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Women are grabbing reins to start their own business- Mortgage tips for them
According to recent reports, it has been seen that more and more women than ever before have been grabbing the financial reins and are looking for ways to start off with their own business. Mortgage loan servicing companies have seen a sudden rise in the number of women who are approaching them to get a commercial mortgage loan or a mortgage refinance loan in the last quarter of 2012 and the analysts are of the opinion that the trend is going to remain same and might even change for the better in 2013. There will be more and more women who will seek commercial mortgage loans for starting off with their own business. If you too fall among the same category, you might be searching for some worthy tips that can help you take the best decision in the long run. Here are some tips that you might consider being a woman, before approaching the mortgage lender.
Pre-approve yourself for the mortgage: Before you even search for the real estate property, it is your task to get pre-approved for the mortgage so that you may know your limitations and your affordability. The mortgage loan lending institution will take into account various other factors before determining the amount that you might opt for. If you start shopping around before getting pre-approved, you might set your eyes on a property that won’t be within your means.
Get help of a real estate broker: While you shop around for your house, you should get help from a real estate broker so that you might be able to take the best decisions while shopping around. The brokers are experienced people who are well-versed with all kinds of properties of different ranges. You can get the best one within your affordability when you get help from a real estate broker but make sure he has your best interests in mind.
Enhance your credit score: As you’re trying to take out a commercial mortgage loan in the year 2013, the mortgage lenders won’t give you a loan without checking your credit score. If you haven’t been good at managing your debt payments and other liabilities in the past, then this is perhaps not the right time to take out a mortgage loan. Boost your credit score by taking some solid credit repair steps in order to get the best loan in the market.
Reduce your liabilities: Apart from your credit score, the next figure that will be checked by your mortgage lender will be your DTI ratio or your Debt to Income ratio. It is most likely that you have an individual source of income and if your debt obligations are too high in comparison with what you earn, the interest rate on the loan will be too high. Therefore, if you wish to lower the rates on your mortgage loan, make sure you repay your liabilities and lower the DTI ratio.
So, despite being a woman, take the above mentioned steps in order to seal the best deal in the market. Also master the art of managing your personal finances so that you can repay your loan on time and become debt free.
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