Home Loan Tips 28. October 2017 Administrator Home Loans (0) Buying a home is indeed a dream come true and the experience is completely surreal. Today, one can take loan and pave their way to home-ownership. However, buying an ideal home involves huge finances that can put a burden on your pocket if not planned well. Here we have listed certain tips which must be considered before taking a loan. Know Your Repaying Capacity – Do not borrow an amount which you cannot repay. Check if you have enough monetary and income sources to make sure you make no defaults on repayment of interest and loan amount. Take Loan From A Credit Union – It is a wise decision to opt for loans from credit unions. To apply for loan, a credit union membership is quintessential. From liberal policies to low interest rates, they offer a wide range of home loan options to their members. Start Saving For The Down Payment – No matter what type or amount of loan you opt for, saving early for the down payment is imperative. Saving and planning for your down payment helps you to take advantage of better options and to meet your financial commitments on time.Avoid Long Term Loans – Longer the period of loan, more the interest rates. To avoid shelling out dollars, it is highly advisable to take loans for a shorter tenure which are affordable and easy to repay. Ensure Complete Paperwork – To get qualified for home loan promptly, make sure that you possess all the necessary financial documents that your lender asks for. Plan Your Budget – If you are planning to take a home loan in near future, plan your budget accordingly. Cut down on other expenses to make sure that you save enough to fulfil your financial commitments that shall arise when you opt for a loan. Choose An Ideal Loan Option – Thoroughly research for all the available loans options and select that one whose terms and conditions suit you the best. Carefully choose the loan type after considering your financial status and requirements. Focus on all the aspects of the loan rather than just taking into account the low interest rates. Improve Your Credit Score – You must have a good credit score to secure the best deal. The lender would certainly consider your credit records to ensure himself whether you would be able to repay your loan or not. Use A Mortgage Calculator- It requires you to enter some basic details like price of home, your down payment savings, payments per year etc. The easy to use calculator allows you to calculate mortgage payments you would need to pay on the basis of the information you fill in. We, at Greater Central Texas Federal Credit Union offer home loans to our members. For more information call us at (254) 690 – 2274.