How to look at the details of your mortgage before it's too late

Guest Post 
​Houses are becoming more affordable here in the US. My family and I recently decided to buy our own property. We had to take a mortgage from the bank. It was important for us to get our own property during this time because properties became very cheap. 

We didn't want to miss it and we wanted to be able to take advantage of this season while we could. Overall renting is becoming less and less attractive and property buying is becoming more affordable by the day.

I believe Mortgage lending is very cheap. It is asset backed this means that if the bank lends me a $100000 to get a house , and I am not able to meet up with my mortgage monthly payments, the bank is entitled to take something from me that is worth $100000. In the UK, Help to buy are famous for lending houses to first time buyers especially in the UK. 

In the course of the COVID pandemic banks have reduced their interest rates on mortgage loans. As first time home buyers we went with the Fixed Interest Rate option because it was favourable for us.  In the US, the federal Government has subsidized housing rates, so first time buyers can lock in their interest rates so it is the same over the next 10 to 30 years.

But this is only applicable to few lenders across the United States. As only few offer fixed interest rates above the five year mark. With the changing rates we wanted to gather all the costs before hand at first because these rates can change and affect our whole monthly payment. So we decided to use the Mortgage Calculator UK. What I enjoyed about this platform was it gave me heads up about my mortgage payment overtime and the changes to expect.   There's so many moving pieces to consider, and they really make it easy to figure out what you need to budget for monthly, and also considering smart long-term strategies.  

I have not fallen short so far on my mortgage loans because I have done the math. We are expecting another child soon and our present house is a bit small for all of us. So we are thinking of taking another mortgage before the year runs out. We're even able to complete a new driveway project with Denver Concrete Stain.  The calculator seems more geared towards the Uk real estate though but it is still applicable to other real estate industries across different countries.

With graphs and infographics I am confident of what my loan repayment costs are looking like year in year out. It can be really scary when you don’t have a handle on such info. These days before I take a mortgage loan, I use the calculator to check what my income would like if I am to payback the mortgage loan. Saved me a lot of times especially when trying to compare different lenders and their rates.

Looking at this statistics, from the Bank of England it shows that from 2016 to Date the decisions by some financial institutions' as it concerns offering loans has been going in favour of homeowners. There have been more mortgage loans to new and existing house owners since then.  This has made the buying, selling and renting of real estate gain stability more than ever before.

Even as the COVID-19 pandemic is requiring more people to work from home these ease in taking mortgage loans is coming at the best time. In this post by Bloomberg, it shows that many execs are looking to cut back on office space and move most of their operations remote as many of their employees seem to enjoy working from home. This is to say that the real estate housing will experience a boom this season with more people making spaces for work in their homes. 

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