Know enough before you take the leap, future homeowner 😉
Ready to make your dream house come true? ✨ Congrats, that’s a huge step! We’re proud of you for taking on this major life decision 💜🙌
But before getting a house loan, you should know some essential things to make the journey as smooth as possible! 📝
Know your financial state. Like any other big commitment, getting a house loan takes some serious planning. And that includes checking if your finances are in tip-top shape! 💪Calculate your monthly income, know your expenses better, and tally up any outstanding debts. Once you’ve ticked these off your checklist, you’ll have a much clearer picture of how much you can set aside for your #ForeverHome 👨👩👧👧 🏡
Budget, budget, budget. Don’t let the word “budget” scare you off. Trust me, it’s gonna be your best friend in this house-hunting journey! 🛣️ Having a well-crafted budget gives you clarity of the kind of house you can afford, and will keep you from falling in love with the one that’s way out of your price range! 💔 So, be realistic. Your #ForeverHome is just within reach.
Get your credit in order. Before you start a new chapter in your life, tie up some loose ends first. If you’ve got credit obligations left, it’s high time you resolve them. While you’re working that out, pay your bills on time and steer clear of any moves that could do your credit no good ⚠️
Explore your options. Like people, house loans come in all shapes and sizes 💅 You gotta figure out 🔍 what works for your budget. Should you consider bank financing or a PAG-IBIG housing loan? Both have their perks but it’s up to you to find the one that fits your plans 💯
Having a well-crafted budget gives you clarity of the kind of house you can afford, and will keep you from falling in love with the one that’s way out of your price range!
Save for a down payment. You can’t just leave it all to the banks. It’s always good to have some money saved up! 🐖 The more you have, the better because this leads to lower monthly amortization rates. It also lessens your payment period to just a few short years 📉
Be patient and hope for the best. Your house-buying journey is an exciting time! 🤩 But like all things in life, you just gotta trust the process. Your #ForeverHome is waiting for you, and with the right planning, you can absolutely make it yours. So stay focused!
Loan requirements for first-time homebuyers like you
To get approved for a housing loan, you gotta do some paperwork first 🗂️
So what's on the list?
In general, banks and financial institutions ask for the following:
✅ Completed application form/s (for primary borrower and co-borrower, if applicable)
✅ Primary and secondary IDs
✅ Marriage contract/certificate, if applicable
✅ Proof of financial capacity (e.g. bank statements, pay slips, latest BIR 2316)
✅ Collateral documents
✅ Permission to do a background check
So there you go! That’s our quick pep talk before you make the big purchase. Actually, pwede mo na ‘tong gamitin na roadmap mo to your #ForeverHome!
Like all things in life, you just gotta trust the process. Your #ForeverHome is waiting for you, and with the right planning, you can absolutely make it yours.
By staying informed and prepared, mas magiging madali na lang ang loaning process mo. Kaya make the most of each day and get one step closer to your dream home, you’ve got this! 🏡✨