Buy your home wisely.

It is important to evaluate the variable rate before selecting your Home Loan.

When financing your home, it’s tempting to go with the lowest possible interest rate. However, it’s worth noting that most advertised rates are fixed for a short intro period. Evaluating the variable rate which includes both the base rate and margin after the fixed intro period can help you make a balanced decision. Your financial evaluation and property selection should be based on a variable rate rather than the lowest fixed rate offered for a short intro period. This insight will enable you to make practical decisions that will help you in the long run.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188

A higher down payment on your home now means lower total payments on your home

Loan to value (LTV) is a financial term used by lenders to express the ratio of a loan against the value of the home. While it’s tempting to apply for the highest LTV, it is advisable to pay a higher down payment and opt for a lower LTV, this helps in ensuring that future payments are manageable and also helps you save up money for other unforeseen and unavoidable circumstances. It can also help make a self-funded loan through rental income without having any burden on your disposable income. It also gives you immense flexibility to move for a better offer or pricing in case another bank is offering lower rates than your current home loan.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188

What you buy is important. Where you buy is even more so. That’s why the first rule of real estate is: location, location, and location. Carefully consider things like the developer, the neighborhood, and the distance to amenities like shops, schools, and parks. These factors will not only help you live more comfortably but will have a big effect on your property’s sale and rental values in the future.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188

MOU must be a comprehensive document outlining the clear obligations of the buyer and seller. The document must be explicit and clear with regards to the fee payable to the real estate broker, government institutions, developer, and lender respectively. It is suggested that MOU outlines a reasonable time frame to complete the transaction, especially when the seller has a mortgage and the buyer is also completing the transaction through financing. MOU must protect the buyer in the event of a valuation amount falling short of the agreed sale price or mortgage approvals not coming through due to any reason. MOU must ensure the buyer is protected against any former legal disputes or claims made by the competent authorities or the developer which could halt the transaction. Particularly for rented properties, MOU should highlight clear and transparent actions with regards to the possession and the future tenancy terms.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188

Yes. Whether you are a UAE National or an expatriate from any other country you are now legally entitled to purchase a home at any of the developments designated for that purpose in the Emirate of Abu Dhabi, Dubai, and Ras Al Khaimah.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188

A shorter tenor will result in less overall interest paid. When buying your home, don’t stretch your financial commitment by unnecessarily extending your mortgage tenor. Although you will reduce your installments which makes you eligible for a higher loan, you will end up paying more interest overall, making your home more expensive to own in the long term.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188

Yes, the following age criteria applied in most of the banks – Minimum age upon loan application is 21 years. Maximum age upon loan maturity – 65 years or retirement age whichever is lower for salaried customers and 70 years for self-employed customers.

 

For more honest advice on buying a home, get in touch with AMIGO mortgage Dep.

Call +971 2 3071 188