Home Loans & Mortgages
May 7, 2007 – 9:33 amI do not have a home loan but I don’t know if this is good or not because it effectively means I do not own a home yet. If I could, I would love a low interest mortgage but I know I am only dreaming.
My sister, who has a 30-year mortgage plan, told me that mortgages are a way of life now. It is very easy to get a home loan and mortgage. The illogical thing is that the worse your credit is, the higher the interest rate.
My sister said that she is thinking of getting a remortgage to take advantage of lower interest rates. She said that she has calculated that she could save some money in the long term if interest rates are lower. She feels that she is paying way too much now!
My sister also told me that many of her friends who own a home are taking out secured loans with their house as collateral and putting the family home at risk. Isn’t that foolish?
I think that financial institutions are not doing anything to ensure that loan applicants have the ability to repay their loans. In fact, from what I see, they would rather borrow money to people who seemingly can’t service their loan. I know not why!
Hello and welcome to my blog. I would love to receive your comments! If you wish to be updated on new content, do subscribe to my RSS feed on your feed reader or via email. Thanks for visiting!
Related 'MUST READ' posts:
