Intriguing Facts About Your Score #8 - Home Loan Advice
Advice is a dime a dozen but good advice is a very rare thing.
That is why you should always try to get good advice on what to do to get the best possible home loan.
This isn't about purchase prices though; people always assume that your profit margin is based on how much you buy a property for and how much you sell it for.
That is not true, the real numbers that matter is how much you really have to pay for the property by the time you sell it or pay it off.
For example if you buy a home for $150,000 and you pay $250,000 on the loan and then sell it for $300,000 you make a real profit of $50,000, not $150,000 like everyone thinks.
If you buy the same home but only have to pay $200,000, your profit is $100,000.
The way you can spend less money paying off the loan is by making sure you have three simple things; a great credit score, established income, and a large deposit.
Now the lender will demand you have at least two of these things to get approved but if you have all three you can get a great deal.
Established income shows that you can easily afford the payments for the mortgage each month and that you will not struggle with them.
A deposit is important because it is less money you have to borrow and it will lower your monthly payments.
Finally a good credit score is crucial not only for approval but because it too can help you to save money each month.
The average person saves over $4,000 a year on their monthly payments if they got a loan with a good score.
If your numbers are not as high as you wish them to be than you need to use credit repair before you apply for a mortgage.
The great thing about credit repair is that it will fix your numbers fast so you do not have to wait to get the home you want.
That is why you should always try to get good advice on what to do to get the best possible home loan.
This isn't about purchase prices though; people always assume that your profit margin is based on how much you buy a property for and how much you sell it for.
That is not true, the real numbers that matter is how much you really have to pay for the property by the time you sell it or pay it off.
For example if you buy a home for $150,000 and you pay $250,000 on the loan and then sell it for $300,000 you make a real profit of $50,000, not $150,000 like everyone thinks.
If you buy the same home but only have to pay $200,000, your profit is $100,000.
The way you can spend less money paying off the loan is by making sure you have three simple things; a great credit score, established income, and a large deposit.
Now the lender will demand you have at least two of these things to get approved but if you have all three you can get a great deal.
Established income shows that you can easily afford the payments for the mortgage each month and that you will not struggle with them.
A deposit is important because it is less money you have to borrow and it will lower your monthly payments.
Finally a good credit score is crucial not only for approval but because it too can help you to save money each month.
The average person saves over $4,000 a year on their monthly payments if they got a loan with a good score.
If your numbers are not as high as you wish them to be than you need to use credit repair before you apply for a mortgage.
The great thing about credit repair is that it will fix your numbers fast so you do not have to wait to get the home you want.
