Springhill Group Home Loans

Springhill Group Home Loans

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  • 5 Ways to Calculate How Much House You Can Afford

    Particularly for those looking to buy their first home, the big question is always, “How much house can I afford.” I can still remember my wife and I trying to crunch the numbers when we bought our first home back in 1993. I was scared to death that we wouldn’t be able to afford the mortgage payments. But we did, and as the months and years went by, our mortgage payments became more manageable. If you’re considering buying a home, it helps to have an idea of how much you can afford. It’s very important to think of this question from two different perspectives. The first is simply how big of a mortgage will you qualify for. The answer to this question depends on a lot of factors, including your income, existing debts, interest rates, credit history and your credit score. We’ll look at several calculations that most lenders use to evaluate mortgage applicants. The second perspective is a bit more subjective–how much home do you really need? Just because you can qualify for a mortgage, doesn’t mean that you should. Banks will qualify you for as much as they possibly can given their existing underwriting policies. But just because the money is available doesn’t mean you should take it. With that, let’s look at 5 ways to calculate how much house you can afford, beginning with a standard rule of thumb: 2.5 to 3 Times Your Annual Income This was the basic rule of thumb for many years. Simply take your gross income and multiple it by...

  • Newscenter_-_springhill_group_home_loans_korea_reviews_177_

    Almost every financial institute in India offers home loans and the same makes it easier for an individual to aim for the ownership of a property/home. While opting for a home loan, it is very important for an individual to understand the terms and various parameters of the loan that are applicable.

    To have clarity about home loans, it is essential for one to understand the concept of a "rest". A rest is the interval at which the balance of the loan amount is recalculated. It is applicable in the cases of reducing balance loan amounts. The rest can be yearly, monthly or daily. A brief description is as follows:

    Annual rest: During an annual rest, although one pays the EMIs, the loan amount based on which the interest is paid is recalculated at the end of the 12 months only. Therefore, one ends up paying interest on the same loan amount, even when the outstanding loan amount reduces each month.

    Monthly rest: Unlike annual rest, during monthly rest, the remaining amount of home loan is calculated each month. The balance amount decreases every month. The customer has the advantage because the rest matches the frequency of the user’s loan repayment

    Daily rest: Generally, salaried employees do not choice this option. It is more convenient self employed people who receive income at irregular intervals.

    Make sure that you understand all the terms and conditions of the home loan documents before signing the dotted line.

    MakaanIQ is an initiative by real estate websi...

  • For-sale_177_

    The refinancing boom may be cooling down, but the move to shorter mortgages —-- especially 10-year loans among pre-retirees — -- appears to be accelerating.

    Some community banks say 10-year mortgages, once an insignificant niche option, are now accounting for increasingly large chunks of their business. For example, Rockville Bank in South Windsor, Conn., reports that 10-year loans represented a surprising one-fifth of its total residential mortgage originations in dollar terms last year.

    Plus in a new survey released last week, Freddie Mac, the giant federal mortgage investor, found that 28 percent of all refinancings in the first quarter of 2013 involved shortening of terms. Among refinancingers with 30-year mortgages, nearly one-third switched to shorter-term replacement loans.

    Though 15-year mortgages have been popular for years among homeowners who want to pay off their balances quickly, lenders say the 10-year loan —-- targeted directly at the demographic tsunami of baby boomers who are still employed but planning to retire in the coming decade —-- is on the upswing. “There’s a lot of interest in this ⅛10-year⅜ product,” said Victoria Stumpf, a loan officer with Third Federal Savings and Loan in Cleveland.

    Why the growing attraction to going short? Start with interest rates. With an almost-certain increase in rates on the horizon as the Federal Reserve begins to “taper” its purchases of mortgage bonds and Treasury securities, fixed rates on 10-year...

  • Springhill_2_177_

    Koreas largest bank Kookmin has had 3,000 cases of document manipulation in applications for collective loans for intermediate payment. The bank said five people recently filed a petition to police after suffering losses from manipulation of related documents by bank staff, and has launched an investigation into similar cases. According to the Financial Supervisory Service and the bank, Kookmin probed between the end of last month and Aug. 10 manipulation cases on 200,000 collective loans for intermediate payment on 850 reconstruction and redevelopment apartment sites, and discovered more than 3,000 fraud cases. According to the banks findings, most cases involved employee manipulation of the expiration date of collective loans for intermediate payment. In the past, three years of maturity have typically been written for collective loans for intermediate payment regardless of when the borrower would move to the house. If the banks headquarters reduced the time to 26 or 27 months, however, bank employees would scrape out the number and put in three years again. If the lending period is shorter than the date written in the contract, the borrower would be pressured for repayment. Collective loans for intermediate payment are shifted to lending with home collateral. So a person can move into a house before the lending maturity expires, but failure to move in within the time frame would mean he or she must make the intermediate payment because it is not shifted to a home equity lo...

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