Tag: loan
Tips for Getting the Best Home Loan
Purchasing a home used to be a dream of a lifetime. However, with different financial institutions offering various home loan programs, it is a no longer a difficult task. The difficulty can, however, lie in getting the right home loan. Read through this guide some tips to help acquire a home loan which best suits you.
Maximum Down Payment
The down payment is usually the key to lowering your monthly payments on the home loan. The more the amount you pay as down payment, the lesser you will have to pay off each month. You, therefore, should keep at least some percentage of the principal loan amount with you before starting to look for a home loan.
Additional Charges
When you have saved up the deposit for the home, you should not forget to take into consideration all the extra fees which come with purchasing a house. Some of these include legal costs, mortgage insurance, survey report, strata inspection report, registration fee, loan application fee, stamp duty, and valuation fee. There can also be other fees like switching or refinancing fees along with the down payment you make on the home loan.
Get Multiple Quotes
You should compare quotes from various lenders before signing up for a single home loan program. It is, therefore, necessary to find a home loan program with the lowest monthly payments and the most flexible option.
Statement errors
Even minor errors in the loan statement can benefit the lender and harm you. Thus, you should …
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