23 March 2011

Shelter is one of man's basic necessities. But since many people could not afford to by their won house, they opt to rent apartments or houses instead. Monthly payments for rental houses are affordable but they are really not considered as the best solution for your shelter needs. For one, conflicts often arise between landlords and tenants and the owners can easily kick you off their property whenever they want to. Secondly, the money you are paying for will only get wasted. No matter how long you have been renting the house, there is no chance that you are getting the rights to own it. So what is the best option for young professionals and business owners that don't have huge lump sum to pay for a house?-a home loan! Yes, you can get rid of all your renting dilemmas by taking out a home loan. You don't even have to pay large down payments to buy your dream house. Many banks and lenders nowadays grant 100% the house price. All you have to do is repay the loan through monthly mortgage payments and you can already reside in your dream home. If you fail to repay your monthly mortgage, banks and lenders may be forced to repossess the house to settle your account.  But this is usually a last resort as lending companies don't really benefit from foreclosing properties. More often than not, they are willing to make settlements so you can keep your home and they can save themselves from the tedious process of auctioning the property. Buying a house on a home loan is one of the greatest investments you will ever make. Not only will you benefit from continued appreciation of the house, but save yourself from the hassles of renting.