Commercial Mortgages Explained [mortgageuseful.blogspot.com]
Question by jonalan3482: What does it take to buy a house? What percentage should I have before I go buy. Can someone explain mortgages I would like to buy a house or condo. What does it take? What percentage of the total amount should the down payment be? What are ways to build up credit. I am young. What are some things to watch out for when getting a credit card and building up my credit? Tell me anything you might think is beneficial for me. Thank you :) Best answer for What does it take to buy a house? What percentage should I have before I go buy. Can someone explain mortgages:
Answer by src50
Way too much to explain here. Get yourself a book on home buying for first timers. There are several excellent ones available.
Answer by vladpogud
To build a good credit you should have a credit card it is the simplest way to go if you are young have just one it is enough. The most important is payback at the issue date and not to be late ( consistency is important), yes life is not perfect and you can be late sometimes but not to often. -Each credit card has interest in % per year if you are late with your payment or payed not the full amount that is due the credit card company will charge you the interest rate on the amount due even if you payed a small part of it before. Therefore it brings us to the point that you have to use your credit card and think if you can payback at the end of the month(period) or not !! -Some companies will offer different advantages with the credit card (eg: point , airmiles etc...) but they can charge you a yearly fees for this or not.It is important to ask. In some cases if you are a student then you could have advantages without fees until you finish school (consult your bank). ----------------------------- To have a mortgage you need to work at lest a year at one job position. If so, you should go to every single bank and ask what amount of mortgage you can get, each of them will give you different amounts because of there flexibility of giving a loan. there is also people that work with all the banks at the same time those people can get you a better mortgage. It is due that their are working with high level of money in transaction. Same thing with them find more then one for better choice. Now don't forget when you buy a property(house or other) you have to pay the mortgage, the taxes (could be more then one) and do not forget that where will be other expenses to consider; renovation and paying more for hitting and electricity because of a bigger area, without forgetting to pay the regular bills (telephone, tv etc...). ===Very important to calculate if you can afforded your own property=== There is different mortgage plans: eg: flexible rates or even you can transfer your old mortgage on the new house. In other work ask ask ask question where you going to get a mortgage. Also the number of years that you would like to amortize the amount of your property; less years high the amount but you will save something on the interests. for the down payment is also flexible could be 0% and up but in more cases when you deal with 0% down you will get a higher interest rate. In the range of 5% to 20% will be good. you could also convert retirement plans into mortgage. If you have one consider this option but it is not very popular move. I hope this will be a start for you and do not forget get as more info as possible from different sources.
Answer by jupb1
You should go and speak to the loan officer at your bank. Let them know that you would like to purchase a home, and see what is the highest amount of money they could approve you for. Then if it is not enough ask them to suggest some ways as to increase the approval amount. If it is a good enough approval amount, meaning that there are houses in your area that you can buy for that amount you should go interview a real estate agent. You should find an agent that you feel comfortable with as they will be helping you to locate the most expensive item you will buy.
www.notapennydown.com Mark Fidgett, a mortgage broker in Vancouver Canada, explains the one thing you absolutely must not do before you buy a home
mortgageuseful.blogspot.com Mortgages Explained by Vancouver Mortgage Broker - What NOT to do when you buy a home
One typical means for people to acquire enterprise property is to procure a loan, also known as a mortgage. When they are going to be using the home for business functions, the loan will be a professional mortgage. These types of financial loans can be used to buy a composition where specialists may operate the business. One other choice is to acquire a property or apartment constructing that will be leased with people.
Options for Pros  Some people may be able to get yourself a mortgage with no funds down. These people are normally professionals who will use the house to perform services with regards to clients. Instead of a put in, these professionals offers the lender an asset which will be collateral for these 100 percent loans. In these cases, the lenders are offering a secured loan that is a smaller amount risky for them since they will be able to sell the actual asset offered because collateral if the borrower cannot make the expenses on the loan.  While there is no down payment necessary for these 100 percent home loans, the interest rate are going to be higher, but these varieties of loans can be effective to those who have not necessarily started their companies yet. These professionals may need to have funds to begin setting up his or her practices, and they will have a chance to do that with no dollars down.  Mortgages regarding Other Purposes  Another type of commercial house loan requires that the property go as collateral for that loan. The comparison to its these loans will be different from the typical mortgage that will have a term given that 30 years. With financial products used to purchase business property, the term can be much shorter, several days, or it can also be Thirty years. The business owners can certainly make monthly payments just like for their residential properties, but they may, most likely, have a go up payment after a motivated number of years.  For example, if the term for the loan is 10 years, the business owners will make monthly bills for this amount of time. At the end of the term, the full balance will be owed to the lender, called the balloon payment.  Qualifying to the Loan  Qualifying because of these loans also is just like obtaining a loan for any home because the company will need to have a appraisal of creditworthiness. Although a lower credit worthiness will not necessarily disqualify an enterprise from borrowing income, a higher credit score is actually preferable for lenders.  What is very important to help lenders is how nicely the business is currently performing. If the business continues to be very profitable getting the club the present time, in other words for these business owners for the money they need to purchase their own properties. The lenders might also require that businesses offer them your business proposal that will demonstrate the way their businesses are about to benefit from the purchase of the home and property. If the plan can teach that business earnings will increase, lenders might be secure that they will obtain the money back that they give loan to these business owners, key point in deciding calling lend business owners funds. Recommend Commercial Mortgages Explained Articles
