Would You Buy a House with a Loan?

[Nomad]

I don’t currently own a home, I haven’t even seriously considered about buying a house yet. However, I understand the benefits of investing in a property, it saves rent money, it gives passive returns.. Many people take out long-term mortgages (15–30 years) to invest in property, this helps them to get the benefit of property immediately and then pay the mortgages in instalments for many years. Have you considered using a loan to buy or build your home?

 

[Springtime]

Property prices are high here. For ordinary people, it is quite impossible to buy an apartment with taking out a mortgage loan. When I bought my apartment 25 years ago, I took out a mortgage loan. Now, I have paid off the loan and I'm glad the price of my apartment has appreciated.

 

[eLdavis]

No i don't think i would want to buy a house with a loan. I have never really been the type to take loans.

 

[Suba]

I think a house is an important need for everyone, so when I started working I took out a mortgage loan from the bank and bought a house. At first the house was very quiet with neighbors but now it is crowded and the price has also skyrocketed.

 

[Starmix]

If the salary of the person wanting to acquire a housing loan is big, why not possible. It's better that way paying your loan monthly and after the full payment for a certain period, you already have a home of your own.

 

[freelancermaria]

If I know I can repay it, I might consider it. However, at the moment, I am not thinking about it because of my financial situation. It would be better to pay in cash if I ever decide to, so I won't have to worry about monthly payments.

 

[riberet19]

I don't think I would do it, I'm not a big fan of loans, so it would actually be one of my last options.

 

[Starmix]

There are many housing loans here mostly done by a newly married couple. They're doing this while having no kids yet. It's better that way to be able to own a house.

 

[King Belieal]

Owning your own house is you acquiring an asset while renting is a liability for your financial life. Taking a loan to own a house is something that is worth it in long term.

 

[Augusta]

Though I don't want or like to buy things with loan but if it is the last resort especially for a house I will go for it.

 

[Trush Jodie]

As far as the loan can be repaid in about 10 years, I would take a loan to buy a house.

 

[serki777]

Using a loan to buy a home is pretty common, but the tricky part is understanding how much you should borrow versus how much you can actually afford. Banks will sometimes pre-approve you for more than what makes sense for your budget. That's why I'd always recommend getting a personalized mortgage quote before jumping in.

I've used MortgageQuote.com for this, and it helped me figure out not just the monthly payment, but also what the closing costs and long-term outlook would be. Having that clarity upfront really changes how you look at listings because you know exactly where your limit is, instead of guessing and stressing later

 

[Starmix]

Fortunately, I bought our house and lot in cash, in millions. My sisters chipped in some money to come the purchase 10 years ago. I saved a lot when I was a kid, teenage years, and invested at age 17, which I used for buying the house and lot.

 

[klassicdoll]

I’m not really the type to take out a loan. I’d probably go for rent-to-own housing — at least the monthly payments are going toward something that will eventually be mine. But honestly, I’m not sure if it’s the smartest move; just my own opinion hehe .

 

[Sanjeev]

It's always good to have your property on loan if your salary permits to pay back the loan. There are many benifits like rebate in tax and you don't have to pay the rent.