123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

How To Get An Affordable Housing Loan?

By Author: Aishwarya Mahurkar
Total Articles: 291

House loans can prove to be an expensive source of finance if the applicant does not take care. Since it is a long term loan, it important for the applicant to ensure that the loan amount they apply for is affordable. Expensive house loans can put a serious financial burden on the borrower when the repayment process begins. Failure to repay the loan on time may force the financial institution to repossess the house purchased and sell it to get back the loan amount. Hence it is crucial for an individual to try to get the most affordable house loan available. Here are a few tips one can follow to get an affordable housing loan:


1. Compare options


Before sending in a house loan application it is important for the individual to check all the options available. Different financial institutions offer different interest rates and hence one must look at all the options before deciding where to apply for a house loan . Since most financial institutions charge a processing fee, individuals cannot send in applications to a number of institutions as the entire process would be extremely expensive.


2. High credit score


To convince any financial institution to provide an affordable house loan option, it is crucial for the individual to have a high credit score. The credit score informs the institutions about the individual’s buying habits, past loans and defaults occurred if any. A high credit score gives the impression that the individual is reliable and should hence be given a cheaper loan option. One can boost their credit score my reducing their monthly expenditure, cancelling unused credit cards and repaying old loans.


3. Hire a broker


With the help of a broker one can negotiate to get an affordable house loan from the financial institution. Since the broker has a better knowledge about financial matters, he will be able to help you get the loan of your choice. The broker may be able to convince the institution to cancel any fees charged such as processing fees which greatly reduces the cost of a home loan.


4. Down payment


Putting in a larger amount as down payment can cause the loan amount to be more affordable. The individual should try to save up to put in a considerable percentage of the value of house as down payment out of their own pocket. This can convince the financial institution to provide a house loan with a cheaper interest rate.


These are a few of the many steps one can take to get an affordable house loan. So before applying for a loan, the individual should read up about the loan to see how to get a cheaper option.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the affordable house loan and apply for a house loan.

Total Views: 40Word Count: 469See All articles From Author

Investing / Finance Articles

1. Get Set For A Great Retirement Life
Author: Deepesh Reddy

2. Payday Loan In India, Payday Loan India, Payday Loans India
Author: Mayank Aswal

3. Mashreqpay Program To Ease Your Personal & Business Life
Author: Jeff Usman

4. Maximize Your Profitability With Trade12 Trading Services
Author: Trade12

5. The Best Stock Market Advisory Services Discerns The Best Time To Invest The Indian Stock Market
Author: Dharmesh Patel

6. Opt For Sebi Approved Stock Option Advisory Services For Better Investment Security
Author: Dharmesh Patel

7. How To Find Best Mortgage Loan Software
Author: sapana rathod

8. Unravel Your Taxation With The Accomplished Cpa In Memphis Tn!
Author: Garrett A. Surles

9. Cursory Look At Support And Resistance
Author: Money Classic Research

10. Cool Tips For Sending Money To India
Author: Jack

11. What Are Commercial Mortgages?
Author: Almas Uddin

12. Apoyos Para Negocios Y El Impacto En Las Pymes
Author: Martin

13. How Online Investment Useful In Modern World
Author: Jeff Usman

14. Understanding The Real Estate Agent’s Commission For Nela Homebuyers
Author: Samantha Turkle

15. Why Be Pre-approved For A Home Loan When Still Shopping For A House
Author: Samantha Turkle

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: