Home Loan Eligibility: A Factor That Brings You Closer To The Home Loan

Everyone can go for a home loan. Yet, everyone does not have the same capacity. One may want to buy a home worth Crores while the other may be seeking a home worth Lakhs. So, there is a wide gulf differences. However there are obvious marks regarding the home loan eligibility.

First comes here, the cost of the property albeit home on which your loan legibility depends a lot. You have to put a part of the cost of your home as the down payment or the margin money. The money you need to put here may serve as the stake in its continued maintenance. Or, otherwise, if the value of the house gets into a surge, this money is to ensure that the bank’s outstanding balance of the home loan remains lower than the market value of the property. So, if you are going to buy a property worth 5 Lakhs, you are to pay at least 50 thousand or 75 thousand as the down payment while the lender of the home loan will advance loan up to a whopping amount of 4, 25000.

Yet, your home loan eligibility depends very much on the income itself. The more you earn, the closer you are to the home loan eligibility or in clear terms, you can grab more from the home loan. However, given this is not the ultimate criterion for home loan eligibility, it depends a lot on other bars also. Suppose your income is worth home loan of 6 Lakhs and you are going to buy a home priced around 5 Lakhs, the bank will restrict your home loan amount at 4, 25,000.

Your home loan eligibility depends much on the down payment you are to make and the down payment itself depends on several other factors like the age of the home and other things. Age of the home is important because most of the banks put a cap on the age of the building which is to be bought. They won’t let you have the loan for a long period if the home is old enough. There are yet again, lenders who are reluctant to give home loan if you are going to have the ownership in the form of power of attorney. This kind of ownership sounds fishy in terms of home loan eligibility. So, to grab the home loan with enough eligibility, one should mind these few facts.

Debt Consolidation Home Loan Calculators Make Clearing Debt Easy

Having too much debt is something that accounts for much of the financial stress we feel in life. The feeling of having too many bills and not enough money to take care of all the expenses is a pretty common feeling among families. The fear grows stronger and stronger and can often seem pretty endless.

However, there is a way to lessen the burden of debt: through a debt consolidation process. This means that all of the individual debts would be combined into one and paid off with one monthly payment instead of having to write multiple bills and keep up with everything. This makes staying organized with paying down one’s debt far easier. Many homeowners turn to a debt consolidation home loan to begin the process of getting organized with their debt and even becoming debt free. A good online debt consolidation home loan calculator can help you determine if this is a good fit for your personal debt situation. However, it can be difficult to understand the standard form used to crunch the number. This article will cover the information you need to know in order to fill out the form properly and thus get great results.

First, you need to gather up all of the debts you’d like to include. The specific information you need most is the total amount of the debt, the average monthly payment you’re making, as well as the interest rate if there is one. While many popular debt consolidation home loan calculators now automatically calculate the average monthly payment for you, it’s always a good thing to have these three key pieces of information handy just in case.

Next, you’ll want to enter in all the numbers very carefully. Make sure to double check to make sure that you have everything filled out correctly, since missing a zero or forgetting a debt that you want to include can really skew the results you receive from the calculator tool. Many calculators also give the option to enter in an estimated interest rate for your debt consolidation home loan. You can start with a higher interest rate in order to get a better idea of what your monthly payment could look like if you choose to pursue this option.

Finally, it’s time to look at the results you get. Since this is an estimate of the interest rate on the home loan, it’s important to keep in mind that the numbers may vary once you get in touch with the lender. Usually, the interest rate we receive is often a lot lower than we expect. If you get back a lower monthly payment than what you’re sending out every month, this is definitely a path you should consider pursuing. While debt consolidation does add a bit of time to your loan, it’s also key in lowering your monthly payment so you can get on top of your finances better. If your life changes and you can contribute more to the loan repayment process, you will definitely see the loan repaid much quicker.

Overall, getting out of debt is a process that takes time and effort. With a good debt consolidation home loan calculator, you can see exactly what next steps to take in order to take back control of your future and finally become debt free!

