Wednesday, October 1, 2008

Responsibilities that come with a mortgage:


A mortgage is a security on a property that secures a loan and is paid in installments over a set period of time. The mortgage secures your promise that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial situation.


We need to think about the below questions before going for mortgage:


1. Do you have the financial security to recover the mortgage which you are going to take?


2. Are you mentaly prepare to take a huge financial debt?


3. Are you currently in a financial position to comfortably make the monthly mortgage payment?


4. You need to know if you are not able to pay your mortgage payment,what type of risks you need to face?


If you are able to provide the answers of the above questions by yourself then you need to go for mortgage as per your requirement.

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