The Right Time For Home Loans
June 16, 2007 – 5:53 amWhen my sister was contemplating buying a home, she was undecided until her employer told her that there is no right or wrong time to take out a loan. My sister ended up taking out two home loans, one for a shorter period and another for thirty years.
My sister was advised that she could later get a mortgage refinance especially when her credit score is higher and a better cash flow. My sister is early waiting until she is eligible for a refinancing so that she could save on her monthly repayment and ultimately save on the loan with more favorable mortgage rates so that she can pay it off faster.
Personally, a long term commitment to a home loan scares me. The very idea of slogging to pay of the loan month by month for years terrifies me but the feeling of owning your own home is hard t beat, I guess. That’s why so many people are willing to commit themselves!
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