Are You Ready For A Home?

Have you spent years renting homes or apartments and have grown tired of paying all that rent money to someone else? If so, then it might be your time to consider purchasing a home and keeping that cash for yourself. However, you do need to ensure that you are prepared on more than one level before jumping into the equity market. There are many financial considerations to make note of before you start looking for a home. But, if you can arrange your finances into a sensible plan and secure a mortgage then this can ultimately be the most rewarding purchase you have ever made or will make.

Finance plays a huge role in the decision to purchase your first home. This is to be expected as if you are purchasing your first home. You will not likely have a few hundred thousand or a Million pesos sitting around. And you will have to loan the amount. You should really make sure that you are prepared for the application for a mortgage. It will involve a thorough investigation of your past credit history.

If there are any issues that you know of with your credit then you should take care of them before you apply for the mortgage. Your credit cards and other loans will definitely be dug in. Bank or even Pag-ibig will have to ask you to settle the delinquent accounts first before granting you a loan. Sometimes this is a simple case of oversight. Some things have been taken care of and not recorded as such. And sometimes there can be some debts that you will need to see to. Once these are taken care of, be sure to get a letter of release that you can show to the loan officer. If there are no issues with your credit then that will only make the process easier.

There is no stronger tool in the home buying process than having all your financing in line before you start shopping. This is a great attraction for sellers as they want their homes to sell quickly. Without incident or trouble in the money phase, a buyer with ready-to-go financing offers will hold greater favor with almost any seller. If you are mindful of these things then when the time comes to make your offer, the whole affair will go much more smoothly and you will be able to dedicate your time to what is important.

If you are eyeing for Pre-selling properties in the Philippines, you don’t really need to prepare a huge amount to start your buying journey. However, you need to make sure that you can afford to pay for the amortization. The majority of the pre-selling properties right now has dropped their equity payments and stretched the payment period longer than usual. Which makes the equity monthly payment very affordable and very inviting to the investor’s eyes. But before you decide to reserve a unit, make sure you get the amortization rate covered. Get prequalified for the loan first. Your Filipino homes Agent will be able to guide you with that.

Filipinos in general get offended when being asked about their budget. Now that everything is shifted online, more and more people are house hunting online. And sometimes, when you ask them about their budget, they would most of the time say, “just the affordable one”. Just the affordable one is subjective. It depends on the people. My affordable one might not be the same as yours. So the next time a real estate agent ask you about your budget for house hunting, be more specific or just give the price range of what you are eyeing for. If you don’t have a figure yet in mind, check this article for you to know how much you can actually afford.