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Top Adding - A Structured Approach to Buying a Home - Part 3 - Mortgage
As a first time buyer you have taken an important step. You are now clear in your mind about the size, amenities, the type of location, etc of the house you want to purchase. The next step now is to organize the finances for the purchase.
You will have to incur so
You will have to incur so
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
me expenses towards the purchase of the house from your savings or funds you may raise from your personal sources and the rest will have to be raised as a mortgage loan. At the time you sign a contract for purchase with the seller, you will be required to pay about
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
10% to 20% of the price as earnest money. Apart from this there are other expenses such as solicitor’s fees, search charges, etc amounting to about 4% to 6% of the price of the property which you must keep a provision for.
Lenders will loan an amount that they fee
Lenders will loan an amount that they fee
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
l you can safely be expected to repay (with interest). A lender studies your known income, your pattern of repayments on credit cards, outstanding and repayment records of loans for car, computer, large household goods, etc. to see your credit worthiness before com
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
itting to any loan amount. A lender generally is looking for a debt-to-income ratio of “28/36” for a safe loan; this means that he expects that about 28% of your total monthly income before tax will go towards repayment of mortgage and your total debts (mortgage re
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ayment, credit card payments, education loan repayments, car loans, etc put together) will not exceed 36% of your total monthly income before tax.
As a rule of thumb you may not be able to raise a mortgage of more than about 2.1/2 to 3 times your annual gross earn
As a rule of thumb you may not be able to raise a mortgage of more than about 2.1/2 to 3 times your annual gross earn
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ings and in general you would not be able to spare more than 25% to 30% of your monthly take home towards mortgage repayment.
With this information in view, you start assessing your position. To start with you note down your yearly earnings including any incentive
With this information in view, you start assessing your position. To start with you note down your yearly earnings including any incentive
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
, bonus, etc. as well as any other incomes you may have. Now you note down all fixed expenses such as rentals, taxes, energy bills, water bills, insurance payments, food, transportation, entertainment, clothing, etc. Any expenses such as holidays, occasional repair
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s, etc of car or other appliances you are liable to pay also shall be accounted for. The purpose is to find out how much is the amount of money that you can spare after taking away all these expenses from your earnings. When you raise a mortgage for purchase of the
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
home, it is this residual amount from which the interest and amortization payments will be made.
There are many different types of mortgage schemes available. Generally the mortgage term, the period over which the mortgage is repaid, is either 15, 20 or 30 years.
There are many different types of mortgage schemes available. Generally the mortgage term, the period over which the mortgage is repaid, is either 15, 20 or 30 years.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
bviously longer the term, relatively smaller will be the monthly installment; needless to say, the total payment you make in case of a longer term is more than what you would pay for a shorter term.
There are fixed rate mortgages and adjustable rate mortgages. In
There are fixed rate mortgages and adjustable rate mortgages. In
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
a fixed rate mortgage the interest remains constant over the entire term; in an adjustable rate mortgage the interest rate is revised periodically to bring it in line with market rates. There are many other variations in practice and it would be possible for you to
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
negotiate a repayment regime that fits in with your needs. For instance, you could negotiate a mortgage in which you pay only the interest over the term and pay the principal amount at the end in one payment; this type of regime will suit you if you are planning to
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
sell off this home, pay off this mortgage and buy another house after about 10 or 15 years, or you may seek refinance at a later stage to pay off the principal amount.
There are many variations possible and even though it may be possible for you to work out a sui
There are many variations possible and even though it may be possible for you to work out a sui
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
able mortgage for yourself, it would be better in the long run for you to consult an independent financial adviser or a mortgage broker to advise you on the best type of mortgage for your needs.
Keep a couple of things in mind. Before you start looking around for
Keep a couple of things in mind. Before you start looking around for
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
roperties and start contacting agents, it would be in your interest to get mortgage prequalification letter from the lender; the lender will look at you income level, your debts (if any) and credit information and give an estimate of what you can afford. This is no
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
t a commitment from the lender; but it serves two purposes – one, you know a ballpark figure of what you may be able to get and it will show the estate agent or the seller that you are a serious buyer and you can afford the house.
When you have been able to zero i
When you have been able to zero i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
on a particular house for purchase, you can approach the lender for mortgage preapproval. Lender gives a preapproval only after making a thorough study of your situation, your credit reports and your debt-income ratio. Mortgage Preapproval from lender gives you a
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
n edge in negotiations with the seller because the seller knows that you are in a position to close the deal in a short time and would be able to make the final payment without any loss of time.
A word of caution would not be out of place. Once you have approached
A word of caution would not be out of place. Once you have approached
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
a lender for prequalification or preapproval, do not make any major purchases which can change your credit rating with the lender.
Mortgage is a very important subject and requires a thorough study; unfortunately we would not be able to discuss it any further here
Mortgage is a very important subject and requires a thorough study; unfortunately we would not be able to discuss it any further here
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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