It is very easy to live large and makeÂ life comfortable inÂ some part of the westernÂ world with all sorts of facilities from debit card to credit card and various other loans so far they see you’re qualified using your financial income and other yardstick as a measure.Â YouÂ may also be disqualifiedÂ if you don’t have a creditÂ card to your nameÂ it may be to your disadvantageÂ because a person with a credit card is credit worthy this isÂ because he has the capacity to pay a higher interest on loans he takes and can stretch themÂ to pay at his convenience ‘the more he keeps the loan the better for the financial firm’ and this shows the kind of person he is in the society. And for carrying such card there’s a kind of data pool that can easily reflect his status and some other financial firmÂ could comeÂ marketing themselves.
However, with these facilities you can easily buy almost anything including shopping in the supermarket, purchase of electronics, shoes, cloths, cars, houses. and many others.Â In the case of cars, thereÂ is a facility where the person goes throughÂ anÂ agreement procedure after identification. If heÂ is credit worthy, heÂ could have the car immediately. HoweverÂ in most cases the cars are withdrawn from the person if he doesn’t keep his part ofÂ the financial obligation and he losesÂ the money he had paid over time.
In the case of buying a house, most peopleÂ get loansÂ from the bank through a broker or by themselves to buy and pay over timeÂ before the could take full possession of the property.Â Both parties enter into an agreementÂ and some of the sensitive part is if the buyerÂ defaults in meeting up his own part ofÂ his monthly financial responsibility,the house will be repossessed and the buyer loses all his money paid over the years.
In conclusion one should not bite more than he can chew.Â It’s better toÂ payÂ a largeÂ depositÂ to reduce interest rate and as quickly as possible pay back the loan as the earlier you pay back the less interest you will have to pay.Some people let outÂ spare rooms in the house to help contribute in paying back the loan.
Finally, miracles happen! for exampleÂ aÂ groupÂ of companies could offer toÂ buyÂ houses inÂ your neighbourhoodÂ for business purposes and they will be willing to pay even up to twice the value of your property in such situations. In such a case there is room to negotiate to sell your property at aÂ very good price.IfÂ such a deal goes through,Â you would have made so much money to enable you buy your next house without requiring a mortgage.It is pertinent to note that thereÂ are several tips on managing your mortgage wisely.