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Personal loans for tenants

It sounds surprising, but let me assure you that now not only homeowners but tenants also deserve to acquire personal loans and can fulfill their all personal desires. Now owning a home is not the pre requisite criteria to avail personal loans.

Personal tenant loans, a special privilege for tenants, are a sort of unsecured loan. Therefore, you do not need to pledge any property against the loan amount. But, do not forget that lenders will check your credit history before providing a personal tenant loan. In such cases, they may take help of credit rating agencies and lenders will also judge whether you are capable to repay the amount or not.

However, to qualify for a personal tenant loan, you will have to meet the following criteria:

• Full time employment.
• Your account must have a direct debt card acceptance facility
• Evidence for your identity and residence
• A contact number, it could be a mobile or landline number.

As a personal tenant loan, you can borrow the amount ranging from $1000 to $50,000. And the repayment period varies from 1-25 years. At the same time, you should bear in your mind that these loans are offered at high rate of interest due to the absence of collateral. Though, by negotiating with lenders, you can make the interest rate in your favour.

Risk.

You may think that as the risk of collateral repossession is not present with personal tenant loans, thus if you fail to repay the amount then it won’t be a big problem. No, this is not true. In that case though your property won’t be repossessed by the lender, but the lender will harasses you by taking some legal actions. And, no doubt it will spoil your mental peace. So, be sure at first about your repayment capacity then avail a personal tenant loan.

At the time of applying personal tenant loans, few documents are required to submit along with the loan application. These are like, three years accommodation and address details, three years employment history etc. Thus, availing personal tenant loans may be tougher for those who have recently changed address or job.

As personal loans have been customized for tenant as well, therefore with these loans, now tenants can transform their dreamy desires in the realm of reality. Some common purposes, where tenants are using personal loans these days are as follows:

• Arranging a holiday trip
• Wedding purpose
• Buying a new car
• Investing to own their own abode and so on.

Personal tenant loan- it is a lucrative opportunity for tenants to shape their personal desires. With these loans now they can fulfill their all personal dreams and for that needless to say that they do not need to pledge any security.
 
Shopping for a home loan.

When shopping for a residential mortgage loan, most homebuyers simply focus their attention on the mortgage interest rate. They watch mortgage rates daily, making note of any movement in the mortgage rates, trying to predict a trend in what direction it looks like rates will move in the upcoming weeks or months.

The mortgage rate paid by homebuyers is clearly an important factor but it is only one element that will determine your monthly mortgage payment.

Another important factor (that you can control) that will play a part in determining your mortgage payment is the duration of the home mortgage loan (for example 30 years vs. 15 years).

Amortizing your home loan over 30 years is standard, but there are other options that will play a big part in your monthly payments as well as how quickly you build equity in your home.

If you amortize your home loan over 15 years, for example, your mortgage payment will be higher but you will build equity more rapidly and also be able to find a lower interest rate. Assuming that you could lock in at an interest rate ฝ point lower when going with a 15 year note your monthly payments would be about 35% more, which sounds like a lot but your interest expense over the duration of the loan will be about 60% less and could save you hundreds of thousands of dollars in the long run.

In summary, a 15 year mortgage loan will reduce the total interest you pay and accelerate up the rate in which you build equity in your home, regardless of the interest rate (even though a lower rate will indeed be in reach when amortizing over 15 years vs. a standard 30 year fixed rate mortgage). If your budget allows you to finance your home purchase over 15 years, it is something you should certainly consider. In the long run it will save you thousands.

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