Buying a property is one of the biggest financial decisions youbll ever make. Is it the right decision for you right now b or would you better off renting? A mortgage is a type of loan that is secured against something you are purchasing, such as a new house, most mortgages are long-term loans.
Buying a home is likely to be the biggest purchase youbll ever make, and a mortgage will be your largest debt. Because you can spread the repayments on your home loan over so many years, the amount youbll pay back every month is more manageable, and affordable!
Home ownership- Having a mortgage allows you to purchase a home without having to pay out the full price in cash. A deposit is normally required, the amount you need to pay is dependent upon the house price.
Access to cash flow- A mortgage that is taken out, but isnbt for purchasing a home (home equity loan), give you access to funds when you need the cash. This is the perfect for when needing to carry out home repairs or want improvements made to your home.
Better credit rating- When you have a mortgage in your name, and the payments are made in good time, your credit score will be improving on your credit report. A good credit score will give you a better interest rate on other credit products you take out, for example a credit card, or loan for a new car.
Although there is a lot of information to take on board when taking out a mortgage, as you can see there are many benefits for you and your family.
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