First time home buyers, Here is complete guide to buy a house. Those who don't want to waste further money on rent and want their own house, this guide helps you a lot.
Now a days, Each and Every person prefers his own house than to live on rent.
There are so many places where paying rent is much higher than paying monthly Installment of home loans.
That means your monthly Installment are much cheaper than your rent.
Then buying a house is much helpful for you to invest your money at right place.
One of the very interesting thing I'd that you will not have to pay the price of the house at the time of buying.
You just have to make a down payment(decided by the bank) , and rest of the money you have to pay through monthly Installments. It will take around 20-25 years to complete your payments(depending on your monthly Installments).
Depending on your salary, you may buy a house around 3 times higher than your annual salary.
That means of you have an annual salary of $30000, you can ask for $90000 house.
Because having an own house makes you feeling better than to live on rent. Even you can rent out your other rooms and can earn money through it.( if you have 3 bedroom set).
There are few facts which helps you a lot to understand the monthly Installments after bought a house.
1. If you bought a house of worth $100000, then your monthly Installments would be around $800-$1600 per month.
2. The down payments of that house would be around $3000-$20000.
3. High down payments= Lower Installments.
4. High Installments= Low time duration.
5. Low Installments= Long time duration.
Buying a house is one of the biggest event of an individual life.
Few things you must do before buying a house.
1. Find a house on the internet, there are so many websites available on the internet where you may visit to know each and every thing about the house.
(Now a days, website provides a complete drawing and photos of the house.)
2. Visit the home personally to know each and everything about the house.
3. Ask the neighbor about the house to make sure about the actual owner of the house.
4. There were so many cases rised, where fake owner sold the house.(showing himself as the owner of someone house).
5. Confirm the documents of the house.
6. Lastly confirmed the final price of the house.
Now half of the work is done. So you have to go to the bank to apply for a home loan, you can find various backed on the internet.
Select the one who offers low EMI and you trust the most.
Take advice of your family, friend and relatives.
Now a days , there are so many companies available in the market not liable for providing loans but still they are still not get caught by police.
So don't be a victim of these fraud companies.
Go to the Genuine company and submit all the information regarding your home loans.
Tell your requirements and house much you are willing to pay.
You can also ask for insurance agents available in your region.(they have much knowledge in this field).
On the way to home through home loans
Home loans refer to the (official) monetary assistance one gets, to purchase his dream dwelling. A sweet home is what everyone longs for, he earns for it or he spares some portion of his earnings for it. But as the recent times are marked with hefty global economic upheavals and cut throat competition and price hikes and so on, hence to apply for loan or getting a secured home loan has no-longer been a cakewalk.
As such, banks and financial organizations heavily insist upon a series of behind the curtain works, which involve voluminous documentation and evidence reports. But as a relief from such mess, there have emerged various financial consultants who can prepare sound persuasive reporting and file it with leading banks, on our behalf. Once these documentation are approved, then our home loans are likely to get sanctioned in a short time.
Students should prove that they are getting regular funds from a source per month. This is necessary to prove to convince the lenders that you can pay back the loan shortly on the fixed date.
You should be sending all the relevant documents to the lenders to prove your repayment ability. Fill your correct details in your loan application so that approval comes fast. The loan amount ranges from 80 to 1000, which is available to the students within 24 hours for its any personal use. You can spend it on holiday tours, pay off some unexpected bills, buy some books etc.
These flexible home loans are available to all types of students for a short term. The lenders approve the loan amount for its repayment in two weeks. This is advantageous to the students who do not want to pay the interest charges for a longer duration. If the student fails to repay on the due date, the lenders allow repayment in a month on interest payments by the borrower.
By getting all of your insurance needs covered by the same provider you can earn an extra discount on every policy, including your home insurance. This way, you’ll take advantage of even higher savings, and keep your contact list short when you have an insurance concern or claim.
Don’t over-insure.
