Housing Loan

Discussion in 'General Discussions' started by DavenaRosalie, Jul 20, 2016.

  1. DavenaRosalie

    DavenaRosalie Silver IL'ite

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    Hello ladies! Do you think housing loans is good? We are planning to buy a new house and we are thinking of getting a loan. Do you know any company/ firm that offers great deals like fixed-rate mortgages? Thanks!
     
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  2. sindmani

    sindmani Platinum IL'ite

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    Housing loan is a good option. But see that once u pay ur EMI, u have sufficient disposable income. To be Frank, we paid nearly 75 percent of our salary as EMI and suffered a lot. Please make ur financial plan safely.all the best
     
  3. MalStrom

    MalStrom IL Hall of Fame

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    Unless you are willing to pay cash outright for a house, you will need to take out a mortgage, right? :tongueclosed:
    Start by getting preapproved at your bank or credit union.
     
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  4. centsibleindian

    centsibleindian Silver IL'ite

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    As MalStrom said, Unless you have hard cash with you to buy a house, we all go through housing loan. Where are you located?
     
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  5. DavenaRosalie

    DavenaRosalie Silver IL'ite

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    We are looking at homes in either of the following locations in Rodeo (heard that prices are high right now, though) close to my sister or in El Sobrante, close to my brother :) I made an appointment with my bank for Friday after reading the responses here. Although, does it really have to be with my bank or can we set it up with another bank that we have not banked with before if their rates are better - for example, I am considering Bank of America or CalCoast, which I heard have good offers?
     
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  6. DavenaRosalie

    DavenaRosalie Silver IL'ite

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    What is EMI? - I'll add this to my questions for Friday - but thanks in advance if you can answer.
     
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  7. centsibleindian

    centsibleindian Silver IL'ite

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    Davena,

    When we bought our house couple of years ago, we checked with BoA and the rates were not great. None of the people I know got good rates from the Banks either. I'd suggest you talk to your friends/acquaintance, who bought houses, for referrals. There are loan originators (companies) out there who will get you better rates.

    Also, i'd suggest you not to give the SSN right away and ask them to provide quite for the information you are giving. Else they will run your credit report before you make the decision on which company to go with.

    Talk to multiple mortgage companies/loan originators, get their quotes and compare the rates before making decision. It's important they close the loan within the stated time. So, get referrals from known people and check these companies online reviews as well before making the decision.

    The interest rate is quite low at this time. Decide on the term of the loan (30 years, 15 years, 20 years fixed or ARM etc). Have all these information ready before calling and getting quotes.

    Once you have pre-approval, find a good realtor and start looking for houses in the area you're looking to buy. Let me know if you have any other questions.

    Buying the house that fits your need is a long process. But it's all well worth it at the end. Good luck!
     
  8. Arunarc

    Arunarc Moderator Staff Member IL Hall of Fame

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    EMI is Equated Monthly Installment. This is after you take loan the monthly amount that you pay the firm is known as EMI.
     
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  9. sindmani

    sindmani Platinum IL'ite

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    Equal monthly instalment is EMI. Once u get a loan for an interest rate of example 10 percent , it will be divided into equal instalment. If u get 38 lacs house loan for 10. 5 percent interest rate for 30 years ur EMI will be 28000 per month ( it is my case)
     
  10. Amica

    Amica IL Hall of Fame

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    AFAIK, EMI is a term used in India, not USA.
     

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