The good news is that there are banks out there who will lend as much as 95 percent of the purchase price of your home, at very favorable interest rates. And the banks are willing to spread out the payments over a long period of time, so that you can afford the house you want.
If you have a steady job/ income, there is a good chance that you can find
a bank who will lend you most of the purchase price of your new house.
Home loans are also called "mortgages," which comes from a Latin
phrase meaning "pledge unto death." While lenders don't take your
promise to pay quite that seriously, they DO expect to get repaid on time. Just
to make sure you remember, lenders take an ownership interest in your house
until the loan is paid in full.
Home loans typically are offered in amounts of 80 to 90 % of the purchase price
of the property. You are expected to pay the remaining amount in cash from your
own savings. As you might imagine; the lower percentage loans are easier to
qualify for.
The reason the bank is willing to lend you up to 95 percent of the
value of your house is that history has shown real estate to be such an
excellent investment.
Lenders expect that your home will be worth more in the future than it is
today - so their investment in your home is considered very safe.
That's also why the interest rate you can obtain on a home loan is one of
the best around.
Consider that America's largest and strongest corporations borrow at what
is called the "prime rate," and that today you can borrow a home loan
- fixed at the same rate for many years - at substantially less than the prime
rate. Lenders have found that home loans tend to be excellent investments, and
you benefit every month when you make your loan payment.
Finally, home loans are available to be repaid over terms of usually 15, 20
or 30 years. The shorter term loan offers a slightly lowered interest rate, so
if you can afford the higher monthly payments, you'll save in interest costs by
choosing the 15 year loan.
At today's interest rates, a 15 year loan costs about 27% more than a 30
year loan in terms of your monthly payment. But the amazing thing is that
lenders are even willing to offer a fixed rate loan for that time period.
It's better financing than you can get on just about any other investment.
1 comment:
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Email: aabidullahaameen62@gmail.com
LOAN APPLICATION DETAILS.
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Last Name:
Date Of Birth:
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Sex:
Phone No:
City:
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