Looking to Invest in a Home? Here are a Few Things to Take into Account

Man and woman purchasing a home for investment

When buying a house, most people think about the mortgage rate and the monthly payments. This does not paint the complete picture, however. According to Cavite Properties there are many housing options in Cavite – so many, in fact, that it can overwhelm the potential buyer. Like any major investment in life, there are a lot of things to consider.

Weigh Your Options

In the case of property, these considerations include the community, distance to and the quality of the nearby schools, travel time to commercial centers and to the office, as well as environmental considerations, such as cleanliness of the surroundings. Weigh your options carefully, especially when it comes to the size of home you are deciding on, as well.

Cavite is well noted as a place which is accessible to Metro Manila, yet an area in which one can enjoy the cool, clean breezy air of the highlands. It may be a good idea to invest in the booming real estate scene in the area – especially since many people are now considering moving out of the busy city centers across the metro. Plus, there are ow master-planned developments in the area which afford potential home buyers a variety of choices, when it comes to the size and style of home.

Look into a Mortgage

If you are looking for ways to finance your investment, home mortgage rates typically float with the market and the economy. A listing of the 2017 interest rates from local banks shows that it ranges from 4.99% to 7.55% for a 1-million=peso loan for 10 years, with a fixed term for 1 year. These are listed interest rates. Each bank has its own conditions, including the minimum amount of loan and margin of finance. These rates are listed by the bank; however, these can also be part of a bank promotion and has a specific end date. Normally, bank mortgage interest rates can change without prior notice.

Second Mortgage

When buying a home, environment, social and financial considerations exist. In addition, convenience must also be taken into account. A buyer who has a long history with a particular bank would be better served by this bank rather than going to another bank for the home mortgage. In some instances, a second mortgage might be a sound idea, as well. In this case, it is better if a second bank which specializes in second mortgages would handle that part of the transaction. A second mortgage can be an instrument which effectively allows the home buyer to acquire a house as it can likewise serve as the cash down payment.

Carefully take into account all the factors involved in the decision to buy a house and lot – after all, it is a worthwhile investment into your future.