I'm worried about taking a loan

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I think that the most important that I should tell you - is that you have to think twice before taking a loan! Calculate everything to ensure that you can pay it off. I have taken some loans in my life, and, man, it's such a headache. However, if you will decide

Last edited by B19 on 27 Nov 2019, 9:29 pm, edited 1 time in total.: spammer

Hey, friend, I think, that you have nothing to worry about as the main advantage of any person is the fact that we're able to adapt and to learn! For example, when I was a newbie in questions related to loans/mortgages, I really was afraid to take a loan... However, every man will face this someday. To be honest, I needed a loan because I wanted to start a business, so I searched for a loan company with a low interest rate and easy registration, and among all the offers I liked proposal of company about which you can find more at the site n it)

Last edited by B19 on 27 Nov 2019, 9:29 pm, edited 1 time in total.: spammer

That is a good approach. Do you research. Ask a lot of questions. Look at one house and then another and then another. Eventually you will be able to make a sound judgement. You will also be able to detect a good buy when you find one.

I have an opposite personality than yours. I make snap judgements. My wife on the other hand is a little similar to you. When she shops, she sees something she likes and doesn't buy it. She goes home and then a few days later finally makes up her mind to buy it. She goes to the store and finds out that the item has been sold out.

So we tend to balance each other out. Most of my snap decisions were good. Every once in a while I will buy something and later decide it was a bad decision but those are few and far between. And I don't regret making the decision in the first place. That is because deciding not to make a decision is a type of decision.

So I guess I am saying save your money, do your research, ask a lot of questions, visit a lot of homes and then when the time is ripe make a DECISION.

Almost fifty years ago, I started to think about buying my first home. I lived in an apartment along the ocean. The rent was cheap. But house prices were beginning to rise and I thought I would be priced out of the housing market. So after looking at a lot of homes, I found one that I liked and bought it. Within 3 years I sold the house for twice the price that I bought it. I used this profit to build my dream home.



In the States, when a person buys a used home, generally the house is inspected by professionals. They detail all the existing problems in the house. A good inspection can cost a bit of money if it is done right but it can identify problems up front with the structure and construction.

hahaha, buddy at first it’s really very scary and honestly the first days after getting a loan, I felt some kind of wild fear and I couldn’t do anything about it. As a result, it was over and I did not encounter a single problem, unlike many of my friends. The most important thing is to choose a reliable bank and work with it. Before I get a loan I chose a bank for a very long time. advised me a lot, but I didn’t like the reviews about it and then I came across a review about another bank at [url=https:/-[/url] and decided to contact them. As a result, they very kindly gave me a loan and I successfully repaid it. So do not be afraid))

Last edited by B19 on 09 Feb 2020, 10:11 pm, edited 2 times in total.: spammer

I gathered the needed sum faster than I expected and will have loan negotiations a week from now. I've come to the conclusion that the area I now live in would be the best choice to buy from. While I'm a little tired of it, it'd be easy since I know my way around here and it's safe, not to mention this area is one of the likeliest in the whole country to keep it's value in the long run. And no matter where else I'd move, I'd get tired of that area at some point anyway.

At the moment, there even are two apartments in the area that have caught my eye.

The first is a one bedroom apartment that would be well within my budget, but it has the following downsides:
- The building has no elevator. That wouldn't be a problem normally, but if I got sick or had to carry something really big or heavy, things might get difficult.
- It's right next to a school. That in itself isn't a problem, but teenagers tend to make a racket on it's yard when it's warm out. Sometimes it's gotten so bad that the police have been called, and I've heard that some people are selling their homes near the place because of all the noise and trouble those teenagers cause.
- The place needs some serious renovation. Fortunately it seems to be only on the surface, but that'd still take time and money.
- There's a funeral business in the same building, which makes me a little uncomfortable. There's a flower shop too, though.

The second is a two bedroom apartment at the top of my budget. It's in the same building I live now, just one floor higher, so I know I'd have no trouble with the neighbors. The location is great. And since the apartment has two bedrooms, it would still work long term if I found a partner and/or had a child. That would also be a good investment since here we have to pay a certain kind of tax that is always 2 % of the apartment one buys, but one does need to pay it when buying their first place so I could avoid it for a long time by buying a bigger place right off the bat... I really want this place. However, now come the downsides:
- Like I said, it's at the top of my budget. I'd have to be really careful, even more so than now, in my every day life in order to be able to pay off the loan.
- This one also needs some renovating to get it to look good, which would add to expences, but it's not as bad as the other one so I could push it back, I suppose.

I'm sure mom's gonna push me for option one if she hears about this, as she doesn't like big risks and is more humble. Dad on the other hand already adviced me to go for option two, though it's not like he knows the exact limits of my budget, so his opinion might be different if he knew.

Of course, I haven't gotten the loan yet. When I talk about my budget, I mean the savings I have added to the maximum sum that I might be able to loan. And yes, the max is really the max; there's no way I'll get more loan than that.

I would pick the two-bedroom.

It's in a nicer area, apparently, than the place by the school where the police was called.

And it's in a place you are familiar with.

Two.

The three rules of real estate are "location, location, location".

