Friday, June 16, 2017

Deciding on whether to buy a house or rent?

Home ownership is no simple matter as it is one of the biggest personal and financial decisions you will make.  Is buying a house the right thing for you now or is it better for you to rent?

To help you answer that question, here are things you can consider:

1. Ownership.  Buying a house can you a sense of security and stability.  You will be able to fully own the house or property after paying off your mortgage and need not worry about paying for somewhere to live for the rest of your life.  With your own home, you are free to make improvements and renovate without the need to ask a landlord's permission.  It is also an asset that you can use as equity to fund a small business, a bigger house, or other purposes.

2. Flexibility.  For those whose job requires them to move from one place to another will find renting or leasing to be more practical.  With renting, it will be easy to move out, and you don't need to worry about finding a buyer for your home when you need to relocate to another city or country.

3. Affordability. For some, a monthly rent is more affordable than maintaining a mortgage loan plus other expenses that goes with home ownership such as annual real estate taxes, insurance, maintenance or improvements, and home repairs.  Thus, paying rent will allow you to have a more savings or funds for your other goals like a family vacatino, retirement plans, and even a brand new car.

On the other hand, some people find it wise to take out a loan to buy a house.  Like what we said in the first tip, paying your loan amortization monthly will eventually be able to make you own the house after paying off the mortgage while paying rent for years will not.

The choice of whether to rent or buy a house depends on several factors.  You need to consider the location and community, your lifestyle, needs, budget, and your short- and long-term goals. At the end of the day, only you and your loved ones can make the final choice.

If you decide and choose to buy a house, PSBank can help finance this for you. With PSBank Home Loan with Prime Rebate you will get fast credit decision within five banking days or less via SMS, provided that the application documents are complete. We also offer low interest rates, convenient modes of payment, and flexible payment terms.

You can also save from paying more than your monthly loan amortization.  Our Home Loan has the Prime Rebate feature which lets you earn rebates in the form of “interest discount on any advance or excess payments made on your loan.  Over time, you can use the rebates to lower the loan principal, shorten your loan term, or even both.

For inquiries on PSBank Home Loan with Prime Rebate, visit your nearest PSBank branch or call our 24/7 Customer Experience Hotline at (02)845-8888.

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