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Tips on financing your home mortgage
from:Every person, even drifters, dream of building their own home someday. A home is a family’s shelter against the storm and this can even be taken literally. A person who does not have a home will forever be uprooted and lost because he does not have somewhere to go back to.
Owning a home is thus a very important part of every person’s goal at any time in his life. Some people are lucky because they have the financial capability to build their own homes. What about those who are working for monthly paychecks to support their families, can they still hope for an abode they can call their own?
The answer is yes, thanks to home financing opportunities offered for people who have a very good credit line. Some who have not so impeccable credit ratings are even given the opportunity to get a home mortgage.
A person who plans to buy or build a home through financing should ask himself how much he can afford in terms of the total cost of the home. He should consider his monthly income and how much he can afford to pay for a home mortgage considering his other expenses.
There are several home financing options that are tailored for individual needs. A person who could not pay much monthly can get a long term loan but it will be more expensive in the end although he gets to pay a meager amount every month.
Frankly, getting a home mortgage can be quite a hassle considering the many requirements a person has to submit and the rigors he has to go through to get that home mortgage. Added to that is the problem of financing his home mortgage. In other words, where to get the money to pay for the home mortgage once it is approved.
Generally, a person has to have some form of sustainable income to qualify for a home loan. His take home pay should also be more than what he has to pay for his home loan and his living expenses.
Anyone getting a home loan should also consider other forms of income, aside form his regular monthly income, to augment his home mortgage payments and other expenses. If he intends to pay for his home mortgage the soonest possible time, then he should look for other sources of income to augment his finances.
He can also ask members of his family to contribute with the monthly house payments to make sure that the home mortgage is paid on or before the due date.
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Mortgage Rate Trends News
BUSINESS TRENDS: Mortgage rates take a dip (Courier-Post)
Average rates on 30-year fixed-rate mortgages fell to 5.97 percent last week, down from 6.33 percent the week before, according to Bankrate.com.
Read more...TransUnion: 3Q credit card delinquency rate rises (AP via Yahoo! News)
The percentage of people who were delinquent on their credit card payments rose in the third quarter from the same time last year, while average debt per borrower jumped 7.7 percent, according to credit reporting agency TransUnion LLC.
Read more...Comment: What today's interest rate cut might mean for Xmas retail (The New Zealand Herald)
With the vital Christmas shopping season in full swing, Andrew Dutkiewicz, chief executive of Noel Leeming Group, talks about what this morning's 1.5 per cent OCR cut might mean for one of the country's biggest retailers.
Read more...TransUnion: 3Q credit card delinquency rate rises (San Francisco Chronicle)
The percentage of people who were delinquent on their credit card payments rose in the third quarter from the same time last year, while average debt per borrower jumped 7.7 percent, according to credit reporting agency TransUnion LLC. For the quarter ended...
Read more...Bad Economy Correlates With Need For Good Deals (WebProNews)
The rule of thumb is correlation does not equal causation. If ice cream sales increase simultaneously with the crime rate, obviously one is not causing the other. As the newly admitted recession continues, fingers are wagging toward one cause or another, democrats blaming republicans and vice versa. read more
Read more...TransUnion: 3Q credit card delinquency rate rises (Lexington Herald-Leader)
The percentage of people who were delinquent on their credit card payments rose in the third quarter from the same time last year, while average debt per borrower jumped 7.7 percent, according to credit reporting agency TransUnion LLC. For the quarter ended September 30, 1.09 percent of credit card holders were delinquent at least 90 days on one or more of their cards. That compares with 1.03 ...
Read more...Real Estate: (The Capital)
In past columns, we've said that all real estate is local, so you should be aware of local market conditions, rather than let yourself be led by national trends. In this column, we'll show you why.
Read more...Banks must pass on full rate cut: Swan (The Australian)
WAYNE Swan has urged lenders to pass on today's 100 basis point cut to in full and the RBA has also predicted rates will fall further.
Read more...Service sector shrinks as new orders fall in Nov. (AP via Yahoo! Finance)
The U.S. service sector contracted far more than expected in November, as employment, new orders and prices fell precipitously, hurting retailers, hotels and airlines.
Read more...Central Bankers Open the Floodgates to Fight Deflation (GoldSeek.com)
In the early 1980’s, the Federal Reserve’s headlines figures for the M1, M2, and M3 money supply aggregates flashed at the top of trader’s radar screens, and jolted US T-bill rates by 50-basis points or bond yields by 30-points within minutes.
Read more...