When you decide to buy your house, it is important that you find out and solve the answers to all your concerns and your initial questions, so that, in making the final choice, do it with total success. Thus, the purchase will be for you and your family a happy, and do not generate any kind of problems in the future. For that you get the maximum information with absolute clarity.
To facilitate the financing of your home is crucial to meeting certain prerequisites:
1. You have before it the taxes (taxes) for the last 2 years.
2. Provide proof to show where you've worked the last 2 years.
3. Show your current income and your job is safe and reliable.
4. Clearly show in your credit history.
5. Knowing in advance the values of the down payment and closing costs.
6. Know that you have the resources to pay the mortgage and monthly additional costs.
To facilitate the approval of the loan your home is important:
1. Knowing how much money you can lend the bank or mortgage company to get the house in accordance with that value.
2. Aware of the interest rate and whether it is fixed or variable.
3. You have to investigate what programs offer bank or mortgage company to buyers.
4. Examine whether the loan is FHA, Conventional, ...
5. Sure how long the loan. Remember that it may be five, ten, fifteen, twenty or thirty years.
6. Note if you require alternative credit. And know when you refinance.
7. It is also important to know if you need a co-signer (co-debtor).
But it is also important that you analyze the advantages and disadvantages to buying your home final.
Disadvantages:
* You pay a monthly commitment. If you wait a minimum of two years in possession of the premises, the more advantage you can achieve your investment.? * Everything in the house to stop working, you fix your. And this costs. Plus ... you cut the lawn, shoveling snow, etc.
Advantages:
* This is your new home! ... And therefore it can do whatever you want, fix, remodel, paint, make changes in the kitchen, in bathrooms, have space for you and yours ... and everything that you think it means convenience, comfort and will make them feel good.? * The mortgage interest is deductible for federal income tax from your income each year and this off is a benefit that allows you to make big savings.? * In addition, analyzing the evolution of the housing market, you can achieve good equity in a relatively
Tuesday, May 17, 2011
Monday, May 16, 2011
Home Loan Types
When you dream of having your first home, or when you think it is time to buy a new home as an investment, you begin to think ... "But!" How will I pay? "
Over time have been developed for housing loans of different kinds, in order to respond to the needs and diverse economic conditions. To get to know them and can choose the most convenient and the one that best fits your income and opportunities, we will examine the different types of home loans.
Loan Types:
- Mortgages with fixed interest rate.
- Mortgages with adjustable interest rate.
- FHA loans.
- VA Loans.
Mortgages Fixed Rate
Its ensures that the interest rate and monthly payments will not undergo any change during the life of the loan. It has, usually paid within the ten, fifteen, twenty, thirty or even forty years.
The short term loans have higher monthly payments, but you pay a lower interest rate in general and accumulate capital more quickly.
If you want to live in your home for many years and current interest rates are low long-term, it is possible that this mortgage suits your needs.
It is important to remember that the mortgage also gives you the maximum interest deduction tax purposes
Interest-rate mortgages Adjustable
With a mortgage of this type, it is possible that the interest rate you pay is periodically adjusted according to market movements.
Therefore, when interest rates fall, your monthly mortgage payments can also be reduced.
The mortgages with adjustable interest rates offer a lower rate than fixed rate mortgages, which can help you qualify for a loan for a higher balance.
Some mortgages allow, at certain times to convert an adjustable loan with a fixed interest rate.
Government Loans
There are also two federal agencies that offer government-guaranteed loans:
The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA)
These loans require that the property being purchased meets certain basic requirements.
FHA Loans
With FHA insurance, you can buy a home with a low down payment and even finance the closing costs.
The FHA mortgage loans have a ceiling that varies according to the average cost of housing in the area of your choice.
Loans Veterans Administration (VA)
If you are a qualified veteran, the VA loan will be very beneficial as it will allow you to buy your home with no down payment, when you get a loan with a fixed ceiling. This program may be the one that best suits your needs.
Over time have been developed for housing loans of different kinds, in order to respond to the needs and diverse economic conditions. To get to know them and can choose the most convenient and the one that best fits your income and opportunities, we will examine the different types of home loans.
Loan Types:
- Mortgages with fixed interest rate.
- Mortgages with adjustable interest rate.
- FHA loans.
- VA Loans.
Mortgages Fixed Rate
Its ensures that the interest rate and monthly payments will not undergo any change during the life of the loan. It has, usually paid within the ten, fifteen, twenty, thirty or even forty years.
The short term loans have higher monthly payments, but you pay a lower interest rate in general and accumulate capital more quickly.
If you want to live in your home for many years and current interest rates are low long-term, it is possible that this mortgage suits your needs.
It is important to remember that the mortgage also gives you the maximum interest deduction tax purposes
Interest-rate mortgages Adjustable
With a mortgage of this type, it is possible that the interest rate you pay is periodically adjusted according to market movements.
Therefore, when interest rates fall, your monthly mortgage payments can also be reduced.
The mortgages with adjustable interest rates offer a lower rate than fixed rate mortgages, which can help you qualify for a loan for a higher balance.
Some mortgages allow, at certain times to convert an adjustable loan with a fixed interest rate.
Government Loans
There are also two federal agencies that offer government-guaranteed loans:
The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA)
These loans require that the property being purchased meets certain basic requirements.
FHA Loans
With FHA insurance, you can buy a home with a low down payment and even finance the closing costs.
The FHA mortgage loans have a ceiling that varies according to the average cost of housing in the area of your choice.
Loans Veterans Administration (VA)
If you are a qualified veteran, the VA loan will be very beneficial as it will allow you to buy your home with no down payment, when you get a loan with a fixed ceiling. This program may be the one that best suits your needs.
Sunday, May 15, 2011
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