Qualified home loans are available through thousands of lending institutions across the country. The consumer who is interested in purchasing a house in the near future should consider researching the available terms and qualifications, now on the market, for residential buyers. At this point in financial history, interest rates and specifications for qualifying for a qualified home loan have never been better. But the borrower must first determine what type of financing he is eligible for and how much he can borrow with what terms. Prequalification will help any borrower find what is available to him for first mortgages or for house repairs.
A wise shopper will find many types of terms, such as fixed rate, adjustable rate, VA and FHA loans, as well as contracts for second mortgages. The terms and rates vary depending on the amount of money the buyer has for a down payment, what his income limits are, if he have served in the Armed Forces, his past credit history, and how much he wants to borrow. An financial expert will assist the borrower in deciding what type of loan best suits his needs. Certain qualified home loans, like VA and FHA, have strict income and qualification standards. This information can be researched on the Internet, by consulting a qualified home loan expert.
With the tremendous growth in new housing, a qualified home loan allows a buyer to quickly and easily apply and obtain a contract. The competition for these contracts is growing daily, so the savvy buyer will consult several lenders before deciding which to sign. The Internet is a trendy new way many people are using to find a deal. There are many one-stop web pages that allow multiple lenders to bid for business from one buyer. The applicant simply fills in some personal information and, in a short time, the offers for qualified home loans are e-mailed to him.
The Bible cautions us about being too hasty in borrowing money. Proverbs 22:7 says, "The rich ruleth over the poor, and the borrower is servant to the lender." Although buying a house can be a good investment for the future, owing more in monthly payments that we can afford is not godly stewardship. When buyers apply for a contract, they need to be prepared to explain what they want to use the funds for, how much they need to borrow, and what repayment terms they can handle with their financial situation. If a borrower is applying for a first mortgage, he needs to have financial information readily available, including balances on bank accounts, balances on outstanding loans and credit cards, and a review of his credit history. Be a wise consumer and use qualified home loans to obtain a better way of living.
For more information: http://www.christianet.com/homeloans
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