Buy Your Dream Home With Home Loans

If you have the required money to buy the home then its perfectly fine, otherwise this is the situation where there would be a need for Home Loans for people who don’t have sufficient money to buy a home. Loans are of various kind and nature to suit the demand of the consumers. There are various kind of loans, like home loans, car loans, property loans, personal loans, etc. All these types of loans are available for certain situations and requirements with certain fixed amount of interest.

Loans is an amount of money, which you borrow from banks at a certain rate of interest for a certain period of time. Whenever someone needs a large amount of money for investing in business or to buy home or some property, he can apply to the banks for granting him loans. Once the bank receives all the required document from the customers, the bank after verifying the document grant the person loans as per the banks rule and condition.

Home Loans is the most common type of loans available in all parts of the globe. Almost all the public and private sector banks offer Home loans at a certain rate of interest. This interest rate may vary from bank to bank, but there is a minimum fixed rate of interest for every bank. Keeping in mind the competition in Home loans category banks are offering attractive home loans plan to suit the customer needs.

Almost all the banks are offering attractive loan interest rates, financing up to 90 percent of the property cost, up to 25 years tenure for home loans, minimum documentation, home loan papers delivery at your doorstep, sanctioning the loans without the selected property, free personal accident insurance, insurance options for home loan at attractive premium. Even some banks are offering special rate of interest on green homes for protecting the environment.

On home loans, the bank charges two types of Home loan EMI. The adjustable home loan EMI and the fixed rate home loan EMI. These home loan EMI are the amount, which the consumers have to pay to the bank every month. This EMI amount will depend on the amount of loans the consumers has taken from the bank. If a consumer fails to pay the EMI for some month, the bank will charge him some penalties. Even the bank allows the option for repaying your loan amount at one go with some less amount of interest.

With the boom in real estate property, many people are investing large amount of money in this sector. The margin of profit in real estate property is very high and with the upcoming Malls, business centre, multiplexes and high-rise apartment, this sector is doing wonders.

To cash in real estate property sector, people are taking loans from the bank to invest and develop property to earn profit. Banks are also having good time with so many loan borrower who are paying good rate of interest.

Home Loans are best option for all classes of people while buying home, flat or property. This loan helps the consumers to have a dream home or property of their own without having the adequate money. The attractive offers from the banks on home loans is luring more and more consumers to opt for this kind of loan.

FHA Manufactured Home Loan – The Best Way to Finance Manufactured Homes!

There are many types of FHA Home Loans and you can get many types of homes with them. Getting a home loan can come about for many reasons. Most of the reasons to get a home loan, or even a FHA Home Loan include one or more of the following. Often if you are a first time home-buyer you may need a mortgage loan. But if you are looking to buy a manufactured home you will have a hard time finding a loan program to finance it. There is a good loan program for financing the purchase of manufactured homes and it is the FHA Manufactured Home Loan.

If you do not have a lot of money to put down on a manufactured home, you can often qualify for a FHA Manufactured Home Loan. The current FHA down payment amount is just 3.5% of the purchase price. While down payment for mortgage loans is 20% or more.

It is very difficult to find a lender that will do a traditional conventional loan on a manufactured home. One of the reasons is that it much easier to move a manufactured home. This type of home will have a steel beam down the middle of the home making it easier to relocate. This increases the risk for the lender.

If you are a new home buyer and you are looking at a manufactured home, you will want to keep your monthly payments as low as possible. This is the reason manufactured homes are popular, they are less expensive to buy. Now you have to find a loan program to finance the purchase. You may want to apply for a FHA Manufactured Mortgage Loan.

If you do not have the best or perfect credit, or are worried about even qualifying for a mortgage, chances are now you can qualify for a FHA Manufactured Home Loan now. With the economy as it is now, although it is improving, some new home owners and buyers may often worry about what will happen to them or their homes if they fall behind on their payments on their homes.

