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January 6, 2012
An important first step for condo homebuyers is to evaluate and analyze their finances.
One of the major concerns of a first-time homebuyer is affordability. Here are four ways to help make your home-buying
experience smooth and straightforward:
- 1. Are you financially stable?
An important first step for condo homebuyers is to evaluate and analyze their finances. There are a number of direct and indirect costs related to buying and owning a condo/townhouse – down payment, monthly mortgage payments, home insurance, property tax, strata/association fees, utilities and other miscellaneous monthly expenses. A trained professional planner can provide an objective advice on your financial situation and assist you in determining the type of condo/townhouse you can afford.
- 2. Be Credit-Worthy.
Most lending institutions use credit reports to determine who qualifies for a loan. Your credit report is a record of your past borrowing and bill-paying history. It is to your best interest to have a good credit report in order to obtain a mortgage with a lower interest rate. A reliable job with steady income will also boost your credit-worthiness and help you get that loan. A long term employment contract will surely give you that boost. If you own other properties, collaterals will also help.
In North America, information on your credit history can be obtained from TransUnion or Equifax. Your credit report can be requested free of charge by mail.
- 3. Get that "Pre-Approval".
The next step is to get a pre-approval from your lender. When you have the letter of pre-approval, your lender has agreed to lend you a specified amount of money for your home purchase. This will definitely be an advantage when you’re shopping around for your home because you can show the seller that you’re a serious homebuyer and will more than likely afford to buy the home.
- 4. Ask about extending your amortization.
The extended amortization feature is available in most financing mortgage products, especially in-house financing. This feature offers the option of lowering your monthly payments by amortizing your mortgage over a longer time period. This will raise your affordability and purchasing power. However, this will also increase the amount of interest that is part of your mortgage payment. It is best to choose a mortgage that allows you the option to increase your payments and/or make lump-sum payments whenever possible.
Keep these important points in mind to help you find the condo you love at a price you can afford.
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Try out the mortgage calculator to determine the monthly payments that would suit your budget.
Davao Real Estate
Tips and guide to owning real estate in Davao City, Philippines. Your guide to doing it right!
Buying a Home
You want to live in the nicest home that you can afford. And you want to have enough money to buy the things you need
and live the lifestyle you choose. You can achieve both of these by planning carefully and getting the right advice.
Building Your Team
You make the entire process of finding and buying a home in Davao much more enjoyable by simply
surrounding yourself with a team of experienced home-buying specialists
Searching for your New Home
The first step to choosing a home is to find homes for sale in Davao. Today you have more house-hunting resources
than ever before at your command.
Buying a Condo
When you hear "condominium," your first image may be of a luxury high-rise in a big city. However, a condominium is not a
type of building, but a type of property ownership.
If you have any questions and/or concerns please don't hesitate to