Wednesday, November 11, 2009

Own a Home - Mortgage Process

If you ask the aim of an individual, he is willing to own his home. They don’t want to stay in rented property. Everyone has dream of his home. But it is not easy to get our own home as it involves huge amount of capital. Only high class people can get home by entire money. In a society, there are more middle class than high class. The cost of a home or flat (normal) would be £ 200k to £ 400k (Approximately, it may lower or higher).
It is almost impossible to get huge amount. The bankers came up with best solution named mortgage. In this scheme, you can pay only small part and own your home. The thing is you have to pay the remaining amount in installment. You have make a agreement with bank stating that you are capable of paying installment for particular period of time. It sounds easy to talk than implement. Actually, it is high risky one. Banks will not provide mortgage facility to all. Instead, it checks your financial background, employment status in order to asses you.
It takes place in many stages. Pre qualification is the process, where you can get clear idea about how much amount you can receive as a mortgage. Assessing your financial background and allocating the mortgage take place in Pre approval stage. Sellers interested in pre approved buyers more than others. If you interested to own a house, ask your bankers and make it happen soon.

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