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Friday, November 20, 2020 12:00 PM (GMT + 7)
A home loan is one of the best options for owning a home when you can’t afford it. However, this is also considered a risky decision when the borrower does not know how to borrow.
So how do you borrow money to buy a home quickly, efficiently, and at the right interest rate? Should there be a loan to buy a house? Join GoBear for the Low Interest Home Loan Experience in the following article.
A home loan is one of the optimal options for owning a home when you can’t afford it.
Should you borrow money to buy a home?
Buying a home is never easy for the young or lower-middle-income. According to financial experts, the home loan is a very valuable option to consider. Because this form has the following advantages:
– Help young people, low and middle income people to have the opportunity to have a home despite their limited financial capacity.
– Borrowers are entitled to many preferred programs from and from investors.
– Home borrowers receive good financial support for a long time.
– Borrowers can feel confident about the legality of the home they intend to buy.
Buying a home is never easy for the young or lower-middle-income.
Forms of mortgage loans
Currently, there are 2 forms of mortgage loans: mortgage and non-mortgage loans as follows:
Get a home loan in the form of a mortgage
Mortgages are a traditional way of borrowing and are well known to many people. This is a form of collateral with a long loan period. Also, the interest rate on the home loan is still at a very reasonable level, not too high. The guarantees can be real estate that is intended to be purchased or assets of equivalent value.
With such characteristics, home loans will be suitable for those who intend to borrow a large amount of money and long term. However, this form requires borrowers to have collateral corresponding to the level of the loan. In case of not being able to pay the interest and principal, the bank will confiscate the guarantee.
Mortgages are a traditional way of borrowing and are well known to many people.
Obtain a home loan in the form of a non-home loan
The non-mortgage loan (unsecured loan) is a form of unsecured loan. The conditions for the loan application to be approved will be the credibility and reliability of the borrower. Therefore, compared to home loans, unsecured loans tend to have a higher interest rate and a shorter loan period.
Unsecured loans will be suitable for people who need to borrow money to buy a home but have no collateral. Also, people who can pay short term should also consider this type of loan.
The non-mortgage loan is a form of unsecured loan.
Low Interest Mortgage Loan Experience
As mentioned earlier, risk is a problem that makes young people wary of borrowing money to buy a home. However, the following experiences can help you get a low-interest home loan.
Consider choosing between a finished house and a house under construction
The house is finished, with all the legal documents that can be used as collateral to borrow money. Meanwhile, houses under construction can generally only be borrowed from banks associated with the investor. However, if you choose the type of house under construction, you will have the opportunity to receive many incentives from the owner.
Consider choosing between a finished house and a house under construction
Prepare a capital equivalent to 30% of the value of the home you intend to buy
The amount of equity required to borrow to buy a home generally ranges from 60% to 70% of the home’s value. Therefore, when you intend to borrow money to buy a home, you should have 30% of the home’s value ready.
Review the loan agreement carefully
When going through the mortgage loan formalities, you should carefully check the terms of the contract. In particular, you must take into account the fees associated with the contract.
Learn and understand bank loan rates correctly
Currently, the bank is applying interest calculation methods that are initial outstanding loans and decreasing outstanding loans. Depending on the way of calculating interest, the interest rate will have a difference. Therefore, you should ask your bank staff to clearly indicate each form of interest calculation to choose the most beneficial.
Learn and understand correctly the interest rates of bank loans
Consider short and long-term loans
The maximum mortgage loan period is 20 to 25 years. When taking short-term loans, you need financial security. Because if you delay paying the debt, your personal credit rating and your ability to borrow at the next time the borrower will suffer.
Meanwhile, long-term loans can help you be more financially active. This method helps you balance reimbursement and other expenses. However, to choose the most suitable loan period, you need to consider a comprehensive way.
With that in mind, GoBear believes that the day you own a home with smart loans will not be far off and will give you more confidence in your decision.
Source: http://danviet.vn/chia-se-kinh-nghiem-vay-tien-mua-nha-voi-lai-suat-thap-502020201111591473.htm
