Mortage Loans - To Buy Or To Lease

by Shane Van Niekerk - Date: 2007-01-20 - Word Count: 355 Share This!

Mortgage loans are used by most home owners to acquire a home of their own as very few people are able to pay cash for their homes. This type of loan is a great help and as it is payable over many years it makes it accessible to most people. It is far better to pay a mortgage off on your own home, than to be paying a lease on a rented home.

It is not difficult to qualify for a loan. The lender must have a stable job and regular income so that he can afford to pay off a loan over an extended period of time. He or she must be living a the same address for at least two years and must have a good credit history. The bank or financial institutions will check on this and if it is not good they will either refuse the loan or they can help you by working around this factor. Many money lenders just impose a higher interest rate and bank charges on the loans. The down payment will also be more than usual so that the loan can be a smaller amount. This helps to give the lender less risk of losing money even though the loan will be secured against the home.

The mortgage loan makes it possible for more people to become property owners. It is a very good thing to invest in property as the value always goes up and the chances of losing on the deal are minimal.

Shop around as always before taking a loan so that you can be sure that you have looked at all the options there are to take. Interest rates and loan charges are very important as this will determine how much money you will be paying back on the loan. The less the interest the less you will have to pay back over the years. Find out from the lenders whether you may pay in more than the allotted amount in a month. By paying in an extra amount every month and whenever possible it makes a big difference to the duration of the loan.

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Shane van Niekerk writes informative articles on mortgage loans. http://www.mortgageloanswebsite.com

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