Posted on
June 12, 2008
at
1:38 am
Do you know that I have been putting off the idea of getting a house until I am 35 years of age? The big sum and the long period of payment really scare me off. It was not until my mid thirties that I have to get one irregardless the heavy financial burden it inflicted on me. It is simply worth your money as house usually appreciates in values. As I am way behind time, I put in a very big amount as a down payment and go for the maximum installments that I can afford.When financial crisis strike, I am finding it very difficult to pay off my monthly installment.What do you recommend me to do?
Posted on
June 14, 2008
at
2:16 am
You say you opted for maximum installments that you could afford. Does this mean you also have the option of reducing to minimum payments if you're in a credit crisis? Drop your payments back a touch until you can catch back up again.
Posted on
July 7, 2008
at
12:53 am
Who says you have to own a house no matter what? Really look at the financial burden and see if it is worth it. A roof over our head is what counts not whether we own it or not. As far as we know we only have one life. When we die we don't take any material goods with us. Giving yourself unnecessary financial stress is not worth it. If you are in mortgage stress you must talk to the lender as soon as possible. They may have a solution that serves you both.
Posted on
September 22, 2008
at
11:45 am
Yes I would look to see if you can lower the payments. So you bought a house but waited until you were in your Mid 30's- that is what I'm getting from your question. I would check to see if the payment can be lowered- if not- refinancing is always an option. A lot of times the payments are lower this way.
Posted on
April 1, 2009
at
6:39 pm
Yes I totally understand it we were hoping to pay more this year every month but I think we will have to stick with the minimum repayments until the crisis is over at least.
Posted on
April 6, 2009
at
8:04 pm
It sounds like you tried very hard to make an intelligent decision and saved up a good downpayment. If you aren't late in the payments try to refinance. Later you can always double up or add extra to your payments to get back on track. A good friend of mine advised me not to be "house poor," when I bought my first house, I wanted to finance it for 15 years and she talked me into 30. In the good times I paid double, in the hard times I only paid what was needed.
Posted on
April 6, 2009
at
10:38 pm
I think you can try to refinance it . You have the option to lower down the cost for your monthly housing.
Posted on
April 6, 2009
at
10:46 pm
First, go to your bank manager and ask him if you can change the payments. If this does not work, then go to another bank and find out if you can have your loan transferred at no cost so that you can pay lower payments.
