6 IMPORTANT things to keep in mind before taking home loan
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Financial Stability
Evaluate your current financial situation, including your income, expenses, and savings. Ensure that you have a stable source of income to afford the monthly mortgage payments.
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Credit Score
A higher credit score increases your chances of qualifying for a loan with better terms and lower interest rates. Take steps to improve your credit score if necessary.
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Down Payment
Aim for a 20% down payment to lower monthly mortgage payments and avoid private mortgage insurance costs.
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Interest Rates
Compare lender interest rates carefully, a slight difference affects monthly payments and loan costs. Decide between fixed or adjustable-rate mortgages based on financial goals.
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Loan Terms
Know loan terms, repayment schedule, and any penalties or fees. Align loan term with financial goals and payment ability.
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Additional Costs
Factor in extra homeownership costs like taxes, insurance, maintenance, and closing fees. Ensure they fit your budget beyond just mortgage payments