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 Fear of buying house

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poweredbydiscuz
post Nov 12 2020, 10:54 AM

 
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Buy within your mean.

And if the "what if" happens and can't afford to pay the loan, just sell the house and start to rent again. You won't lose much (if any) as the house won't depreciate much. Heck you may even gain if it appreciates.
poweredbydiscuz
post Nov 12 2020, 11:07 AM

 
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Just to add, buying a first house should be an easier decision, because you still need a place to stay no matter what happens.

If things get rough, you have the option to rent out some of the rooms to cover the loan. That way it will be cheaper than you renting a room outside.
poweredbydiscuz
post Nov 13 2020, 08:23 AM

 
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QUOTE(zenix @ Nov 13 2020, 12:38 AM)
there are many ways to skin a cat so i'll just tell you two stories then you see how you can fit into your personal scenario.

» Click to show Spoiler - click again to hide... «

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Cool story but TS was asking for own stay though.
poweredbydiscuz
post Feb 17 2025, 12:30 PM

 
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QUOTE(burn22 @ Feb 17 2025, 09:35 AM)
can buy, but to ur affordability!!
if harga umah tak mampu, cari condo or apartment dulu (freehold title). no matter what, sebelum beli, must have backup saving for emergencies, and always pay more 4 down payment with shorter term loan... aka 15 to 18yrs. if take 30yrs, can forget about it, unless lu keja in gomen.
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No. A wiser way is pay the lowest deposit and take the longest loan, then park the additional money in the flexi/semi loan to offset the interest while able to access it.
poweredbydiscuz
post Feb 17 2025, 03:19 PM

 
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QUOTE(MasBoleh! @ Feb 17 2025, 02:58 PM)
actually i really doubt you can have early settlement within 3 years looking at the mortgage loan terms. Early settlement only up to 80% within 3 years, unless the loan you had back then don't have all these revised terms
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Usually need to pay some penalty if settle within the lock in period.

This post has been edited by poweredbydiscuz: Feb 17 2025, 03:20 PM
poweredbydiscuz
post Feb 17 2025, 11:55 PM

 
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QUOTE(burn22 @ Feb 17 2025, 10:52 PM)
bila recession hit twice, and someone you luv got cancer, 2 times ops + treatment oledi cost a bomb. then gaji keja keno potong, mungkin you akan paham. during those days, I sold off my condo unit bila hit with financial difficulty. got another 2yrs to settle, with 14yrs installment. from there, gua bought another apartment unit in cash at lower price, with xtra balance to save for rainy day. untuk gua, shorter term, less paying for yearly interest. bila jual, dapat bigger amount...
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This exact post shows that you have zero financial knowledge about mortgage. Please do yourself a favour and go learn about how home loan works.
poweredbydiscuz
post Feb 18 2025, 07:46 AM

 
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QUOTE(adamhzm90 @ Feb 18 2025, 07:40 AM)
No right or wrong here..
Paying shorter term less interest paid..
Paying longer term lower monthly commitment..

Depends on preference
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Please read my previous post. I'm talking about putting the extra money into the loan (overpay) so that can pay lower interest and at the same time can have access to the overpaid amount at any time, instead of use the money to pay deposit at the beginning (which is gone unless you sell the house).

This post has been edited by poweredbydiscuz: Feb 18 2025, 07:47 AM

 

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