Achieving your dream home sometimes needs more than just money. You also need to gather enough knowledge to know how things work. With that, this involves the use of housing loans, be it from a bank or from Pag-IBIG. In this article, we will teach you some of the Simplest Ways to Make the Best of House Loans.
All of the Filipino family dreams of having their own houses that they can call home. In order to achieve that, most Filipinos must really work hard to have the financial capability to buy or have one. As part of being Filipino, we really adhere to the values of something that we want especially if it is related to a house and making it our “HOME”. We believe that a house should not only be a place to live in or a place of residence, but also a place we can consider as home with quality, safety, and comfort.
House is more than just a place to live; it is a place where one should look forward to spending time. A house is made up of more than just bricks and concrete; it is also made up of an endless supply of love giving us the home we truly dream of.
WHAT IS A HOME/HOUSE LOAN?
The things are all we looking for? We can find it to one of the best real-estate and housing developers here in the Philippines, BRIA Homes.
Bria Homes already prove all of the things mentioned above because it caters to their general projects as well as built establishments into locations that have great aesthetics, amenity, and security for the sake of the clients. It is evident that the company business truly cares for all of its customers as it provides the best service and option to everyone. To add, the Bria Homes really give an endless supply of love not just through the physicality of the houses or home but more importantly how it can help every people to achieve their dreams to acquire the house with convenience then great opportunity via house loans that it offers.
To give you prior knowledge, here is the home or house loan description…
Mortgage are used to fund the purchase of a property or to refinance existing debt. If you’re buying a house, you won’t be able to obtain that money from a mortgage insurance or private mortgage insurance because it goes to the seller directly. In addition, if you don’t make mortgage payments or meet the terms of your agreement, the mortgage lender has the right to take possession of the property and sell it. As a result, you won’t be left with any additional cash in this situation.
If you’re currently paying your mortgage, you might be able to get cash out through a home equity loan or line of credit. You can normally spend the money you obtain from this form of cash-out refinance on whatever you like.
Ways to make the best of house loans:
1. Know the house loans options and availability
– Having the knowledge about different house loans options and availability will help you to compare and differentiate what loans have the best opportunity and suits you.
– There are two sorts of house loans depending on interest rate: fixed and variable, as you may know. A fixed-rate loan, as the name implies, has an interest rate that does not fluctuate with market movements. This rate is typically 1-2.5 percentage points higher than a floating rate mortgage loan. The interest rate on a floating interest loan, on the other hand, fluctuates according to market conditions.
– The clause differs for each bank and is triggered after a set length of time or a significant increase in interest rates. As a result, EMIs fluctuate in response to changes in the base rate. Though a fixed interest rate may appear more appealing in a high-interest environment, experts advise against it for several reasons.
– First, the fixed nature of the interest is a disadvantage in a long-term loan such as a home loan, when rates are sure to fall at some point, even if they are now high. In that instance, even if interest rates fall, the borrower must always return the same amount. Furthermore, fixed-rate loans have a ‘reset clause,’ which states that the rate is susceptible to change.
– Though the structure of the clause varies for each bank, it is normally triggered after a set length of time or a significant increase in interest rates. As a result, unless the economy predicts a substantial rise in interest rates in the near future, a floating rate makes more sense.
2. Keep an eye on interest rates.
– The most straightforward strategy to acquire a lower rate is to wait until interest rates on all loans are low. Interest rates fluctuate a lot, sometimes even within the same day, but there are periods when they are just lower. Keep in mind that low borrowing rates might lead to higher housing prices, so keep that in mind.
– You can speak to your bank, lender, or broker about current interest rates on loans and ask their opinion about if now is a good time to buy.
3. Each month, save as much as your budget permits.
– The less money you have to put down on your house upfront, the more interest you’ll wind up paying over the course of the loan. Your necessary down payment might range from 3% to 20% of the home’s cost, depending on your lender and the type of loan you pick.
– Once you’ve got budgeted how much cash you’ll be able spare each month, consequently put cash from each paycheck into a reserve funds account. • Make a money-related goal of how much you need to put toward a down installment. This will be difficult on the off chance that you don’t have a specific home in mind.
4. Pre-qualify and pre-approve yourself.
– A pre-qualification is based on the information you willingly disclose to a lender, who then gives you an “estimate” of the maximum mortgage amount you can afford. It can help you figure out how much you can borrow and what price range of homes you can afford.
– A pre-approval means the borrower has had the lender perform credit history and credit report checks, credit card balances, income verification, and various other underwriting tasks and has been approved for a specific mortgage amount.
5. Make timely payments.
– When applying for a home loan, the higher your credit score, the better bargain you’ll be able to get. Each delinquency will affect your credit score. As a result, make timely payments on all of your electricity bills and other open loans (student or auto loans). Keep in mind that improving your credit score takes at least a couple of years, especially if you have accumulated bad credit through late payments
Pag-IBIG House Loans on Bria house and Lots
As you already read the simplest ways to make the best house loans, Bria Homes proudly and sincerely presents you our PAG-IBIG Housing Loans which will give you a great opportunity to start achieving your dream to own a house.
– Bria Homes includes PAG-IBIG Housing Loan which give people the entitlement to participate in membership and savings, short-term as well as housing loans. As it is a member of the Home Development Mutual Fund, things are established to address a two-pronged need: 1.) A National Savings Program and 2.) A shelter financing for the Filipino workers.
– PAG-IBIG is still known as the single largest source of home financing in the Philippines
To know more about PAG-IBIG Housing Loan from Bria Homes here is website to visit: Pag-IBIG Housing Loan: A Comprehensive Guide on How to Avail – Bria Homes.
BRIA Homes is a subsidiary of GOLDEN MV Holdings, Inc., .one of the largest real estate companies in the country. BRIA Homes is primed to bring quality and affordable house and lot packages and condominium units closer to ordinary Filipino families. This is the goal that drives every single employee in the company, for which the ultimate fulfillment is seeing a client happily moving into BRIA’s homes.
To know more, visit their website at www.bria.com.ph, like and follow “Bria Homes, Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest, Spotify, Viber Community, Telegram Channel, Kakao Talk, LINE and WhatsApp, or call 0939-887-9637.
Written by: Harry Jr. D. Bucacao