April 26, 2023
Everyone has dreams of owning a home in the near future. For many people, they must first be financially buoyant before they start making plans of owning a home of their own. Well, this is a fallacious idea especially now that there are so many great mortgage options available. Financing your own piece of paradise doesn't have to be daunting and that is why we shared the top five reasons why going this route can help you reach your goal by 2023.
FASTEST WAY TO PURCHASE PROPERTIES
Applying for a mortgage loan is one of the fastest ways of purchasing properties. By applying for a mortgage loan, you can get the property you want without having to wait for months or years to save up the full purchase price. It also requires minimal paperwork and enables fast disbursal of funds making it an ideal option when time is of the essence. Furthermore, mortgage loans offer attractive repayment options and enable flexibility with down payments as well. Therefore, mortgage loans are an excellent way to purchase properties quickly and efficiently.
KEEP YOUR CASH RESERVES
Mortgage enables you to have the best of both worlds - access cash when needed while owning a home. Mortgage ensures that all your money is not tied down to your property leaving you with extra money that you can save in your bank account. With Mortgage you do not have to empty your wallet all at once, so when unexpected purchases or financial issues arise the money in the bank can come in handy.
YOU GET ALL THE PROFITS
Homeownership through a mortgage is an amazing way to invest in your future! Not only can you gain equity, but if the value of your property increases over time, that's all yours. With an initial payment, you can gain equity by purchasing real estate for significantly less than its value. Over time, these properties appreciate in market worth - giving you a return on your money far greater than what is available from any other financial product out there. For example: Let's say that property worth N1m increases to N1.2m over the period when payments are made towards one's mortgage loan, then they would have achieved at least 20% return or even 40% if purchased at half the initial price.
There are many tax benefits that come with a mortgage. With your mortgage interest being deductible, you'll be empowered to save money in new ways while tackling that long-term financial commitment. Paying off your home is analogous to running a marathon; steady persistence will take you all the way.
INCREASES YOUR CREDIT SCORE.
Owning a mortgage and staying current with payments consistently is an effective way for you to boost your credit score. Doing this can open up many opportunities down the road; lenders view you as reliable - which allows for greater chances at securing loans when looking towards big dreams such as investments or car purchases.
Finally, a mortgage isn't something to be feared - it can help you make a smart financial decision. With competitive rates, there's never been an easier way for individuals to acquire property. Make the most of your money and take advantage of this great opportunity,