Something About Home Ownership That Makes it Very Special
There is something about home ownership that makes it a dream for millions of people around the world.
Perhaps the old saying that 'a man's home is his castle' is true.
Once you have your own home, you have a castle.
A place where you know you and your family will be secure.
A place where you can forget about the ups and downs of life.
Owning their own home is however only a dream for many people, since they simply don't have the money.
As a matter of fact, if the system of mortgage loans never evolved, the majority of people on earth would never have owned a house of their own.
Saving up for a house costing more than half a million dollars would have taken a lifetime.
By that time you would have been near retirement.
Luckily you can nowadays get a loan from a bank or other financial institution to buy a house for you and your family.
Before you rush out and apply for a home loan, however, you should take a few things into account.
The first is that the world of real estate is currently in a bit of trouble.
Banks have lost large amounts of money because of home loans which they granted to buyers who could in the end not afford to pay the monthly installments.
As a result of this, banks have very strict requirements before they will grant you a loan.
Your best option is first to save for a substantial deposit.
If you arrive at the bank and you can show them that you saved up a 20% deposit, for example, they will know two things: They will know a) that you have financial discipline and know how to manage your finances and b) that you earn enough so that you can afford to save a certain amount every month (or pay the installments on a mortgage loan).
Your second step should be to get your credit record in order.
The bank is going to check this when you apply for a home loan.
You should therefore make sure that there are no accounts which you forgot to pay and which were possibly handed over for collection to attorneys or debt collectors.
Once all this has been done, you are getting much closer to owning your own home.
You can now approach the bank and ask them to pre-approve you for home ownership.
They will want proof of your income and your assets.
Once they've studied this, they will pre-approve you for credit of a certain amount.
This is when you can seriously start looking for that perfect home of your own.
With the bank's approval in your pocket, you can now view properties in that price range with the knowledge that you are credit worthy.
Once you find a house, it's simply a matter of the bank inspecting it to make sure it's worth what you're paying.
After that you will soon be a proud home owner.
Once you have moved in, you will experience that special something about home ownership that makes it so great.
Perhaps the old saying that 'a man's home is his castle' is true.
Once you have your own home, you have a castle.
A place where you know you and your family will be secure.
A place where you can forget about the ups and downs of life.
Owning their own home is however only a dream for many people, since they simply don't have the money.
As a matter of fact, if the system of mortgage loans never evolved, the majority of people on earth would never have owned a house of their own.
Saving up for a house costing more than half a million dollars would have taken a lifetime.
By that time you would have been near retirement.
Luckily you can nowadays get a loan from a bank or other financial institution to buy a house for you and your family.
Before you rush out and apply for a home loan, however, you should take a few things into account.
The first is that the world of real estate is currently in a bit of trouble.
Banks have lost large amounts of money because of home loans which they granted to buyers who could in the end not afford to pay the monthly installments.
As a result of this, banks have very strict requirements before they will grant you a loan.
Your best option is first to save for a substantial deposit.
If you arrive at the bank and you can show them that you saved up a 20% deposit, for example, they will know two things: They will know a) that you have financial discipline and know how to manage your finances and b) that you earn enough so that you can afford to save a certain amount every month (or pay the installments on a mortgage loan).
Your second step should be to get your credit record in order.
The bank is going to check this when you apply for a home loan.
You should therefore make sure that there are no accounts which you forgot to pay and which were possibly handed over for collection to attorneys or debt collectors.
Once all this has been done, you are getting much closer to owning your own home.
You can now approach the bank and ask them to pre-approve you for home ownership.
They will want proof of your income and your assets.
Once they've studied this, they will pre-approve you for credit of a certain amount.
This is when you can seriously start looking for that perfect home of your own.
With the bank's approval in your pocket, you can now view properties in that price range with the knowledge that you are credit worthy.
Once you find a house, it's simply a matter of the bank inspecting it to make sure it's worth what you're paying.
After that you will soon be a proud home owner.
Once you have moved in, you will experience that special something about home ownership that makes it so great.
Source...