Why Buying House Through Mortgage Is Better Than Paying Rent

Posted on July 16 2019 , at 02:03 pm
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There’s nothing more beautiful than having a place to call your own. That’s why it is better to own a house through mortgage if you don’t have enough money to buy it outright instead of paying monthly rent. The comfort and safety that comes with knowing that no matter what happens you’ll always have a place to stay makes you live your life with ease.

But owning a house in places like Lagos, Abuja or Port Harcourt in Nigeria can be difficult due to high cost of property in these cities. To overcome this setback, many people are now opting for mortgage. Once you have a steady source of income, you can own a house through this process. While you may choose to wait until you have all the money for buying or building your own home, but time may not be kind to you and you may end up with no house.

Your question must be how can you secure a mortgage? First of all, you need to do your due diligence on the city and area you want to own a house before you approach a reliable mortgage company that works for your budget and plans.

Once you reach an agreement with your preferred mortgage bank, then sign the papers and take delivery of your house and use the money you were using to pay rent to start paying off your new home little by little. It’s one of the best ways to secure your future.

Depending on the size of the house or the neighbourhood you chose, you can take full ownership of the house in a few years. So, if you want to have a place to live in your old age after all your youthful struggles, then you must stop paying rent and take the idea of having your own house seriously.

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