What are the advantages of using mortgage to buy a house?

[IamDozzy]

For those with low earnings and still want to be home owners, mortgage is the way to go . Moreover, mortgage improves ones credit score and mortgage keeps.one from spending carelessness. For those with the money to outrightly buy a house then mortgage wouldn't be an option for them. In Nigeria, most people outrightly buy their house.

 

[solomonmali]

as is interest on home equity loans, property taxes and some closing costs when buying the home. However, Figgatt notes, tax law changes raising the standard deduction and capping deductions that can be taken on state and local taxes, make it less likely for younger people and those buying starter homes to enjoy those breaks.

 

[Sariana23]

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You have nailed it! Mortgage helps those that cannot afford to get a house immediately get the house and pay for it in installments with interest which should be considered before going for the option.

You are right @Eodine , as to what you must be aware of, that this is going to be a constant debt for a long time that must be paid monthly and without delay, together with the payment of interest. Personally, I prefer to avoid having a debt in such a way that they absorb people's salary.

 

[Shigobad2020]

The advantages of using a mortgage that because mortgage will borrow you a larger some of money with low interest and they will be deducting the money in a way that will not affect you Maybe at the end of the with ease.

 

[GIFTMICHAEL]

What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?

Yes it enable you to own a property that you may not afford the complete amount of money in a shortest period of time. Many people have had the opportunity to have or own business or property which wouldn't have been easy to afford ordinarily.

 

[Kamon c4]

Though I prefer full payment on a property than mortgage but there’re lots of advantages of mortgaging a home. One of the advantage of mortgaging a property is the ease of payment. Monthly installments can be compared to rents but there difference is you’re going to own the property on completion of the mortgage payment. It also allows you to invest your funds into other investments

 

[Alihaider]

When you can't afford the full cost of a home out of pocket, a mortgage is a requirement. There are several situations where having a mortgage on your home makes sense even if you have the funds to pay it off. Investors, for instance, often mortgage real estate to free up funds for other investments.

 

[Abdul Naveed]

There are some special benefits to using a mortgage company for your loan. ... Unlike mortgage "brokers", mortgage companies still pay off debt directly. Because these companies only offer mortgage loans, they can do much better than a bank.

 

[Irfanali]

Mortgages make homeownership affordable:

Since you can spread the payments on your home loan for so many years, the amount you will pay each month is more manageable and affordable! Traditionally, when people take out their first mortgage, they opt for a 25-year term.

 

[Mawome]

The only advantage that I see in buying a with your borrowed money is that, you don't pass through stress because if you are to hustle for the money it will definitely take you year and years for you to save that kind of money, but borrowing appear to be faster than other ways.

 

[Hills]

Some people really use that because of emergency to get out of tenancy or to own a property that they'd consider good or cheap to buy at that particular moment to me there's a lot more more advantage if you are hundred percent sure to pay back the money

 

[Kingsley]

There is some form of flexibility and this will make it less stressful for who is paying for the property and while the property will still be in the possession of the buyer. So the buyer .ca also make good profit from it. If the property can be rented som there will be some sought of gains that can be made while you are still paying for the property

 

[Billy]

What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?

The single most advantage I get from paying a mortgage is the ability to engage in other businesses or expenses and still living in a house or home that i can call mine. The freedom it gives is just amazing.

 

[Yaqoob Habib]

Advantage of buying a real estate property is that you don't pay large sum with you money. If secure the property at the right location, it is the rent that will repay the mortgage while the profit on the payment is your passive income. But you have to know how to secure good property at right location.

A mortgage makes home ownership affordable The Interest rate on a mortgage are generally lower than for other type of borrowing.because you can spread the repayments on your home loan over so many years,The amount you 'll pay back every month is more manageable,and affordable.

 

[BTCBEE]

A mortgage makes home ownership affordable The Interest rate on a mortgage are generally lower than for other type of borrowing.because you can spread the repayments on your home loan over so many years,The amount you 'll pay back every month is more manageable,and affordable.

well said when you decide to take a mortgage its make makes home-ownership affordable and you get less stress about interest rate which is lower than normal other type of loan so its always beneficial

 

[FreshKaz11]

What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?

Mortgage is a good financing way of helping most citizen of a country that have good record,but is not allow in all country tho. If giving out mortgage is allow in our country here I guess I would also filed fire it, because I really want to own a goo property and pay back conviniently without much stress on paying back.

 

[richee84]

Mortgage loan help the borrower to own a house of his/her own at a very convenient rate. Most of the mortgage interest loan are at a very low rate which always make the repayment term mush easier for the borrower. Though it also come with it own disadvantages as the borrower might looses the house back to the mortgage bank if he/she default.

 

[Eodine]

Buying a house with installmental payments otherwise known as mortgage can have both positive and negative results which is why it is important to plan for a mortgage if there is sufficient funds to finance it which wouldn't lead to debt in future.

 

[Akinwale701]

The best loan to obtain for buying or building a house is mortgage.the repayments terms is spread in such a way that it is easy for the mortgagee to pay back easily without stress.

What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?

 

[Samuel77]

One of the advantage you get when using mortgage to buy house, is that you find it very easy to pay for the house and also it is affordable for anybody standard