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Identifying The Right Home Loan

“The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.” 

Buying a Home is a complex process, which starts with finding the right home to fit one’s needs and budget. However, that is the easy part of owning a home. Financing a purchase is a challenge most people face in today’s expensive real estate scenario. Thus, most home buyers resort to home financing through either Banks or Non-Banking Financial Companies. However, finding the right mortgage provider is one of the most important decisions you will make in the entire process of purchasing a home.The right housing finance provider can not only save you time and money but also make the experience smooth and seamless; while the wrong lender can turn the purchase into a nightmare.

It is highly recommended, buyers finalize their housing finance provider before even finalizing their home. This can make the buying process quick and hassle-free. A home loan calculator offered on a home finance lender’s website can help you determine your budget – the EMI one can comfortably afford and tenure – thus, helping you choose a housing loan on your own terms.

Here are some suggested steps to find the best home loan finance for your needs,

1. Review and Research – You must be proactive when seeking home loan finance by enquiring from friends, family, neighbours, attorney or even real estate agents for potential lenders. Then, assess their reviews online to shortlist lenders with good reputations and positive online feedback from borrowers.

2. Evaluate Customer Service – In today’s competitive home loan market the margins between interest rates and fees between lenders may be very small. However, home loans are a long term commitment, some lasting as long as 35 years. Thus, having a pleasant customer experience when dealing with the loan officers and agents is vital.

One should evaluate whether the home loan providers are focused on your needs with a scope of altering and customizing their housing loan products? Are the representatives friendly and prompt in their response to questions? Moreover are the loan experts knowledgeable and up-to-date with real estate purchase requirements?

3. Online Application – Reputable home loan providers offer an online loan approval process. These mortgage companies have a simple qualification process without the need for documented financial information. All you need to do is fill a home loan online application form with limited questions which include, name, age, city and pan card details. After the online home loan application is successfully submitted, representatives of the lending institutions call to verify the form details, and demand the required proof of identification and income. Thus, offering home loan seekers instant approval that may take a few minutes to a few weeks. This gives the home buyer an assurance of home finance, leaving scope for no delays once you have found the right home for your needs.

4. Quick Processing Time – Home buyers must consider the Home Loan provider’s commitment to timely loan processing. As real estate dealings are time driven, you must try to avail a home loan lender dedicated to real estate purchases as they are keenly aware of the benchmarks to close a loan on time.

5. Transparency – The home loan amount is usually accompanied by a few different types of fees and surges that add to the cost of the loan. Thus, you must ensure the home financing company is completely transparent with these charges. When applying for home loans online you can avail transparency by evaluating the terms and conditions of the Home Loan through the lender’s website in detail.

6. Affordable Loan Offer – It is essential to choose the right home loan offer based on one’s repayment capacity. One must not only compare the home loan interest rates but also the Annual Percentage Rate (APR) – that includes the application fee and interest rate applicable annually – since the wrong home loan can limit your future options and cost more money in the long run.

Once you have found and finalized the right home loan offer you can start searching for your perfect home. Finalizing the home loan provider before the house adds to a buyer’s confidence to make an offer on a home of their liking. This can also add an edge to the buyer in case of competitive-bidding for a home, thus offering a timely and stress-free closure.

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