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A brief insight into home loans
A home loan is a sum of money borrowed from any financial institution or a bank to purchase a house. Irrespective of whether you are a first time home buyer or an expert on property deals, or whether you are refinancing a property or are renovating, or are considering equity release, there are thousands of online banking companies that offer great deals to suit every budget and term. Right from calculating how much money you can borrow to finding your interest rate, providing a comparison of the quotes of different home loan lenders, and applying for your home loan, everything can be done at the click of a mouse, in online portals.
While you are hunting for a home loan, remember to check out home loan options from some of the top home loan lenders: LendingTree, Rocket Mortgage, U.S. Bank, Alliant Credit Union, Citi Mortgage, New American Funding, GuideToLenders, First Internet Bank, Capital One, and Guaranteed Rate.
For all those people dreaming to own a home but do not have the basic 20% of downpayment capital or in fact, have a poor credit rating, do not worry. The FHA or the Federal Housing Authority offers mortgage insurance on home loans made by FHA approved lenders. Moreover, if a borrower defaults on an FHA mortgage, then this Government agency will pay the balance of the loan and take possession of the home. While borrowers are required to pay a monthly mortgage insurance, FHA Loans require only a 3.5% down payment for those with a credit score of 580 and a 10% downpayment for a credit rating of 500. Getting an FHA loan approval is easy but the loan limits vary depending on three factors—the type of house chosen for purchase and the county and the state from which the home loan is applied.
If you are planning to get a loan for simple home repairs or for swanky renovations, there are many programs available from private- and government-backed lenders that provide loans for home repairs by evaluating your credit score and the equity value of the property.
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