- Just like the stock market, mortgage rates change throughout the day. Mortgage rates you see today may not be available tomorrow. If you are in the market for a mortgage loan, be sure to check the current rates being offered by lenders. If you have already done your research and have found your dream home consider locking in your rate as soon as possible.
- Don’t expect every lender to charge the same fees for a mortgage loan. Every lender structures their fees differently, which is why it is important to shop with at least 3 lenders to compare. Next time you apply for a mortgage loan pay attention to the rates, points being charged and closing costs.
- Many homeowners have experienced a foreclosure after the recent mortgage crisis. There is good news for these borrowers because they can get a mortgage loan after foreclosure. There are waiting periods involved, for example, to apply for an FHA loan you must wait three years after foreclosure to apply. If you want to get a conventional loan the waiting period is seven years from foreclosure. For those seeking a VA loan, the waiting period is two-years.
- Good credit scores mean a better rate in any type of loan, especially a mortgage loan. Your credit heavily impacts the type mortgage loan you will qualify for. To maintain a good credit report, make sure you monitored it closely. One of the advantages to good credit is that more banks will want to compete for your business.
- You Can Refinance Your Home Loan Anytime
You can refinance your mortgage anytime, but it doesn’t necessarily mean you should. Think about why you want to refinance. Is because you want to lower your monthly payments, to change the type of loan you are or to take cash out from your equity? Whatever the reason is, make sure that it makes financial sense.
- Yes, it is possible to take home loans jointly but only within the family. For example, Let’s say, there’s one married couple who wants to sanction a loan. Husband earns upto Rs. 50,000/- and wife earns upto 30,000/- So , now if they wish to apply for a home loan they can do so jointly, as through this they can apply for a higher amount of loan and it will get easily sanctioned.
- What are the criterias for getting a home loan?
Here are the few criteria by which you can take home loans easily.
Minimum 21 yrs for applicant
Minimum 18 yrs for co-applicant
Max 60 yrs (Net retirement Age)Income Criteria:-
Minimum INR 25,000 for Salaried
In case of business, minimum ITR of over 3 Lakh
For rental purpose, minimum INR 20,000.
- Can home loans be transferred to another person?
Yes, but at few terms and conditions are applied, mainly within the family members who are within the capacity to pay. For example, Client A has taken a loan and her father is the co-applicant. Now she is getting married and shifting abroad and her father is not in the condition to repay the loan all by himself, in this case, she can transfer the loan to her brother who is in the capacity to repay the loan keeping their father as the co-applicant.
- Student loans. Student loans may be obtained through private lending institutions or through federal aid. To apply for federal aid, visit the FAFSA (Free Application for Federal Student Aid)
5. Business loans. Only a few are listed below. For a more comprehensive list of business loans available, contact your bank or financial institution.
- Term loans: General purpose loans that are paid back over a set period of time.
Short-term loans: Smaller loans that are taken for periods of less than one year and paid back in one lump sum.
Equipment financing: Loans granted for purchasing equipment; equipment is used as collateral.
Lines of credit: Specific loan amounts are granted per year on an as-needed basis; these loans usually need to be repaid quickly.