If you are about to apply for a mortgage loan to make the big leap of your own house or apartment, you should keep in mind that not everything is rosy. But everything good requires effort! And in the end, you will become the happy owner of a property and increase your assets.
Here are some secrets that not everyone would dare to admit when it comes to housing loans. Pay attention and eye the louse.
A very long term ends up running out
While long terms are attractive to families looking for their own home, they are not always the most convenient. And it is that having the same debt for 25 years, that is, more than two decades, gets to frustrate and deplete you. Ideally, choose a home that is within your reach and can be paid in less time than the maximum.
Unemployment insurance brings peace of mind
If you think that unemployment insurance is a waste, remember that in such a long term things can change in the blink of an eye and without expecting it. The best thing you can do is be prepared and with unemployment insurance. This will give you peace and prevent you from being stressed thinking about how you will pay your mortgage if something goes wrong in your work. Many financial institutions are those that offer this insurance, including it in the monthly fee.
To keep up to date it is necessary to make an effort
Not everything will be rosy when paying a mortgage. Sometimes you will have to give up certain tastes to keep up with your payments, but the reward will be a solid track record and the opportunity to negotiate better terms with your bank if you face difficulties.
Advance payments are the best choice
If you have the possibility to make advance payments, do it! Since they allow you to reduce the remaining amount of the credit, saving you the interest money. But where to get the cash? When you receive a bonus or some extra money, reducing your mortgage is one of the best decisions.