A small gamble, I know, but respectfully, that's my decision to make, as a hobby long-term safe investor. Last night, I was sent an updated loan estimate/approval, which indicated an updated loan amount of $330k based on a $348k house. This was surprising (I was not expecting, nor asked for, an update) because I felt like I might be getting ripped off, even though, remember, it's just an "estimate". I believe they revised this loan for two reasons: 1. I underestimated initially with $330k price tag, and 2. They have not recorded the $12k design portion of the $27k deposit in their system yet. So now for the big question — should I consider the larger loan? This would mean I would get to keep my $18k in investments, hoping it can annually return more than the 3% interest rate (credit score is 800+) in the extra $17k of the larger loan. Or, should I stick with my original plan and entertain the $313k loan? TLDR: Was offered $313k loan, budgeted for it and made deposits for it, saving 18k for downpayment to not need to borrow a penny more.
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The government can't control and micromanage the economy, but we will do all in our power to help out. Tax Levies Our ambitions here require funds, and taxation is how to get it. These following levies were policies recommended by the IMF in 2015 as ways to mobilize revenue without harm. Increasing the VAT to 20% (from 18%)- the value added tax is so efficient in Bosnia due to its straightforwardness and consistency, among other technical reasons. Property taxes to 8%- this affects property owners who can afford to contribute a bit to the state. Excise tax on raw materials 6%- commodities have the same price throughout the world, and are pretty profitable. If anything, this tax will urge companies to refine domestically, recycle, and create jobs. Carbon tax at $35 per ton of carbon emitted ( not CO2, rather in terms of atomic carbon)- this advises businesses to be environmentally friendly in order to maintain profits. Nonetheless, it generates needed revenue. Tourism Bosnia is the third fastest growing tourist destination.
Now being offered $330k loan at <3% interest. Should I take it, allowing me to invest my original 18k downpayment instead?
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Lenders interest rates will vary depending on your loan amount and LTV. High FICO score: Low interest rates are available for borrowers with excellent credit, a FICO score over 740. Low DTI: In order to qualify for a low rate you need a DTI score of about 36%, although this will vary by loan type and lenders. A FHA loan, for example, is available with a DTI ratio of 43%. Clean Credit History: Lenders will deny your application, or offer higher interest rates if you have late payments, collection items, or previous bankruptcies on your credit report. Before you begin to purchase a home or refinance your mortgage, prepare your finances in advance. By taking the following steps, you can ensure that you will receive the lowest mortgage rates available: Keep and maintain your budget Lower you debt by paying off your credit cards each month. Monitor your credit score and ensure that incorrect information is deleted. Save money for a larger down payment.
The offer is only available once per customer within this period. Maximum cashback amount of $3, 288. Limit of one $3, 288 cashback payment per borrowing entity and per customer. Where a home loan has more than one applicant and one applicant receives the cashback, all applicants are deemed to have received the cashback. Minimum refinance amount of $250, 000 applies. Offer excludes construction loans, bridging loans and principal increases, non-residents and non-natural persons (such as trusts and companies). Cashback will be credited into your HSBC Transaction or Home Loan account within 60 days of settlement. Tax consequences may arise from this promotion for investors and you should seek independent financial or legal advice. Offer current as at 15 February 2021 and subject to change. Credit criteria, fees and charges apply. 1 Maximum interest only terms available are 3 Years - Owner Occupied and 5 Years - Investment. 2 Loan to Value Ratio (LVR) subject to HSBC's assessment, lending criteria and Lender's Mortgage Insurance (LMI) acceptance.
It won't affect affordability - however it may help you in terms of credit scoring (their process, not the random scores experian will sell you). They'll probably ask how you're in a financial position to afford a mortgage with such a large credit card debt, and they'll be able to see that you've only been making the minimum payments. On the other hand, taking out a large loan shortly before a mortgage may raise questions as to whether you're using the loan as part of the deposit, which is pretty much an accepted no-no. Be prepared to show proof that this is not the case (and don't be tempted to take extra to "top-up" your deposit). Personally, depending how much you have available for your deposit/savings/disposable income, I'd try to get as much of it cleared as possible. Unless the rest of your credit is squeaky clean, a 13k credit card debt could make it trickier to get a mortgage.
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