of homes and mortgages
if there’s one thing i’m scared of, it’s being in debt. when i was still single, i had a visa card, and though i found it very convenient to use for shopping cash-free particularly when i traveled, i always made sure i paid the bills in full when the payment was due. i never needed more than one credit card, and i never fell into the lure of spending more than what i could pay.
fast forward many years, and nothing has changed as i happened to have married someone equally nervous with liquidity. we’re not rich, but we can proudly say we’re debt-free.
however, if there’s one thing that would make me overcome this stance, it’s the prospect of possibly owning a place to call home. if one considers the amount we pay each month in rent, money that could have already been used to pay mortgage on a property instead, it simply makes sense.
it’s a scary step, though. where? how? how much? when? what if we buy a property at the wrong time? is there a possibility for a mortgage refinance? it’s a complicated financial strategy, one i’m not well-versed myself, but as i understood it, in home mortgage refinance, one takes a second loan to pay off the old debt in full, and then save some money in paying off the second loan which, presumably offers better mortgage rates. this refinance home mortgage website, for example, offers information on how it works in several states in the US, and a free quote, depending on the location and type of property you want to refinance, and your credit rating.
i wish such possibilities were open to us. i wish we already know where we want to settle down for keeps. i wish we would have the courage to take such a big financial move. i wish.
or should i maybe just wish that i’d win the lotto?
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