Asian Plan
 
Asian Plan
 
A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.
 
Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio).
 
The requisites of mortgage loan often undergo changes, so if you want to apply for a mortgage loan in future, you must stash some cash in advance. Depending on your situation, the bank may ask you to put forward some amount of the property value in cash before they approve your mortgage loan.
 
The minimum amount of down payment varies and depends on different factors like the types of mortgage loan. On an average, you must be ready with at least 3.5% of property value in cash down payment. If you can afford, you must put forward maximum down payment, which may also let you have the private mortgage insurance from the lender. You must also keep extra cash for additional payments such as closing costs, title searches, home appraisals, home inspections, application fees, fees of credit report, and several other expenses.
 
Stick to your job
 
If you are planning to apply for a mortgage and quit your job during the same period, you must postpone the latter for a while. It is important for banks that you stick to your job so that there are no major changes in your income status and employment. This is particularly important for people considering self employment after a job. This makes the lenders suspicious about the stability of your income and they reevaluate your current finances, which may take a lot of time.

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