Understand the Best Deals for the Mortgage Options

That’s all they say: a mortgage is bondage, slavery, shackles … And life in someone else’s house (relatives or rented houses) is not slavery? Alien monasteries with strange statutes, but the opportunity at any time to quit and lie on a strange couch – or your home, your territory, for which, yes, have to work for a while?

Mortgage is not bondage, mortgages are an opportunity. The opportunity to get something that you could not otherwise dream about. That’s just to use the mortgage you need right! People fall into bondage not because of mortgages, but because of the wrong approach to it. How to use a mortgage to avoid being enslaved? Get the answer from the mortgage broker GeelongĀ .

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  1. A feasible payment

How long can you live on bread and water, working from morning till night? In fact, for a long time – if the motivation is appropriate. A powerful motivation that sweeps everything in its path. But an apartment is not the goal for which you want to sacrifice your life. People tend to overestimate their capabilities. “If you buy inexpensive food in a supermarket and walk more, saving on gasoline, I have enough for life 5000 rubles. per month. The rest can be given for a loan to pay off quickly! “This is the way to the abyss. And above all, because with this scenario your motivation to develop and achieve more in life falls to zero!

  • Here you received a salary, you took a share in the bank, and left – the cat wept. All desires, all the pleasures aside, a bowl of rice – and again to the galleys. Well, for what then is all this? For the sake of what to plow from morning till night, for the sake of what to develop and make a career? All the same, give all the bank … Life’s tone falls, discontent with life grows (“I get caught in bondage!”), Depression, cost reduction, dismissal, default, loss of apartment … We arrived.
  • So, this is the most important rule of the mortgage. Mortgage payment should be affordable for you. Mortgage should be the background of your life, and not be the subject of daily black thoughts. You do not have to pay with the last effort. You do not need to deprive yourself of rest, beautiful clothes, suppers in cafes and holidays at sea. It is possible (and necessary) to moderate appetites and reasonably reduce costs. But you should not allow the feeling that you “give your whole life to this damned mortgage.”

How much should I give to the bank?

Usually banks allow a maximum payment of 40% of your confirmed income. But there are programs without income confirmation; there you set the size of the payment yourself. In my opinion, the optimal amount of credit payment is 30% of your net income (minus all compulsory payments: taxes, alimony, rental of housing, etc.). If you have other loans, add payments to them to the mortgage – the amount should be the same as 30%. Pay more psychologically difficult. It is less – inexpedient, because you want to get rid of debts as soon as possible.

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