| The real estate market is picking up in the US and it | | | | process is quite easy and you can save a lot of |
| is a good idea to get a home that you have always | | | | money in the process. |
| wanted. Due to the recent crisis and the number of | | | | The next thing that they need is your down |
| foreclosures, there is an excess of houses that are | | | | payment. How much money are you paying in |
| readily affordable today. It is easier to get a home | | | | advance? How much do you need to borrow? It |
| today due to the lower interest rates, houses taxes | | | | does not make sense to approve a loan for an |
| and economy reform. What used to cost a bomb a | | | | expensive home when you are not even able to |
| few years ago can be bought over at one third of | | | | afford the down payment. The less money you |
| the price today. | | | | borrow, the less interest you pay. Of cause this is a |
| When it comes to giving you a home loan, banks are | | | | win-win situation for you and the bank because even |
| definitely more careful today. They have learnt their | | | | though the loan is smaller with a bigger down |
| lessons well and they are not taking any more | | | | payment, it is still business for them. |
| chances. Before they can actually approve your | | | | Even if you can afford the down payment, they |
| application, they would need a few things. Firstly, you | | | | would need to see your monthly income. You need |
| need to have a good credit rating. They need to see | | | | to be working and having a constant stream of |
| if you had any previous bad debts with the banks. If | | | | income to support the loan. They have to make sure |
| you have a poor credit rating, you might want to get | | | | that your income far exceeds the monthly |
| it fixed with a credit repair company first. The | | | | repayment that you have to make. |