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Friday, February 02, 2018

What You Need to Know For A Successful Housing Loan Application

Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it.  in this article, we are providing you the basic elements of a successful housing loan application.    1. The Monthly Payment  For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income.  If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment.  An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.    2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.  A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan.  Sponsored Links      3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough.    4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.   You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes.    Read More: Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily  Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon  ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
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Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property, everyone must know their way around or at least seek help from those who know about it.
In this article, we are providing you the basic elements of a successful housing loan application.
Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it.  in this article, we are providing you the basic elements of a successful housing loan application.    1. The Monthly Payment  For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income.  If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment.  An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.    2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.  A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan.  Sponsored Links      3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough.    4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.   You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes.    Read More: Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily  Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon  ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
1. The Monthly Payment
To get a house loan approval, you must have sufficient income . The monthly payment should be at most one-third of your monthly salary. If you fail to have it, it could make your application process for a housing loan more difficult. Banks generally do not approve loans that the monthly amortization of more than 30 percent of your gross monthly  income.

An amortization schedule is recommended for you to 
to know how much your monthly payment will be. It could save you more time time and free yourself from the hassles of computations as the  the amount varies with every payment.

An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.

Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it.  in this article, we are providing you the basic elements of a successful housing loan application.    1. The Monthly Payment  For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income.  If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment.  An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.    2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.  A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan.  Sponsored Links      3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough.    4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.   You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes.    Read More: Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily  Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon  ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
2. The Down Payment
Down payment is the amount of money you pay upfront when purchasing a home. It influences the home price you can afford. Generally, the banks require at least 20% of the appraised value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.

Larger down payment makes your monthly payment and the interest you need to pay to shrink. Save and invest to accumulate the money you will need for a
 housing loan down payment.
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Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it.  in this article, we are providing you the basic elements of a successful housing loan application.    1. The Monthly Payment  For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income.  If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment.  An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.    2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.  A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan.  Sponsored Links      3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough.    4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.   You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes.    Read More: Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily  Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon  ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
3. The Kinds of Interest Rates
When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates.

1. Variable interest rate- the interest rate varies as the stock market moves.
2.Fixed interest rate- the interest rate is the same from start to finish of the  loan payment. It is always higher than the variable interest rate and looks seemingly attractive.
Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it.  in this article, we are providing you the basic elements of a successful housing loan application.    1. The Monthly Payment  For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income.  If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment.  An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.    2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.  A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan.  Sponsored Links      3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough.    4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.   You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes.    Read More: Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily  Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon  ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
4. Loan Tenure
The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.

Whether it is a mortgage housing loan or any sort of loans which involves acquiring a property , everyone must know their way around or at least seek help from those who know about it.  in this article, we are providing you the basic elements of a successful housing loan application.    1. The Monthly Payment  For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income.  If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment.  An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal.    2. The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used to determine your maximum affordability.  A larger down payment reduces the total amount of loan. In other words, your monthly payment and the interest you need to pay is greatly reduced. Thus, it’s never too late to start saving and investing to accumulate the pesos you will need for a down payment on a housing loan.  Sponsored Links      3. The Kinds of Interest Rates When you are applying for a home loan, you can choose between fixed-rate and variable-rate terms. To make the best financial decision, it is important for you to know the difference between the two types of interest rates. In a variable interest rate loan, the interest rate varies as market interest rates change. As the interest rate is charged on the outstanding balance, your monthly payments will also vary. On the other hand, the monthly payments of the fixed interest rate loan remain constant for the loan’s entire term. Its interest rate is independent of the market interest rates. The fixed interest rate is generally higher than a variable interest rate. The initial interest rate on a variable-rate loan is more attractive than that of a fixed-rate loan with a similar term. However, as the variable interest rates are subjected to changes, thus comparing only the initial rates of both loans is not enough.    4. Loan Tenure The total interest paid is directly proportional to the loan tenure. The higher the tenure, the higher the total interest paid, and vice-versa. However, when it comes to choosing your loan tenure, your affordability should be prioritized. A monthly amortization of more than 30 percent of your monthly gross income will be a really heavy financial burden.   You must read the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t ever feel shy to ask anything about your home loan application. Moreover, check the documents to ensure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes.    Read More: Popular Pinoy Stores In Canada  10 Reasons Why Filipinos Love Canada  Comparison Of Savings  Account In The Philippines:  Initial Deposit, Maintaining  Balance And Interest Rates  Per Annum  Mortgage Loan: What You Need To Know  Passport on Wheels (POW) of DFA Starts With 4 Buses To Process 2000 Applicants Daily  Did You Apply for OFW ID and Did You Receive This Email?  Jobs Abroad Bound For Korea For As Much As P60k Salary  Command Center For OFWs To Be Established Soon  ©2018 THOUGHTSKOTO  www.jbsolis.com   SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below
It is very important to read all the documents carefully before you sign. Go through every single statement and have a full understanding. Don’t be shy in asking anything about your home loan application. Check every documents and make sure that the terms are the same as what you negotiated and agreed upon. In addition, you must know the different charges such as the processing fees, late payment fees, and the likes. Being cautious will keep you away from any trouble that could happen in the future.



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