Get your Dream Home

People often dream about getting a home that’s perfect for them and their families, but new homes

come at a very high price. Today there are ways for you to purchase a home by acquiring a home loan.

This is one of the easiest ways to finance the purchase of a new house. This kind of loan usually requires

a 20% down payment and the property usually serves as a form of collateral to ensure you make your

loan payments. You and your mortgage lender come to an agreement that up on nonpayment of dues,

you lose your home. A tough but necessary precaution, this is known as foreclosure and is one of the

risks surrounding home loans, which is why you must make sure you can afford the home you are

buying.

Just like any other loan, when applying for home loans, banks in Wareham will assess your income

sources, the house that you want to buy, and your credit history. The total price of the house is referred

to as a principal and the lenders fee is known as the interest. The fee and the principal have to be fully

paid during the terms specified by your loan provider. The total payment time is the known as the term.

These three factors differ from one bank to another. This seems like a very lengthy process, but if you

have a steady source of income and are partnered with the right agency you should have no problem.

Most banks will allow you to pay in monthly installments, this amount is calculated and agreed upon by

both parties. Here are some tips that you need to know:

Always keep track of the home loans industry and the terms used, current interest rates, and

developments being made. This is to help you understand what you are buying so that you can make an

informed decision. Loan agents may not provide you with this kind of information as their only goals are

to get you to buy a policy!

Compare policies, interest rates, and lenders. Review all lenders that are available online and get

referrals from friends and family who have experience in taking out loans. This can ease your burden as

a loan applicant. Rates of interest can vary but should adhere to an industry standard; the size of the

home that you plan on buying can also affect this rate.

Determine your own financial limit and capacity, evaluate your credit record. This will ensure that you

can afford payments and application papers will be an easier process.

Home loans are easier when you know what kind of policy you need and where you can buy it from.

Understanding the entire system can help you to choose better. Get help through the whole process

with help from PCT Federal Credit Union. Visit their website at: http://www.pctfcu.org/.

For more details contact:

PCT Federal Credit Union

2203 Cranberry Highway

P.O. Box 189

West Wareham, MA 02576

Website: http://www.pctfcu.org/