From the childhood days when you used bits and pieces of bricks to construct a miniature house to the point when you received your first salary, purchasing an abode you can call your own has been in your mind for as long as you can remember. However, when you scour the market for that ideal home you are confronted with the necessity of conducting thorough backgrounds checks and finally settling on that perfect home loan. It doesn’t always have to be long drawn out and difficult if you are empowered to monitor your home loan not only before you make the commitment but even during the span of the loan repayment.
Forgetting the loopholes and paving the road to the home of your dreams was never as easy before!
Step 1: Are you even eligible for a home loan?
Whether you are eligible for a home loan or not depends on a variety of factors. Your home loan application might end up being impressive or get rejected at the beginning based on even the most trivial of details. Home loan eligibility tests help you see exactly where you stand on the home loan eligibility scale. You would be required to input your gross monthly salary, state the number of your existing EMIs truthfully and the name of your company. You might even be required to state your age, mobile number and email id for information regarding exciting home loan offers on certain websites. After you have expressed your desire to settle in at a particular location and specified the type of loan you would need, the system would evaluate the possibility of you availing a great home loan deal in the near future.
Step 2: Wisdom lies in comparison
Your home loan might pertain to either availing a brand new one, engaging in a resale, purchasing a plot of land and even balance transfer. Most people who are not tech savvy make the fatal mistake of getting lost in the piles of documents, which need to be filled up or have to be kept track of. They blindly believe in the word of their realtor or banker without even considering the idea that might be paying an exorbitant sum for their dream home. However, in the age of the internet, you can easily monitor your home loan transactions without any glitch whatsoever. Once you are afforded the real picture of the market prices, you would be equipped with all the knowledge to choose the home loan that would be the most optimum to your purposes.
Step 3: Monitor your home loan
The prospect of monitoring the home loan has emerged as nothing short of a lifesaver for all future home owners. Not only will you be assured of the regular analysis of the current market price but would also be updated with the recent market trends, rate of interests, new loan requests and even some additional services. Though there are not many websites out there who transparently monitor your home loan, the genuine ones can even help you close your 20-year loan in a matter of 11 years.
Choose carefully, and even you would be able to monitor your home loan without any