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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. |
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