at Loansolutions PH if ever you get confused with the options that you have. Just follow our 3-Step Online Application process to submit your prequalifying documents. We will then review these and help you find a suitable provider based on your goals and needs.
Prepare your prequalifying documents.
Make sure you have complete documents. For fast approval, prepare a list of your sources of income, as well as your credit records. Banks may also interview you to know the specific reasons for your application. They may also ask about your income details and existing credit with other banks or lenders (if you have any). So be ready with your witty, convincing answers.
Of course, there’s still a lot more to know about getting a home loan. But if you bear in mind these tips, you can get a long way in choosing a deal that’s hassle-free and easy on the pocket.
