I have a plot, whose value I estimate at about USD 50,000. I urgently need to take out a loan for about USD 20,000, I have an urgent expense. Due to the fact that I have no creditworthiness at the bank, the only option is either banking for someone who is rather unlikely or non-banking at myself, where they will not verify creditworthiness.
The risk that can pay off
I have never taken in this way, I count on any suggestions and hints. Let’s be clear, this is a risk but a risk that can pay off. Because if we pay the debt normally, then in this way we get a really cheap loan, much cheaper than if it was not for such a mortgage.
Unnecessary people demonize such loans because the occupation of an apartment or other property due to lack of repayment can be extremely loud because it is often associated with an eviction and other such situations.
Sometimes there is no other way than a mortgage loan. Contrary to the norm, mortgage loans do not have to be extremely high. I have friends who have refurbished a flat worth around 170,000 USD, took out a loan of 30,000 USD, while the mortgage is 200%, i.e. the bank secured its claims up to 60,000 USD.
And in my opinion, taking loans for consumer purposes against mortgages is reckless. See how many stories there were in which people lost their homes in such a stupid way. In my opinion, you have to be extremely careful in these types of situations.
Let’s assume that a leg will roll up, and maybe it should happen, here there is no forgiveness, no one will wait, only reach for their due. Caution and the principle of limited trust should be a signpost in this case.
Admittedly not temporary, but banking, but I did. a great advantage is a low-interest rate, but the awareness that if you don’t pay off will not be pleasant. With no other choice, this seems to be a natural option.
Risk – life is a risk. Such a risk is not a risk, but an attempt to lower the interest rate, because both parties take risks. The lender, because he may not receive a refund, and the borrower because he risks real estate.
Many doggies because how can you take a mortgage? how is that? a simple calculation shows that this is the cheapest form of borrowing money and if someone can afford a loan, they count money, because they will definitely consider this option because let’s agree, it is one of the cheaper ones.
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