5 Points to Consider Before Buying Your Dream Home

  photo by fotographix.ca Have you been waiting for the right time to buy a house? If yes, then this is perhaps the right time if you can afford to buy and get a better deal as real estate prices have come down considerably from their all time high in 2006. Though buying a house [...]

Author: Austin Comments: 2 comments Date: 18 May 2009 More: Read more
Categories: Real Estate Tags: , , ,

Redevelopment of Property

photo by RedAgenda In recent times builders have been offering residents of old buildings a handsome amount to get a refurbished flat with additional space. Who will not grab such a tempting deal? The flat seller not only gets the cash, but also gets a monthly rent for his temporary accommodation. Once the new property [...]

Author: Austin Comments: 7 comments Date: 9 Oct 2008 More: Read more
Categories: Real Estate Tags: , , , , ,

Black Money Saves Our Financial Sector

Traditionally, US mortgage lenders checked the creditworthiness of borrowers and then provided 80% of the home loan amount; the remaining 20% had to be paid by the borrower. So, even if the price of the house dropped it would still be higher than the bank’s loan thus giving an incentive to the borrower to repay it. However, in the recent years in order to increase lending volumes and profits the US banks followed a relaxed approach (many lenders even stopped checking the creditworthiness of the borrowes) by giving loans that were EQUAL to the entire value of the house, so the borrowers had no personal stake at all. Ultimately, this led to loans that were given to people who did not have any documented income, job or assets.

Are you eligible for a home loan?

There are a number of factors that have a bearing on eligibility for a housing loan. The banks have their own criteria to determine the eligibility and quantum of housing loan. It would do well for borrower to be aware of some such factors. To begin with, it is the information on the application form. [...]

Author: Austin Comments: 1 comment Date: 29 Feb 2008 More: Read more
Categories: Loan Tags: , , , , , , ,