With a FHA Manufactured Home Loan many of the worries about falling behind on their payments, qualifying for a loan if they do not have the best credit, or any of the usual concerns for first time home buyers are gone. More and more people qualify for FHA Home Loans each day. Getting a mortgage for home is much easier, faster, and often you qualify much easier and faster with more protection than with other home loans.

You will find that with FHA Home Loans there are lower rates. If you have less than perfect credit you can also still get a FHA loan. There are much more protections for your home with an FHA Manufactured Home Loan than you will find with other home loans.

There are also many types of FHA Home Loans as well. You can get a fixed rate loan, adjustable rate home loans, and you can even get a FHA Loan to purchase a rehab home. This means that you have found a house you like, but it needs fixing up or repairs. There are even special FHA Loans for these types of homes as well.

With lower down payment and lower credit requirements, the FHA Manufactured Loan is not only the best loan program but it may be your only choice to finance your home purchase. It is great loan program and you should contact a FHA lender now to get more information.

Article Source: http://EzineArticles.com/2601961

VA Home Loan Program Or FHA Home Loan Program – Which is the Best For You?

The United States government provides many benefits to the members that are now serving or have serve in the past in the US military. Active and former members of the United States military can take advantages of benefits ranging from education incentives to compensation for disability occurred while in the military to even life insurance programs. One of the most used and most important is the Veteran Home Loan Program that provides assistance in financing a home loan.

There are currently over 23 millions living veterans and just little less than 10% of these veterans have taking advantage of this great benefit. But there is also another government backed home mortgage loan that veterans may want to consider also. This government backed loan is the FHA Home Loan Program.

So if you are an active member of the military, a veteran, or even a surviving or current spouse of a veteran you may want to compare the advantages and disadvantages of both the VA Home Loan Program and the FHA Home Loan Program.

You need to be fully informed before you buy a home because it is a huge decision and making the wrong decision can cost you thousands of dollars in the future.

VA Home Loan Program VS FHA Home Loan Program

VA home mortgage loans are similar to many conventional home mortgage loans but they do have many great benefits that are not found in conventional loans such as: you do not need a down payment, your credit scores can be lower than what is required for conventional loans, and you can “rolled” the closing and loan fees back into the mortgage thus making it a 100% financing loan.

The FHA Home Mortgage Loan Program is the most popular of mortgage loan programs for non-veterans and is growing in popularity because of the tight mortgage market today.

They have some of the same advantages of the VA home mortgage loans such as: they are easier to refinance, more lenient on the credit scores to qualify, and certainly lower down payment than conventional loans. The FHA home mortgage loan down payment is currently 3.5 of the purchase price of the home.

VA Home Mortgage Loan Eligibility Requirements

A veteran will have to get a Certificate of Eligibility that is issued to by the military to qualified veterans. The Certificate of Eligibility will also include the entitlement amount, which is the portion of the mortgage loan that the VA will guarantee. You can get the Certificate of Eligibility from the VA or you can have your mortgage lender get it for you on the Internet.

One big difference from a VA mortgage loan and a FHA mortgage loan is almost anyone can get a FHA mortgage loan, only people that are or have been in the military can be a VA mortgage loan.

There are no income limits for FHA loans, but there are limits on how much a person can borrow and it varies from each county in the country. You can find out from your mortgage lender what the limit is in your area.

VA home mortgage loans do have limits on how much you can borrow but the limits can currently go up to $729,000 in some parts of the country.

Another difference from FHA loans and VA loans is VA does not require a mortgage insurance premium called a PMI. FHA loans do require mortgage insurance (MIP). By getting a VA home mortgage loan you will save this expense which can be quite costly over the years.

VA home loan makes sense if you are a qualifying member or veteran of the military and they will allow you to take advantage of today’s very low interest rate plus you can buy a home with 100% financing.

If you don’t want to tackle the slight hassle of dealing with the VA or you do not have available VA entitlement then a FHA home loan will make the most sense.

Whether you choose the Veteran Home Loan Program or the FHA Home Loan Program you will need to work with an approved mortgage lender who will help you through the mortgage and closing process.

