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Are You Tired Of Renting?

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Start preparing yourself for the biggest treat you can give your family: Give them a new home. Of course it is a treat to yourself too, but they will feel thankful that you are caring for them. It is a lot easier than you think. Mortgage loans are even granted to people with bad credit, so there is little point in considering this a problem.

Before You Get A Loan

The process starts by finding out about mortgage loans. Know what to expect regarding APR, payment terms, fees, and whether you will be granted the total amount of the house or if you have to make a down payment. For this there is a wide range of offers on the Internet so you will be able to do it in one or two days.

Consider Your Situation

How much can you pay per month without starving your family? The monthly payment depends on two factors: The amount of the loan and the length of the term. The first item is obvious. The length will have another factor that affects the monthly instalment, although in a light way, since the normal APR’s are between 6 and 8 per cent.

No Worries

If you have bad credit, there is no need to worry, since the loan is secured with the house you are buying. It will just take some hard work to get yourself to pay up religiously. Remember that failure to pay will cause you to risk losing your home.

The Final Outcome

So, the terms go from 10 years to 30 years, making a great difference on how the total sum is spread on the term you have chosen. This means that, for example, 10 years more to pay, will mean between 60 and 80 percent more on the amount drawn and a significant decrease in the monthly payment.

Always choose the longest term. If later on you find it “unbearable” to pay your loan for such a long time, you can always refinance to a shorter term.

What Next?

Once that is done, start looking for a home. Then you can go through all the paperwork, reserve and purchase in no time at all, making sure nobody takes the house while you are shopping for a loan.

Search for a house you all like and will feel comfortable in, to make it totally worth while staying there for the length of the payment term.

Down Payment

Being a tenant, it is difficult to have the cash for a down payment, but it can be secured with a personal loan, if the mortgage covers, say, like 90 per cent of the value of the house. Just make sure you will be able to pay for the addition of both payments. If you are committed, it is absolutely possible.

Mmm, The Little Extras

There are always some unforeseen extras that are only unforeseen to the borrower. All lenders know they exist, so it would be very wise of you to ask about any additional expenses. Examples of these are the loan fees, house appraisal, credit checking and sometimes even administrative costs.


Yes, I know, they are not so “little”, but they must be taken into account and if you are sure that you are getting a good deal with your lender, it should be all right to include them as rightful requirements. So, with a good preparation, your current home will soon be having a sign saying “TO LET”.

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