Monday, October 01, 2018

Talk about mortgage loans.

When people take the plunge and decide to buy a house, they open take out a loan. They usually get a mortgage loan from bank with the house as collateral. Many banks have long-term mortgage products with relatively low interest rates. The interest rate is heavily dependent on one's credit rating and trade performance. Often the size of the loan depends on an individual's income level. There are two systems; floating interest and fixed interest. I recently received a loan from a bank to buy a house. At first, I was going to get a credit loan, but loanable amount is too low, so I took out a mortgage loan. I received half of the house's price. I set the repayment period as 20 years. I have to pay the level payment of both the principal and interest(P&I) on a monthly basis.

You look stressed out. Is something wrong? Can I help you?

I'm trying to take out a mortgage but it's so much paperwork.

I did the same things last year. I will walk you through it.

Thanks. It's so complicated. It feels like a foreign language.