Home YOUR Home Series :5:How to get Secure Financing

In my previous blog, you need funds to buy a house .The source of the funds may be your own savings of you can get loan from some financial institutions. Owning a home and living in it is just a different kind of feeling, you may feel that you won a fort in a war and you feel like ownership thrilling .At the same time if you r brain is telling you don’t have enough funds to buy it, the thought of taking a loan or look for a mortgage will kill you feeling of joy.

  • Most of the first-time buyers get confused about the process .Their brain become nervous about making such a large financial commitment.
  • You need to establish the targeted budget for your property based on your income or future returns.
  • You need to define the factors of acceptance for your dream property. Check what can be the maximum value you will going to get in that budget with established factors of property.
  • Find multiple financial institution or source of funds apart from your saving and get the quotes. Choose the one which sits to your conditions. Visit the bank and talk to a loan officer to find the documentation required for filing a loan case.
  • Some financial issues a provisional loan offered where property is not chosen or selected, for that you may require furnishing proof of your financial credibility .That is called preapproved loan.
  • Know how much you can save to pay the bank installment. some of the banks have option to open offset account .it means that if there is some account in which you have some money the bank will only charge you interest on the balance amount of your loan amount after deducting the money in the linked offset account .
  • Try to read between the lines of financial contract. Ask question, “Can you please let me know anything which I haven’t asked or I missed to enquire “
  • Evaluate each of the quotation of loan approval or preapproved loan.
  • Ask for the recent property approval hey have provided.
  • You can ask for the probable time of approval and process of loan.
  • There are lots of loan comparisons websites on the internet .who will provide to instant comparison between various lenders.
  • Work out the installment you are going to pay. Ask for any pre-payment penalty, or transferring the loan to other bank penalty.
  • The task of financing may be routine for them but it is very important for you .You need to ask every details and non-clarity may upset your financial plan.

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