Wednesday, March 30, 2011

Home Loans

We have purchased this house that we are currently living with the help of a home loan from a bank 6 years ago. We are the 2nd owners already of this house and we were quite blessed that we got this for a low price only. Though we had to pay extra for the refurbishment of the house since it looked old and had a number of repairs that needed to be done. We also changed the tiles in the bath room and the flooring tiles too.

After 6 years, we are still paying the bank but we are glad that the bank has refinance home loan options. We have paid some lump sum amount and we asked them to recompute the interests and the monthly amortization. We requested that they retain the monthly amortization amount in the hopes of shortening the number of years we need to pay. True enough, after computation, the number of years shortened and as of today, we have 2 more years to go to fully pay the home loan we got from the bank! I just hope that the interest rates won't go higher in the next 2 years!

I am glad that banks offer home loans. It allows people to purchase houses and pay them within their means. It is like helping them reach their goals or dreams. I just hope that the interest rates won't be too high though. :)