Personal Development, Business, Finance, and Investing for Everyone
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How To Choose The Right Home Loan
Contributor: Patricia Bation (Dot Property Philippines)
Every Filipino deserves to own a property that they can call their own.
Fortunately, home loans are there to help the common people purchase their dream home even if they don't have a substantial amount of money in their bank account. There are tons of home loans available in the market today but how will you know that this mortgage is the right one? Below are some tips on figuring out which home loan works best for you.
Figure Out Your Capacity
Income, credit score, and debt service information are some factors that lenders consider when looking at a home loan application. Of course, income shows if you have the capacity to pay for the loan while credit scores show if you are financially responsible. Figure out first how much loan you can pay every month before applying. Remember the rule of thumb: do not spend more 30 percent of your income to your mortgage.
Choose The Right Property
Another factor to consider is the price of the property that you're about to buy. Make sure that the property's price fits your finances. Choose affordable homes at property portals such as Dot Property Philippines or consult a real estate broker.
Take A Look At Your Financing Options
Again, there are tons of financing options available in the Philippines. Below are the three major modes of mortgage in the country and their benefits:
Buying your first home can be tedious and daunting but with the right preparation, the whole process should be a breeze. Create an informed plan and remember to don't be shy to ask questions.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.