Real estate What are the advantages of using mortgage to buy a house?

[greenieS]

In your opinion, do you think it is worth taking out a mortgage and owing your whole life (30-40-50 years) a certain amount per month to pay for the house / apartment where you live?

Of course, there are many people who do not have the opportunity to buy a house with cash and use these options. But these options seem to have too strict rules and you can lose everything at any time. For example, you lose your job and you have nowhere to get money for one month, the bank will take everything from you. It doesn't matter that you paid 20-30-40 months, if you couldn't pay the last month, you're sued and fired. Does it seem normal to you?

What do you think, what are the advantages and disadvantages of a lifetime mortgage for the house where you currently live?

 

[btaliat]

One of the advantages of using mortgage bank while buying houses is that it will give you a long time to pay off your borrowed capital and the interest on it. Though I have not bought any landed property using mortgage, I have seen countless number of people that have houses today because of the mortgage.

 

[kayode10]

There are numerous benefits you are going to derive if you make use of mortgage to process a real estate property.

First you are only buying the house for a tiny fraction of the entire cost. For instance if a real estate property cost about 80000 dollars with mortgage you are going to pay just 10% of the entire cost which is $8000. Then you are going to spread the mortgage over the number of years of choice.

But you have to be very good with calculation in order to profit from this. The rent you are going to receive from the property must Be higher than the mortgage you are paying.