There are a lot of people who would like to purchase a new home but they already cannot afford it because the financial crisis and the recession have made most of the people’s incomes lower. And that is why most of those people do not have money or savings, and they cannot even get a loan, a credit or any other type of financing.
However, as you know there are always exceptions! Fortunately, in this case there is also an exception which means that there is still a way for us, the ordinary people, to get financing for a new home. I bet that you are wondering what I am talking about. Well, those are companies which offer financing for buying a new home.
It is a pretty new form of financing and that is why we are going to inform you about it to the each minute detail. Basically, we can say that the home financing is something between a credit and a loan but there are, of course, some differences.
We will first start with the fact that everyone can apply for home financing but it is not surprising that not everyone will be approved. I am sure that you are asking yourselves the question how the companies (and in some cases banks) make the decision which person to approve and which not. Actually, it is quite a complicated issue since a lot of criteria are taken into consideration- incomes, profits, expenses, debts, other loans and credits, and owed properties.
All those criteria give a certain number of points and the sum of all points makes the so called credit rating. According to the last surveys, most of the companies require a credit rating of at least 680-700 points. But as you probably have no idea how much is yours, then you should look for a financier and, of course, you will be charged a fee of around $20! What I can say in advance is that most of the people having a well-paid job and any property such as a car for example have around 690 points which, I am sure, makes you calmer.
And you are already informed about everything which you need to know about the home financing, but most importantly- you have been informed that such a service and opportunity do exist on the market! Now, you know that although it is crisis, you still may purchase a new home- the home of your dreams. It sounds really tempting, doesn’t it?!