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Minimum requirements for a home loan
Buying a home without a home loan is impossible for most of us. Even for the 5% or 10% down payment, most of us have to use up the retirement savings. Even with down payment, the monthly payments towards the home loan are a bigger burden. In the first few years after buying the home, many have to be more discipline in their expenditures. Postponing vacations, putting off buying expensive cars, household furniture etc., are some of the measures people to take to control the expenses. Though a home loan is availed easily, the responsibility to honor the monthly commitment to repay the loan is enormous.
Some of the important requirements to raise a home loan are a very satisfactory FICO credit score – say in the region of 680 and above and a satisfactory debt to income ratio. A steady employment is another requirement. Credit history needs to be very good. The mortgage term is also an important element of the home loan. One may consider a short term with high monthly payments, in case it is possible. With interest rates low, as they are now, it is worth considering a longer term that would reduce monthly payments. Any excess cash available in any month can be used for any high return investments.
Links to various sources that give useful information on home loans, mortgage loans, debt consolidation loans, home equity loans, car loans, personal loans, credit reports and credit cards are given in this website. Click through these links and understand the terms and conditions before applying for any of these loans, credit cards and credit reports.
| Personal finance news - CNNMoney.com Updated : Home spiff-ups for all seasons To prevent budget-busting repairs, you've got to invest a little time. But how do you keep track? Just use our home maintenance checklist. Publ.Date : Mon, 17 Dec 2007 10:03:29 EST Money for life without a 401(k) Question: I'm in my early 30s and have yet to save for retirement. Unfortunately, my job doesn't provide a pension or a 401(k), so I need to rely on myself to save money. Can you give me some advice on how I can get started? - Annette, Ewing, New Jersey Publ.Date : Tue, 10 Jul 2007 09:49:38 EDT Invest now? Or in dribs and drabs? Question: Each year my wife and I contribute the maximum to our retirement accounts. My question concerns the timing of our investments. Are we better off spreading out the money we invest over the entire year - or should we invest the money as soon as we can? - Eric, Seattle, Washington Publ.Date : Fri, 07 Sep 2007 09:28:46 EDT Do the right thing AND make money Should you put your money where your heart is? Let's say you agree with Al Gore about global warming - or, on the other hand, you feel that the biggest threat to our society is the corrosion of traditional values. Publ.Date : Fri, 21 Dec 2007 16:35:51 EST Increase Web Traffic |