BobbySaka asked:


We are considering to do a Loan Modification on our Home Loan, and we are kinda skittish on paying up front!

Robert

Mindi c asked:


My credit isnt really good. it is 580 and i was wandering how is the best way to get a home loan and where can i get it?

Todd

Kristina D asked:


Does anyone know a good place to get a home loan for a first time buyer with not so good credit?

Hector

Jaksha Shah asked:


There are many types of home loans available in India offered by various Banks and Housing Finance Companies like:



Home purchase loans : Loan for purchase of a house.

Home improvement loans : Loan for repair works and renovations in a home already purchased.

Home construction loans : Loans for construction of a new home.

Home extension loans : Loans for extending or expanding an existing home.

Home conversion loans : Loans for those who have financed the present home with home loan and wish to purchase and move to another home for which some more fund is required. Existing home loan is transferred to new home without need of pre-paying the previous loan.

Land purchase loans : Loans for purchasing a land (plot) for both home construction and investment purpose.

Bridge loans : Loans are designed for people who wish to sell the existing home and purchase another. The bridge loan helps to finance the new home until a buyer is found for the old home.

Balance transfer loans : Loan to help you to pay off an existing home loan and avail the option of a loan with a lower rate of interest.

Refinance loans : Loans to help you to pay off the debt you have incurred from private sources like relatives and friends for the purchase of your present home.

Stamp duty loans : Loans for paying stamp duty.

Loans to NRIs : Loans for NRIs wishing to build or buy a home in India.



 

Why one should take a loan ?

 

The loan not only gives you tax benefits, it gives you the facility to repay the loan in EMIs. Both principal as well as interest paid attract tax benefits.

 

But the loan does not come free.

 

Other costs are involved.

 



Processing charge : It is a fee payable to the bank or hosuing finance company at the time of applying for a loan. It may be a fixed amount or may also be percentage of the loan amount.

Pre-payment penalty : When loan is paid before the expiry of the agreed duration, the person has to pay penalty fixed by the company / bank and it may 1-2 % of the amount being pre-paid.

Commitment fees : Though not all banks / companies, many banks / companies levy a commitment fee in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned.

Miscellaneous charges : Some lenders may levy a documentation or consultant charges.Registration of mortgage deed.



 

If you want a loan, though you like it or not, you have to pay these charges.

 

Documents required :

 



Income proof : A salary slip for employed, or IT returns of at least 3 years for self-employed.

Residence Proof : Ration card, land line bill (preferably MTNL), Electric bill.

Photo ID Proof : Driving License, Pan Card, Voter’s ID card etc.

Age proof



Tracy

Alan Lim asked:


Home Loans

A home is not something that one goes around buying on a regular basis. It is a carefully planned move and often comes attached with high expectations and anxiety. It is also more often than not unrealistic to imagine buying a home without a home loan of some kind. But let’s begin with the preparations you need to do to apply for a home loan.

Preparing for a loan application

Some lenders might not require any but if you are in a position to make a down payment, the larger it is the better it is. Calculate your personal finances; total monthly income and the amount you have as savings to estimate how much you can spend on your monthly loan payments. Don’t forget to gathering your documents; pay stubs and the W-2 forms if you are employed, and a balance sheet and income tax returns for those who are self employed. All applicants must also have ready their bank statements and information on investments. If the loan applicant is someone who has retired with pensions, a 1099 form, along with the person’s social security award letter and copies of the pension checks are generally required.

Type of home loan

There are several types of home loans that a lending organization can offer to people. The most popular is possibly the Fixed Rate Loan which lets you know from the start how much your periodic instalment payments will be because both the principal sum as well as the interest rate is fixed. This way, you have the advantage of preparing for your payments on time. The other option is generally the Adjustable Rate Loans. There are also other flexible loan programs that are offered buy this may vary from lender to lender.

Interest on a home Loan

The national mortgage rates also change based on a variety of reasons. For example, the interest rates on the first week of August 2007 have been as follows; 6.11% for a 30-year fixed loan, 5.76% on a 15-year fixed loan, and a 6.60% on a 30-year fixed jumbo loan. Because rates can fluctuate at any time, fixed loans are generally considered safe.

Home loan benefits

Benefits from home loan can differ from country to country. In the United States, the Department of Veteran Affairs offers one of the best home loan benefits for war vets. A Veteran Affair Loan generally ensures a guaranteed loan where the interest rates are negotiable and tax deductible and other fees generally lower than usual.

Normally they also don’t require any down payment. General professionals who earn $50K to $80K a year can also sometimes qualify for a discount on the interest rates.

There are other general advantages of a home loan too, especially if you take a home equity loan. All of your interest on the loan is tax exempt. Also, because the home loan industry it self is so huge and an interlinked in the international financial market that companies often compete with each other to lure more customer to their institution by offering better rates and packages. Also, as the prices of real estate continue to rise as it has for sometime now, the homeowner is also generally able to take larger loan.



Tracy

mystty asked:


I am trying to get a home loan, but my credit is bad and i dont qualify for a HUD home loan do to self-employment. i have about 5k saved for a down payment does that help? is there anyone who will give me a loan? ( i DONT have a co-borrower)
most of my poor credit is due to major hospital bills. my score is in the low 500

Elaine

<3333:] asked:


I found my dream home and it costed around 150k. I went to Chase bank and World Savings. The problem is they need me to give them a down payment of 25%. I dont have that kind of money, so I was wondering if anyone knew of a Home Loan place or anything that would lend me ALL the money….please include a telephone number.
Thank you.

Ralph

*Butterfly* asked:


What factors come into play when looking for a home loan like do I need health insurance, what other things do they look at?

Gilbert

olderseascout asked:


What is the criteria to getting a Farm & Home Loan?

Jeanne

Dinesh k asked:


I have taken one home loan for a house for my parents in my native place and another in my working place for myself.
i am not married.

Lester