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Sometimes the benefits of having a mortgage are often misrepresented, creating issues for people getting it for the first time. People often suggest getting a long mortgage, but is it really beneficial for the customer or not? Not many would know the answer to this question. But as a matter of fact, there are many advantages attached to getting a mortgage which is big and long, they are enlisted below.
Many people are uncertain about getting a mortgage simply because they think that the value of their property would keep fluctuating. As a matter of fact it will but this is going to happen anyway, so why not get an Expat mortgage and pay in instalments.
Everyone would like to build their equity and be eligible to own a house. It is a wrong notion that bigger the mortgage, lesser would be your equity. Ask this to people having mortgage one year accounts. Also your equity is set to grow in the next 20 years time ultimately helping you build your personal equity.
Mortgage money is the cheapest one would ever be able to borrow. The only thing you need to show is the ability to repay back on a monthly basis. One need to show financial transactions from previous 3 years and so many people wouldn’t be eligible for mortgage one year accounts.
Expat mortgage service providers will help you with all calculations and explain you why it is better to have a big and long mortgage.