I was talking to a friend about buying a house. Well, I am not the one who will be buying; he is. It seems that even if we are able to pay for the house in cash, we can't. We would still need to apply for a home loan and then "slowly" pay up the monthly installments as if we do not have enough money to buy the house. This is to avoid alerting the IRS. Hehe!
When my sister was shopping for home loans, she told me that it is not an easy decision to make, whether to chose one with flexible interest rate or one with fixed interest rate because no matter how you look at it, when it comes to home loans, you, the home buyer, will end up losing money in interests.
Having said this, if you want to own a house [who does not?], you will have to take out a home loan, or maybe two. My sister took out two. The major one lasts thirty long years and that is certainly a very heavy responsibility!
Even so, no matter how difficult it is to meet that monthly commitment for thirty long years, my sister tells me that at the end of the tiring work day, driving up her house and seeing that she OWNS it, the feeling is thoroughly fulfilling. I wonder if I will ever have the discipline to commit myself to a debt that huge!
When my sister was shopping for home loans, she told me that it is not an easy decision to make, whether to chose one with flexible interest rate or one with fixed interest rate because no matter how you look at it, when it comes to home loans, you, the home buyer, will end up losing money in interests.
Having said this, if you want to own a house [who does not?], you will have to take out a home loan, or maybe two. My sister took out two. The major one lasts thirty long years and that is certainly a very heavy responsibility!
Even so, no matter how difficult it is to meet that monthly commitment for thirty long years, my sister tells me that at the end of the tiring work day, driving up her house and seeing that she OWNS it, the feeling is thoroughly fulfilling. I wonder if I will ever have the discipline to commit myself to a debt that huge!
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