For couples who are starting a family, one of the major things they would have to agree early on is to settle to rent an apartment/house or the better deal of availing of a mortgage loan which can be beneficial for a growing family in the long run. First of all, allow me to borrow from Wikipedia its definition of a mortage loan. It “..is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.”
For most starting families, to be home buyers or builders trying to get a hold of the loan can be tedious, not to mention stressful, especially so if they are just into establishing their respective careers. Most banks and financial institutions are strict when it comes to giving out long term deals like that of a mortgage loan.
Some things a family has to consider when availing mortgage loans are: the amount of the loan, the maturity date, the interest rate and method of paying off the plan (monthly, quarterly, semi-annual, annual). These are the four major things to decide from. Then decide from there whether availing of a mortgage will be feasible for your family as you have all these factored out against the income that gets into your household on a monthly basis.