Owning a home is still the American dream and the government has two great programs to help you to achieve that dream, so get more information on the Veteran Home Loan Program and the FHA Home Loan Program and make that American dream happen for you!

Article Source: http://EzineArticles.com/4612379

All the 2016 FM AdFocus Award winners!

On the evening of 23 November 2016, the Financial Mail’s AdFocus Award winners were revealed at a glamorous ceremony at Room5, Rivonia.
Financial Mail AdFocus Award winners 2016.
Financial Mail AdFocus Award winners 2016.

With this year’s award night theme announced as ‘uncertainty in the industry’, these are among the most coveted awards in the industry as they not only award the best of the best in the industry, they’re also a reflection of the industry itself.

Ann Nurock, Africa partner at Relationship Audits and former CEO of Grey South Africa/ Canada, was there to live tweet the winners for us:

The 2016 FM AdFocus Award winners

Overall agency of the year: PHD Media SA

Lifetime achievement award (sponsored by Liberty Group): Happy Nitshingila

Agency leader of the year (sponsored by House of Brave): FCB Africa’s Brett Morris

African agency network of the year: Burson-Marsteller Africa

Large advertising agency of the year: FCB Johannesburg

Medium advertising agency of the year: Avatar

Small advertising agency of the year: OpenCo

Media agency of the year: PHD Media SA

Specialist agency of the year: GRID Worldwide

Public relations (inaugural, replacing ‘branding & design’ category): Ogilvy PR Johannesburg.

Digital agency of the year: Hellocomputer

Partnership of the year (sponsored by The Observatory International): The Hardy Boys Durban and SA Home Loans. This includes R100,000 of client-agency performance measurement consultancy

Student of the year (sponsored by Nedbank): Carina Bonse from Red & Yellow School of Logic and Magic.

Bizcommunity to amplify Financial Mail AdFocus Awards

Attention ad lovers – diarise Wednesday, 23 November, at around 6pm to follow Bizcommunity’s tweets, to reveal which ad agencies will have walked away from this week’s Financial Mail AdFocus Awards with the coveted Agency of the Year titles.
Bizcommunity to amplify Financial Mail AdFocus Awards

As usual there is much anticipation as to who will get to own categories such as large-, medium-, small-, media-, specialist-, PR, etc. for 2016.

According to the organisers, the annual awards not only award the best of the best in the industry, but are also a reflection of the industry itself.

Ann Nurock, Africa partner at Relationship Audits and former CEO of Grey South Africa/ Canada, will cover the event on Bizcommunity’s behalf. Nurock says you can’t underestimate the importance of these awards in terms of their reputation-building benefits and new business enquiries.

This year, the new Public Relations category replaces Branding & Design, whose agencies now compete for the Specialist award. Also new this year is the sponsorship of the Partnership of the Year Award of a R100,000 of client-agency performance measurement consultancy by new sponsor, The Observatory International.

The Observatory International sponsors ‘Partnership of the Year’ award at AdFocus Awards

The Observatory International will sponsor the ‘Partnership of the Year’ award at the Financial Mail AdFocus Awards 2016.
The Observatory International sponsors ‘Partnership of the Year’ award at AdFocus AwardsJohn Little, its regional managing partner, Middle East and Africa, partnered with AdFocus Awards as a jury member a few years ago and discussions then spawned the ‘Partnership of the Year’ category sponsorship.

“Strategically this sponsorship is a good fit and we are delighted to be associated with this industry award. The Observatory is part of a global network that has studied the so-called ‘secrets of success’ of great client-agency relationships across numerous geographies. There is considerable empirical evidence that great partnerships lead to great work – usually award-winning work – that delivers superior business results and return on marketing investment,” says Little.

Successful client-agency relationships are founded on the right chemistry fit, developing rules of engagement for the team, establishing fair business terms, measuring performance, continuous learning and collaboration. “The company’s team is best placed to identify the right partners and facilitate the matchmaker process based on its exposure to the industry, knowledge of industry individuals and its innate ability to assess the soft skills that result in good chemistry.”