Your insurance will only cover your loss – and many homeowners make the mistake of including the price of the land that the home is built on in their replacement cost. You will never be able to claim on this – as the land will remain intact, regardless of what happens to the building. Your home value (for insurance purposes) should only ever be the value of the buildings on the property – leave the land value out of it and you’ll notice significantly lower premiums. Furthermore, if you don’t own any jewelry of note, then removing the coverage may decrease rates.
Compare Deductibles
The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing a policy that you are comfortable paying the deductible if you make a claim. Remember, a policy with a $100 deductible will cost more than one with a $250 deductible. Higher deductibles may be available at a reduced price.
Ask Your Agent About Discounts
In some states, insurers offer lower prices for such things as insuring your home and car with the same company, installing deadbolt locks or alarm systems or replacing the roof.
On the way to home through home loans
Home loans refer to the (official) monetary assistance one gets, to purchase his dream dwelling. A sweet home is what everyone longs for, he earns for it or he spares some portion of his earnings for it. But as the recent times are marked with hefty global economic upheavals and cut throat competition and price hikes and so on, hence to apply for loan or getting a secured home loan has no-longer been a cakewalk.
As such, banks and financial organizations heavily insist upon a series of behind the curtain works, which involve voluminous documentation and evidence reports. But as a relief from such mess, there have emerged various financial consultants who can prepare sound persuasive reporting and file it with leading banks, on our behalf. Once these documentation are approved, then our home loans are likely to get sanctioned in a short time.
Students should prove that they are getting regular funds from a source per month. This is necessary to prove to convince the lenders that you can pay back the loan shortly on the fixed date.
You should be sending all the relevant documents to the lenders to prove your repayment ability. Fill your correct details in your loan application so that approval comes fast. The loan amount ranges from 80 to 1000, which is available to the students within 24 hours for its any personal use. You can spend it on holiday tours, pay off some unexpected bills, buy some books etc.
These flexible home loans are available to all types of students for a short term. The lenders approve the loan amount for its repayment in two weeks. This is advantageous to the students who do not want to pay the interest charges for a longer duration. If the student fails to repay on the due date, the lenders allow repayment in a month on interest payments by the borrower.
By getting all of your insurance needs covered by the same provider you can earn an extra discount on every policy, including your home insurance. This way, you’ll take advantage of even higher savings, and keep your contact list short when you have an insurance concern or claim.
Don’t over-insure.
Your insurance will only cover your loss – and many homeowners make the mistake of including the price of the land that the home is built on in their replacement cost. You will never be able to claim on this – as the land will remain intact, regardless of what happens to the building. Your home value (for insurance purposes) should only ever be the value of the buildings on the property – leave the land value out of it and you’ll notice significantly lower premiums. Furthermore, if you don’t own any jewelry of note, then removing the coverage may decrease rates.
Compare Deductibles
The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing a policy that you are comfortable paying the deductible if you make a claim. Remember, a policy with a $100 deductible will cost more than one with a $250 deductible. Higher deductibles may be available at a reduced price.
Ask Your Agent About Discounts
In some states, insurers offer lower prices for such things as insuring your home and car with the same company, installing deadbolt locks or alarm systems or replacing the roof.
I think I have mentioned all the information above regarding how to buy a house.
Now lets have a look again (summary)
1. If you want to buy a house , keep saving money for down payments.
2. Find a real state manager, He helps you a lot in this process. Find a one who has at least 5-10 years of experience in this field.
3. Find a house on the internet or you can ask your real state agent about the property available for sale.
4. Visit the property personally, gather all the information of the property , ask neighbour about the property.
Check all other requirements of your home. Check electricity, water, bathroom, terrace and all other areas. If you don't have a car, then be sure that how much far is the transportation from your house.
1. Ask the owner that you want to buy this house and confirmed your final price of the house.
2. Visit the genuine loan providing company and tell everything about the loan you want to take.
3. Submit the down payment and try to take at least time to full fill the loan( helps you to save money).
4. I'd you have a bigger house , try to make it available 2 rooms on rent, It helps you to earn money and much of your monthly Installments come from rent.
Now it's your home,Enjoy,Good Luck.
It's time to buy a car( I'd you don't have one).
