Be the owner of your house Now: High time for Home Mortgage Ownership

Buying your own house is a dream that almost everyone sees. No one likes the thought of wasting away a huge portion of their salaries on monthly rentals. Most of the time even potential buyers are hesitant to come to the idea of mortgage home ownership only because of fallacies being shown on media.The fact is that it’s a high time to opt for home mortgage as the opportunities for the same are readily available now; at the same time the market is growing with decreasing rates.The first time buyer has so many self-created fears which stops them from coming to a good decision. Potential buyers should understand that equity ownership is as important as living, not only that the property would give them a fortune later on but also it will relief them from rental payments.

The most common misunderstandings that exist among buyers include the down payments and the ratio of the monthly payments as to what their monthly earnings are. This is often mistaken that the down payment would be more or less 15 to 20 percentage; which is not exactly true. People do take out themselves out of potential buyers and think that the idea is not exciting.

The fact is, down payment is as low as 3.5%; and a person whose mortgage monthly payment reaches upto 50% of his gross income, can surely afford it. This is simply another step to a more stable life.

Buyers often also have another msiconception that refinancing will be a difficult part if there is a requirement for this in future which is again not true. Government is looking forward to enhacnced economy with comparatively lower interest rates at all times. Government is keeping in view the lower rates to make it easier for buyers to build equity and once the rates increase allow them to refinance. Liquidity should also not be the concern as the buyers will be having an opportunity of refinancing their equities which is really another good point. Being the first time buyer, mortgage has never been this easy.

People who have been renting for long time have a golden chance to get their own houses now, market for home mortgage is all ready for buyers to come and enjoy lower interest rates with an option to refinance also.It would be exciting at this point in time. Do not let your hard earned money go wasted in monthly rentals. Be a decision maker, go for it now.

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