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Home Loan Facts for First-Time Buyers
Being a first-time buyer who is looking for their first home is a nerve shredding time. There are so many different questions to ask and so many different home loans on the market that it can be dizzying to think about it. Maybe you are a first-time buyer who would like to know more about obtaining a home loan. If this sounds like you here are some home loan facts which are dedicated to first-time buyers.
To begin with it makes sound financial sense to speak to a professional about obtaining a home loan. Mortgage brokers are probably the best people to turn to at this time as they are not associated with any lenders. This means that the advice you receive from them will be impartial and not biased towards any particular home loans. With this in mind you can rest assured that you will be getting the very best advice.
All applicants for home loans will need to provide all of their financial information before an amount in principle can be decided on by a loan company. This helps first-time buyers to understand how much money they could afford to borrow for their new home. Without this information searching for the right home loan is pointless as there will be no ballpark figure to work with.
It pays to know what your credit score is before you start looking for home loans. If you have a good credit score you will know that you will be more likely to be accepted for a loan to buy a home. If your credit score is not too good you will find that the product is available to you come with a high rate of interest, but this does not necessarily mean you will not be able to secure a loan to buy a home.
You need to be prepared for the whole process could take some time. Some people are lucky and manage to secure a home loan and move into their new property within a matter of a couple of months, others are not so lucky. So do not feel downhearted if your search for the right loan takes some time, you will get there in the end.
You also need to be aware that not all home loan companies are the same as each other. Some will cater for people with bad credit, whereas others will only deal with people of a certain age. Searching the market helps to make this a lot more straightforward and using a mortgage broker can help you even further.
Remember it is totally free to get quotes on a home loan, so do not be afraid to ask for as many quotes as you would like. Taking out a loan in order to buy a home is a huge step and all first-time buyers need to feel positive about the loan that they are applying for, otherwise they may back out at the last minute and lose their dream property
Unsecured loans for tenants The only option for non-homeowners
Tenants (council tenants, housing association tenants, private property tenants or folks living with their parents like student) are people who do not have their own house or residential property and live in somebody elses house. As tenants are incapable of pledging collateral, the only option left for them is unsecured loans. Though primarily designed for tenants, these loans can also be availed by homeowners or property owners, as they may not be willing to get into property related legalities or risk his property for a small amount.
It is a known fact that homeowners or property owners can easily take advantage of their assets to get favourable loan deals like quick attention, high credit limit, competitive low APR, flexible payback terms and negotiable loan conditions. However, tenants miss out on most of that. Typically, unsecured loans for tenants are a bit expensive low credit limit, comparatively high APR, fixed payback terms and non-negotiable loan conditions. However, these loans have other advantages that are not there with secured loans like:
Unsecured loans for tenants are also ideal for people who have small monetary requirements, as offering collateral may not be necessary and for people who have urgent needs, as getting into lengthy property evaluation procedures may not be feasible.
These loans can be used for a variety low credit requirements new or used car purchase, education or career development plans, wedding expenses, home improvement plans, vacation and holiday season expenses, business requirements, debt consolidation, bad credit, etc. As with most loans, unsecured loans for tenants too have basic eligibility criteria. A person applying for this loan should:
Please note: The basic criteria to avail an unsecured loan for tenant is credit history and DTI ratio. In addition, the APR may vary according to the type and amount of loan required, and desired payback scheme and period. Generally, an unsecured loan for tenant has an amount range of £500 to £15,000; an APR range of 7.4% to 41 % Variable (typical rate is 19.9% APR Variable) and a compensation term up to 10 years. A typical unsecured loan for tenants deal may look like: