Getting a loan is definitely a good way to purchase your own home in this economy. You can choose the home of your dream from http://www.perumnas.co.id/ and finally open a new chapter with your family without having to collect huge amount of money upfront. Even though getting a home mortgage sounds very tempting, you actually need to be careful. If you make a move before making sure that you are ready, you might end up in debt as well as losing the house. To make sure that you will not face any problem, here are some things that you need to consider before getting a home loan.
The Down Payment, Monthly Payment and Emergency Expenses
After you have found a house that you want to purchase as well as its price, you need to make a careful calculation of how much you will end up to pay. First of all, of course you need to think about the down payment since it is the one that will secure your loan and once it is settled, you can move to the house immediately.
But securing the down payment doesn’t mean that the journey is end. On the contrary, it is just started. Make sure you still have plenty of extra cash after paying the down payment because there are so many unexpected expenses when you are moving to a new house. If paying the down payment makes it hard for you to financially survive, it means you are not ready yet to purchase the house.
The Interest Rate
You need to remember that taking loan means you need to pay even more money compared to the original value of the house. This is because you also have to pay the interest in addition to the price of the house. Therefore, you need to consider about what kind of interest rate you are willing to pay. Fixed rate is more predictable but it is also usually higher compared to floating rate. Don’t be afraid to negotiate so you can get the best rate that will not put too much burden on your finance.
Select the Lender Carefully
Last but not least, make sure you only choose a reputable lender. Popular and well established home loan lender usually will give slightly higher interest rate. But if it means that you will get better service as well as security, then the extra cost you need to pay will be worth it.