Friday, January 18, 2013

Real Estate Mortgage Loans

Having your own house is not as easy as 1-2-3. Looking for the perfect place and deciding what type of property to purchase are just the initial steps. There are also many options available in the market. You can choose to buy a lot then build your own house; purchase a constructed house and lot, a townhouse, an apartment or a condominium unit.

Aside from that, you need to estimate what kind of a property you can afford and how to finance it. Financing your property can be the hardest part. Housing loans and bank financing will be a viable solution to help you purchase your dream home. However, you have to determine how much you can borrow and how much you can afford to pay on a monthly basis. You can ask your broker to assist you in mortgage and loans calculation. If ever you encounter payment difficulty in the future, you can also ask for mortgage loan modification or restructuring programs.

Buying and selling real estate properties and all the transactions involved in it is something that my mom is good at. This week, she took matters in her hands to assist my sister in their plans to have a new home. Her transactions for the government housing loans, property appraisal and at the Registry of Deeds were all successful. Sooner or later, my sister and her family would get to transfer in their new home. Hopefully, this is a great start for this year.

Understanding these importance of these documents such as Contract to Sell, Deed of Sale, Transfer Certificate of Title (TCT), and Tax Declaration (Tax Dec), would really be helpful. Also, you have to determine your financial and credit standing. Typical payment schemes that you can use to purchase a property include cash, bank financing, government housing loans and in-house/deferred system.

I realize that familiarizing yourself with real estate is something that will give you benefit in the long run, especially if you're a first time property buyer. With all those documents, taxes, fees and transactions involved in buying a property, one really need assistance from a professional real estate consultant and broker.

Disclaimer: This is a sponsored post however, all the points and views are my own.


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