You don't want to live next to a school. They'll be bells ringing and noise and vagrancy. Carrying groceries or other things up to an apartment would be very difficult. Imagine with a baby.

Two. Definitely two.

Groceries and stairs I could probably handle; it'd be only two floors. These two places aren't far from each other, just a few hundred meters or so, but the school makes the other one's location worse.

Maybe I could ask my parents to borrow me some money without any interest... and I do mean literally borrow, not give. If both were able to borrow me a thousand then that'd help, too. Oh and my older sister actually owes me 1500 e; I wonder when I get that back.

Might be smarter to just rent a place.

Where the hell in the U.S can you get rent or mortgage rates as low as 600$ a month? Seems the cheapest you get where I live is 950$ a month if you basically want a shanty little apartment, with an ant infestation in the walls and neighbors from hell. 1,000 or more if you want something that that's not a slum and has room to move around.

It'd be less risky, but not wise in the long run. All the money used on rent will never bring me anything aside from a place to live at the moment, but by buying I'll eventually own something.

But maybe I should stay at my rented studio for now and wait for a place more suitable to hit the market.

Sweetleaf: you live in an expensive area. Probably near a major metropolitan area. You might have decent public transportation, too.

In NYC, you can't get a decent two-bedroom apartment anywhere within about 20-30 miles of the city center for under $1,000 a month. And the ones for closer to $1,000 than $1,500 involve taking a train and a bus to the city.

In central Pennsylvania, you can get decent, one-bedroom apartments in the $600 range--or less.

Many areas in the South are like that, too.

I probably need to go with option three, which is waiting until something more suitable hits the market... I did some research and it turns out that while I could handle the loan even if the interest goes to the highest possible, which is 3,8 % for the first 10 years in this type of loan, the rules still state that the bank needs to count if I could handle the loan even if the interest rate went up to 6 %, which I couldn't handle with my current income... so the bigger apartment is pretty much off the list. I could easily get the loan for the smaller one I'm sure, but since the building has no elevator and I don't like the location... yeah, I don't want it.

It's just too bad since this area doesn't have apartments on sale often, minus the new very expensive ones. Plus I kinda liked the two bedroom one...

Kicking some life in to this old topic, though I'm no longer all that worried about the loan, just if I'll find something suitable to buy or not...

Anyway, there's an apartment for sale in my area that I'm mildly interested in. Only mildly though and mainly for the location. It has a separate bedroom, but it's still small; I don't think that my bed and desk could fit in the bedroom properly together. It's also very outdated, so I'd definitely want to do some renovation. The view from the windows is really bad too, though that's something I'd be willing to compromise on if it weren't for the other problems.

In all honesty, I don't want that place. I really don't. It's just that I fear it'll take a long time before anything even close to what I want and need will be for sale and within my budget, so I have this nagging feeling that I'll miss a chance if I don't buy it... ugh.

But yeah, not buying it, especially since now all the shops that I'd need for renovation supplies (and perhaps some new furniture) are probably closed, so it's better to wait. Plus, apartment prices might drop due to corona, so it might be better to wait. I just wanted to get my whining out of my system.

I am in my 5th home now - a 3-bedroom house that I own outright. And I did it all by myself! Assuming the housing market is more or less the same everywhere get a condo or townhouse with lower maintenance fees (important) to start. An extra bedroom than you need is best because it's easier to sell. In a good market sell in 3 years, in a bad sell in 5 years. You will always make profit - it's like living for free! Sell and roll it into a new place - larger place/smaller mortgage/better terms and do it all over again. Get a place that has all the expensive stuff in good shape - doesn't have to be modern. Nobody likes another person's decorating anyways so if too decorated hard to sell - cheaper for them to buy old and renovate the way they like. Since you'll be moving fairly regular buy smaller size furniture in neutral colours so always good in your new place. Fresh paint, a plant, new pillows, being extra tidy is all I ever needed to sell at a good price!
With the mortgage get a secured line of credit and if you can afford it make extra payments in the first couple of years. This will give you the wiggle room to survive any upsets. Variable rate shorter term usually pay off the best as well. Don't overextend yourself. If you have kids time loans with events like age they switch schools - you can get a new place and stay in the same school district.
Writing the first cheque was downright terrifying but the experience is actually very easy. I even made enough to pay for my sons university and other big life events. Real estate appreciates. And for months (at least weeks) research the heck out of the neighbourhoods you've chosen because when a place at a good price comes up you have to know to put in an offer and secure it that day. Wait and you can lose a great opportunity.
Because I own my place outright taxes and everything averages to less than $600/month. Way less than rent and I have a backyard. And if I was extremely desperate I could rent rooms and have income. Win win. Good luck.

A good friend of mine works for a collection company [url=https:]and he told me that their company has already repurchased 10,000 loans, since people can't pay them because of the loss of their jobs. The pandemic that overtook us left millions of people without work with very large loans, most of them had no savings, and our state doesn't fulfill its promises to defer loans. I don't know what to do in this situation since my friend said that their collectors won't ask whether a person has money or not. It's a pity that in such a terrible situation our state doesn't help us!

Last edited by B19 on 28 May 2020, 4:33 pm, edited 1 time in total.: spam