Monday, August 14, 2017

Recently, I took out a mortgage to buy a house. First, I went to my primary bank to receive a consultation. There was a property evaluation of the house I wanted to buy. They calculated an interest rate based on my fixed income, transaction history, and credit level. I was able to receive a loan for 60% of the total cost of the house. I will repay the loan through level payments on capital and interest. The grace period was set at 3 years. We agreed on a repayment period of 20 years. A fixed interest rate was applied for the loan period. There was also a processing fee for the loan. With my current financial status, I wouldn't have been able to buy a home by myself. I am grateful that I was able to receive a loan to become a homeowner. All that's left is to work hard and repay the loan every month.

Congratulation on buying a house!

Thanks. I don't know how I'll repay the loan.

Take it one step at a time.

You're right. I should be happy.