1 / 13

10 things to know before applying for a mortgage

Before applying for a mortgage, ensure you're well-prepared. Discover key factors and considerations with these 10 crucial points to know about mortgages.<br><br>https://taskmastergulf.com/applying-for-a-mortgage/

taskmastergulf
Download Presentation

10 things to know before applying for a mortgage

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. www.taskmastergulf.com 10 THINGS TO KNOW BEFORE APPLYING FOR A MORTGAGE

  2. www.taskmastergulf.com Interested in taking amortgage loanto buy a new home and for other reasons? But is a mortgage loan a good way to buy anything, the answer is yes! A mortgage loan is the best way to do any work, it provides the best of the best loan facilities in which people fulfill their dreams. Most of the people take this mortgage loan to meet their needs. But do you know that there are some important things you should remember while taking any loan including a mortgage? If you are planning or seeking a mortgage loan, keep the following points in mind:

  3. www.taskmastergulf.com Let first know what is mortgage loan and for which purpose we can use it : If we talk in simple language then a mortgage is a legal process that is specifically used to buy property otherwise it is used to raise money and for any purpose while placing a lien which is also known as a hypothec loan. Mortgage loans are also used for education, marriage, home renovation, and medical treatment, but you can use this loan specifically to buy a home or to borrow money by leveraging the value of an existing home.

  4. www.taskmastergulf.com Types of mortgage loans? Dubai is the right place to take a mortgage loan as you can get a variety of loan facilities here. You can avail six types of mortgage loans which are: Mortgage Loan, Investment Loan, Variable Rate Mortgage, Non-Resident Mortgage, Fixed Rate Mortgage, Offset Mortgage and you can choose any type of loan as per your requirement. Every mortgage loan has a different process and documentation.

  5. www.taskmastergulf.com 10 top tip to remember before applying for a mortgage : BCheck your credit report first: First and foremost, check your credit report before applying for a mortgage loan. You can get it from Experian or Equifax agencies. This helps you understand what lenders look for when they review your application and what documentation they want. Make sure your credit report looks good, if your credit report does not look good it will impact your next step otherwise you can do other things that will help you to increase your score.

  6. www.taskmastergulf.com Timely repay the loan: Lenders always may check your debt-to-income ratio to decide whether you can able to repay the loan amount or not, so make sure you have a better income report. The DTI agent measures your monthly salary and considers the loan amount .It can be a great idea if you can boost your profile and lower your DTI. The lender wants those documents in which your DTI shows less than 43% of gross monthly income.ts

  7. www.taskmastergulf.com Save for a down payment: Consider the down payment along with other topics in mortgage lending. For this, start your savings before taking a mortgage loan otherwise open a separate account that is used only for savings. The more money you save as a downpayment, the less loan you will need to take and the lower interest rate you can pay.

  8. www.taskmastergulf.com Make a household budget: Invest some time to create a proper budget in which you can easily pay off your loan and also meet your household expenses. You can get help from Home Affordability Calculator which will help you calculate the home price you can afford based on your annual income, credit score, monthly income, etc. Loans, Advance Payments, and Zip Codes.

  9. www.taskmastergulf.com Compare the lander : This is a very important step on which your whole mortgage loan depends. By choosing a good lender you can take many benefits from paying the loan amount. Before selecting any lender, compare him with another lender first with more loan options available, Rates, points and fees, company’s reputation, including customer satisfaction, and customer service reputation. These are some important things for which you can select an expert advisor.

  10. www.taskmastergulf.com Prepare your pre-payment penalties: While finding a perfect mortgage for yourself, keep remembering whether or not you’ll be penalized for paying the mortgage off early and how much it is. Sometimes homeowners like to double up on payment to end faster so for those who are also doing this make sure to pay the loan amount without any delay .

  11. www.taskmastergulf.com Target your aims : Always remember before applying for any loan including a mortgage, hard inquiry may affect your credit score which creates trouble in your mortgage loan so make a proper and clear document for a smooth and hassle-free process. Also Read:Dubai Mortgages and Home Loans: A Foreigner’s Guide

  12. Contact Us Website : www.taskmastergulf.com Email : sales@taskmastergulf.com Office Suite 1200, 12th Floor, Fahidi Heights - AWR , Sharaf DG Metro Station, Bur Dubai, PO Box-25065, Dubai, UAE Phone : +971 56 950 7746

  13. THANK YOU

More Related