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Three Things that Help You Make Informed Decisions in Home Loans

Categories: Finance Online
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Buying a Home

Buying a HomeBuying a home is perhaps the most costly investment for most Americans. With such a decision, you do need to gamble. You not only need ample time to think about it but also seek expert advice on your home investment plan. Any financial institution you approach will evaluate you thoroughly before deciding on giving you home loan options in Ogden. You have to have a credible credit report, shop for the best interest rates, and get reliable loan products.

Creditworthiness

Financial institutions try to reduce their risks to a minimum. Any lender will want an official statement of your financial status. You do not want to present a document that betrays their trust in you. Credit unions want to know whether you have borrowed funds in the past and if you managed to repay within the stipulated time.

Similarly, a credit report will show your official address, police records, or any legal claims such as bankruptcy. You are, therefore, advised to request a copy of your credit report at least once a year. The Fair Credit Reporting Act entitles every citizen to free copy of their credit report.

Interest Rates

Credit companies are always looking to make a profit from the loan they award you. It is your responsibility to ensure that the rates are low and manageable. Interests on home loans change occasionally. Therefore, you need to make regular checks to be certain that your interest rate is locked. You need to confirm that the rates will not change before closing within 30 or 60 days. Moreover, you could ask your credit provider the cost of extending a rate lock, and if you can be allowed to switch to a longer rate lock.

Loan Estimates

Always shop and make a comparison between loans. You need to choose the best loan that will not hurt your budget and income. You want to request a loan estimate from various credit providers so that you can choose with whom you want to work. Inquire the reason for them suggesting such rates. In the end, make a choice based on comfort, cost of the loan, and confidence in the credit company.

When applying for a home loan, you need extensive research. You must have a reliable credit report, shop for comfortable interest rates, and compare various loan estimates.


Beyond Aesthetics: Things to Consider When Purchasing a House

Categories: Finance Online
Comments Off on Beyond Aesthetics: Things to Consider When Purchasing a House
Couple Outside Home with Sold Sign

Couple Outside Home with Sold SignMany prospective homeowners in South Jordan are taken by the look of the house. Some claim to have fallen in love with the property at first sight — as soon as they saw the exteriors, they knew it was the one. However, your mortgage company and real estate broker in South Jordan, Utah might recommend that you look into other factors so that you won’t regret your decision later.

Ease of Transport

You should check how far is the property from your place of work. Check the surroundings and see how long it will take you to go to supermarkets, hospitals, schools, your office, and other important places. Factor these in when deciding if you are willing to pay for the price the mortgage company has set for you.

Presence of Asbestos and Other Harmful Chemicals

Checking a house for this is especially important if the house was built before the ’80s. When disturbed, asbestos may cause illnesses. Testing companies can help you check for the presence of asbestos. Do this before you have the house evaluated. If the house has dangerous levels of asbestos, it’s not a good option for your family.

Your Family’s Plans for the Future

It’s not just the state of the house that you need to evaluate. You also need to think about your plans. Are you staying on the property for decades or planning to resell it? Do you have plans to add to the family or is someone moving out? Will there be a baby or an elderly joining the household? All these determine how friendly and how adequate the house is for you.

The price of the house or its style are not the only things to consider when purchasing a property. Think about your family’s needs and long-term plans, as well.