Let’s face it. Many of us won’t be able to afford a single property even if we work from 9 to 5 for the rest of our lives. It’s unfair, I know. But that’s just how it is. This world is way too expensive for an ordinary salaryman to afford. We’re all already having a hard time making ends meet, where do you suppose you can get thousands of dollars to afford a simple bungalow home?
Buying properties is a real challenge when you’re no millionaire. However, that doesn’t mean it’s impossible. After all, we have the right to feel rewarded for our hard work. It just so happens that getting your own home or property feels like the ultimate reward. The same goes for businesses.
Renting out a place can be very burdening (read more). It’s hard to keep paying for something that can never be yours. It feels as if you’re always on edge. It’s as if you can be chased out of your own home or business at any moment. So what if I told you that you can change all this?
What if I told you that there was a way for you to own your house or place of business.
Yes, if it isn’t obvious enough, I’m talking about applying for a mortgage.
What Is A Mortgage?
A mortgage loan or just “mortgage” is a legal agreement in which you enter with a bank or other credit companies. It’s basically a property loan but the catch is that the property you’re buying will not be directly put under your name. Instead, the title will be put under the creditor’s name for as long as you haven’t paid the money you borrowed. Check out this great video about it: https://www.wellsfargo.com/mortgage/learning/mortgage-process-video/
Of course, you can live in or use the property as you wish even when it is under the creditor’s name. However, what you cannot do is sell it to another during the duration of your debt. You will then pay the creditor of the money you owe with interest for a set period of time (monthly, quarterly, or yearly). When the debt is repaid (plus interest) the conveyance of the title becomes void and the property is officially registered to your name.
If you fail to keep up with your payments, however, there is a pretty good chance that the creditor will assume your property as per the original and legal mortgage agreement.
Is Getting A Mortgage Worth It?
The only downside to getting a mortgage is that you have to pay added interest. But hey, that goes the same way for any other type of loan you make. If you play your cards right and you manage to find a good creditor, getting a mortgage is a good decision to make. After all, loaning a house or property is still much better than renting one. When you rent, you pay for something that could never be yours. With a mortgage, you may be paying interest but the property becomes yours in the end. You should think of interest as necessary repayment for the comfort of having your own home – for the comfort your creditor has helped you achieve.
But of course, there are many things to consider before you dive headfirst into a mortgage loan. There are finer details to understand; intricacies you need to learn. This is why Financial Advisers like Abbey Financial Services NI exist. And luckily enough, they’re also offering their aid here in Armagh.
Before you go out looking for a property to buy, it would be best to pre-apply to a mortgage. It doesn’t matter if you’ve spotted a property you want or not. It’s just best that you get ready. When you have pre-applied to a loan and you’re already pre-approved for it, you will stand better chances of getting that dream home of yours. Many realtors are fast to consider applicants who are already affiliated with a bank or financing company, after all.
Anyway, it’s time to go big or go home.
Oh, wait – you don’t have one yet.
So what do you say? Are you ready to become a property owner? I say YES!
This is a collaborative post.