This year’s AdFocus Awards shortlisted partnerships include FCB Johannesburg and Toyota, King James and Santam, M&C Saatchi Abel and Heineken, and The Hardy Boys and SA Home Loans.

Results will be announced at the AdFocus Awards Ceremony on Wednesday, 23 November at Room Five in Rivonia.

How To Get Money Back At Closing When Choosing A Loan

I’m pretty sure you don’t know what Yield Spread Premium (YSP) is. It is hidden in most mortgage transactions until the closing statement is presented and home buyers are ready to close escrow and complete the home buying process. I didn’t know what is was either. Even with “truth in lending” and good faith estimates, you’re probably going to miss the YSP. THe problem is, when you pay YSP, you pay it over the life of the loan… more on that later.

I’m a computer programmer and I was brought onto a project to create a transparent mortgage tool to help consumers get a fair, honest loan. The really cool thing about the project was the main goal was to take the hidden YSP, that normally goes into the pocket of the mortgage broker, into a rebate back to the consumer. The consumer can then use that rebate towards closing costs.

I look at some old records and found a closing statement that had YSP at over $3,800. I didn’t even realize that I paid it. Probably because I didn’t write a check for it. It was wrapped up in the loan, so for the next 30 years I will be paying interest on that $3,800… which will double or triple the amount owed. That is when it hit me that giving that money back to the consumer is a really good idea. Image what you will do, if on your next home loan you can get $3,800 or more back that you can use.

Our nations current economic conditions has made the consumer demand transparency in mortgage services,. So next time you get a mortgage, simply ask that mortgage broker if they are a member of the Transparent Mortgage network, and even if they are not ask if you can get the YSP as a rebate that you can use towards closing costs to help you secure your house.

What Is Mortgage Refinancing Home Equity Loan?

A mortgage refinancing home equity loan is simply a loan that you take out to pay off an existing mortgage with a new loan that is more financially friendly to your financial goals. The purpose of this type of loan should be to help you save money. To do so you should consider the implications of total interest costs, annual percentage rates and repayment period of your home equity refinance mortgage loan.

Refinance of your home loan at a good refinance rate can open up a lot of possibilities. Depending on the refinance plan you choose, you can either save the extra money through rate and term refinancing, or get the cash immediately with cash-out refinance. Since you are getting money through refinance that you would ordinarily be spending on your loan repayments, it makes a lot of sense to invest that money back in you property in order to raise its overall value.

You can choose to use a mortgage refinance cash out amounts for any personal purposes based on your needs. Making small or large improvements around your property can drastically increase your home equity. Whether it’s interior improvements, an addition, landscaping, or simply restorations, you will surely enjoy the benefits of the higher home equity long after work is completed. Additions are always a good bet for increasing home equity. Landscaping can also go a long way towards making property more desirable, and therefore should not be overlooked as a way to spend home equity refinance money.

Mortgage interest rates are determined by several factors, such as the down payment being made, credit score, loan amount applied for, and the policies that the lender follows. When you refinance your mortgage, you may be pleasantly surprised by the low mortgage rates or your ability to reduce your monthly mortgage payments. When applying for a home equity mortgage refinancing loan make sure that you deal with a lender that offers you the best terms at lowest rates.

Your credit report will show them your credit history, whether you’ve paid your bills on time and who you may be in debt to. It is advisable to carry out a credit check before you refinance your home equity loan, although too many inquiries can lower your credit score. If you have a poor credit, there are still lenders who may refinance your home equity mortgage loan.

Consider the following prior to applying for a home equity refinance: Ask your lenders about transaction fees, points and closing costs. If these fees are exorbitant, it may not be cost effective to refinance your home equity loan. If you plan to stay in your house for a short period of time it normally doesn’t make sense to refinance.

If you are thinking of doing a home equity refinance then do some research and get at least four quotes from reputable lenders to see which package may work best for you. Make sure you get multiple quotes, because shopping around can save you a lot of money. With risk free quotes, you can learn about loan costs without hurting your credit score.