Mortgage Loan ? How Much Can I Take [mortgageprotectiontips.blogspot.com]
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A mortgage loan is a long time companion. During that long time the interest rates can move many times upwards and downwards. The mortgage loancan be refinanced and new loans can be taken. However, it is important to decide, how much mortgage loan can you take.
1. What Is Your Net Monthly Income?
When you calculate the loan level, the starting point is of course your monthly incomes. Usually the home mortgages are paid back monthly. It is not wise to think, that you can use too much from your monthly disposable money for the loan payments and to save from the other usages.
Another factor is the possible interest rate increases. The wise advice is, that you should add 2 percentage points on top of the present rate to prepare yourself to the future increases. If they do not come, you will have no difficulty to create usage ideas for that money.
If they come, you will not be in the financial difficulties.2. What Are Your Monthly Expenses?
This is another item, where you have to be realistic. If you loan too much, because you think that you can live with a smaller expenses, than what you can, it will be a disaster. The lender will take, what belongs to him and he does not care about your situation, you are the only person, who has to take care about it.
3. How Much Combined Credit Card Limits You Have?
Many people do think, that the credit card loan is not a real loan, because the loan time is so short. However, it is a loan and shows your attitude towards the financial things. If you live regularly with a short time loans, are you able to manage the mortgage, which is a long time commitment?
4. How Many Dependents You Have?
This is very important question, because the dependents are costly. A borrower have to be realistic and able to calculate how much costs they will spend. It is also important to budget, how much you are going to allow them to spend.
5. Other Things.
The mortgage is usually the biggest loan and financial commitment a human being will do during his living time. There is no reason to take a too big loan and then suffer. When you stay realistic at the moment of decision, that is the wisest thing. You have a lot of time to take new loans if needed.
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