Real Estate Tips ...
You saw the house you wanted, you made your down payment, then borrowed the balance from the bank and paid off the Seller in thirty days. If this really happened, please let all of us know how you did it so we could have the same happy experience.
  • Did the bank advise you that you would require life insurance in an amount at least equal to the amount of money that you intend to borrow? 
  • Were you advised you of expenses that you will have to pay, legal fees, a commitment fee, stamp duty on the mortgage document, etc.? 
  • Do you know how long it would take for your loan application to be processed?
  • Were you advised that you would be required to obtain written references from your employer as well as from your regular bank before your application could be processed?
  • Did you find out if the lawyer, whose fees you will be required to pay, will be prepared to protect your interests as much as he would the interests of the bank? 
You are in the driver’s seat, you are the king, and so if some of these questions need answering, make sure you get the answers. Remember that this is business, you are ‘buying’ money to secure your purchase of a loan. Educate yourself on interest costs; take ten dollars and buy one of McGraw-Hill’s Interest Amortization Tables, Second Addition.
Conclusion
Home ownership is beneficial and more to be desired than renting, which is really the highway to nowhere. Home ownership engenders stability, as well as pride and progress, in a family, which in turn helps to create community pride. True, it may be a challenge to buy a home, even more so to have one built, however it is worth every ounce of effort and every minute of frustration. All of us should work to own the land we live on and the house we live in.