Head over heals as you finally found a house of your dreams? Home loan is (in case you are not last week lottery winner, loaded with inheritance money, have rich husband or lover) that exciting part which is waiting for you straight after.
Time to congratulate yourself on every dollar you saved staying home Friday nights, cooking yourself those “tasty” meals and sticking only to window shopping, as you’ll need it all for your home loan. Your saving is your best friend when it comes to your home loan down payment. Without it your next mission would be a real struggle. So, you got some cash and now is the time to arrange that home loan for you.
Where to start? First you need to do the “ground work” – go and visit several banks, take the brochures they have on home loans. Go home, make yourself a nice cuppa and try to absorb as much as you can from the brochures. You probably won’t be able to digest it all straightaway, but that will prepare you for the next step.By the time you get to talk to the bank’s lending officers, you will know a bit more about types of the home loans and terms and you won’t be surprised when they mention having to take your home as a security. Depending on the regularity, amount of money you would use to repay your Home loan and your age, you will be offered 15 – 30 years period to repay your loan. If you have a Home Loan and want to refinance your Home Loan what you have to be most careful about is …… please see this video.
Although banks’ fees and home loan terms are usually quite similar, if you shop around you may cut yourself a better deal. Prepare the necessary documentation in advance. Once you agree with the terms (make sure you do understand everything) you sign the home loan deed and – voila Give yourself a pat on the back. You have successfully learned how to climb the ladder. Now, you just have to climb it. Before you do, one thing you have to know – consider it a safety tip. When you go grocery shopping you get a till receipt every time. Occasionally you even look at one, although addition is a simple calculation and you know it can’t be wrong.Anyone can add up in a minute and it’s easy. On contrary, home loan calculations are definitely not as simple as adding up the grocery shopping. While people, once they sort out their home loan get on with their lives, years go by and they don’t even think about it, banks make calculation errors. You can protect your money, your home loan and….PAY ONLY WHAT YOU HAVE TO PAY.