The Great Advantage of Home Loans (and why you shouldn't compare them to car loans
In this post, we expect to give you some insights into what to buy and how much to spend. What do I mean? That we can buy much more than what we think. Let me explain.
Every day, we receive questions from customers wanting to buy a home for their families. We get all kinds of questions: What are the steps? What are the requirements? What are the possibilities that we could get our own home?
We've noted that most Hispanic buyers are looking for a “good, pretty and cheap home”. Unfortunately, this mindset limits the type of home you can buy. But when talking to customers, we realize they could afford a better home than they had expected.
Many customers believe that home loans must be paid off in a short time, just like car, business or other loans. As we all know, these loans tend to last about five years. However, the big difference with home loans is that they are long-term ones. Home loans can be paid off between 15- and 30-year periods, but you may pay it off earlier. It's up to you.
Extending the loan period will allow you to make smaller payments over a longer period. You won't have to worry about paying off a $ 150,000 home in five years. Not at all. Now you can consider a beautiful, roomy and valuable home for your family, a home where you feel comfortable whenever you get to relax with your family. Besides, it is different from a $ 500 monthly payment for your $ 25,000 car, compared to a home loan. One could pay about $ 700 per month for a $ 150,000 home. (Apart from the fact that payments can be made over a longer period, home loan interest rates are much lower than those of a car).
This is why it's important to understand that mortgage loan favors the buyer. This loan term is extended by several years. Your monthly payments will be close to your current rent payments. Understand your numbers. Consult a mortgage lender your creditworthiness and how much to invest. They can determine your capacity, so you know what kind of home to choose. You'll see, you are closer to buying your home sooner than expected.
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