Buying a home is one of the biggest challenges for those looking to build wealth, but if you do not have the necessary liquidity to acquire cash, you may do so through a mortgage without having to save for years the total value of the property.
The purchase of a first home is an operation performed mainly by people between 35 and 38 years of age, usually married with dependents and the project to ensure the stability of his family.
By hiring a mortgage, the first thing to do is to compare the various types of loans available in the market, payment terms, interest rates and insurance offered by each financial institution to find the model that best suit the buyer.
The location of the house is another important factor. If the purchase is made in a big city, the cost of the property will be higher and, therefore, also its surplus because of the number of companies, the range of services and cultural offerings which include those cities.
Purchase a home through a mortgage is an important decision that requires mainly assessing our ability to pay in the medium and long term, as most of the loans offer terms of between 20 and 30 years. When the options available in the market for mortgage loans must consider many points as the following are checked. Therefore, experts suggest hiring one that best suits your needs and financial capacity. Here are some tips to achieve this:
Service
Response time for credit approval.
Rate
While still important to choose the best market rate, it does not guarantee the best financing, since the rate is only one component of it.
Hitch
You should know exactly problem seeking.
Payments
Consider the exact amount that the monthly payment amounts. If you hire a fixed loan rate, the monthly checks that are really equal.
Commissions
Taking into account the amount of the fee for opening investigation and if there are fees for prepayments.
Benefits
Check the benefits offered by different institutions: unemployment insurance, life and damage payment per thousand credit, etc.
To buy a house on credit the first thing is perfectly define your ability to pay, for this we suggest:
Define how much you can pay deposit. Estimate your income according to how much you can pay by credit.
