When it comes to getting bank loans, I'm the last person in the world that's ever going to do it. Even if it's for business purposes, I would rather raise the money on my own or get financial help from my family members than get loans from banks.
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Are you comfortable getting loans?
- Thread starter Heatman
- Start date
I currently have 2 loans. A home loan and a car loan. I've never taken out a loan for anything else. I suppose thats what credit cards are for.
My home loan and car loan interest rates are both 2% which is really low. Bought at a good time and my credit is pretty good.
Yeah its nice when almost all of your monthly payments go toward the principal.
I've had high interest car loans before and literally half of my monthly payment would be going towards the interest.
You bought a house together with a girlfriend? Why not make her a wife?
Well congrats to you on securing that loan! I hope you both love your new house.
I have both of those, how are they delaying my dreams?
That's terrific! A five-year loan on a house at 1.5%!!!Totally amazing!
I’ll bet that is still one huge mortgage payment! …Well depending on the size of the down payment and the cost of the house.
Yeahbut, still, I don't think you could touch a 'deal' like that here & now in the U.S.
AND just beats the livin' shit out of renting! you don't have to get permission to drive a nail in a wall if you want to.
I know, these days there are command hooks; you might want to drive a nail in a wall anyhow just because you can.I think there’s been some confusion. My interest rate has been fixed for 5 years, however the mortgage length is 25 years. 🙈. We pay £670/month for a 3 bed home, to rent the same home would cost about £1000/month, so already saving a good amount.
Okay, yes, I was thinking to have a home of your own paid off in five years would be a really incredible feat. Last time I checked the typical home-loan is for 30 years; best = 15 years. Of course, these long-term loans can be worked down & paid off early.
Anyhow, you're on your way! good thinking IMO...congratulations!
Sure does. I was a renter my entire life (including when I lived with my parents, they rented).
Nice! To rent the same house in my neighborhood (every 4th house in this neighborhood has the same specs / square footage / floor plan) it would be about 3x times the amount of what I pay for my mortgage. My loan has like 28 years left on it.
Okay, yes, I was thinking to have a home of your own paid off in five years would be a really incredible feat. Last time I checked the typical home-loan is for 30 years; best = 15 years. Of course, these long-term loans can be worked down & paid off early.
Anyhow, you're on your way! good thinking IMO...congratulations!
Mine is 30 years, but the loan isn't for that much (relatively speaking). I could pay it down faster if I wanted to.
I put over a 50% down payment on my house with some inheritance money received so my mortgage payment is not typical, much lower than what other people usually pay around here.
I'm not really comfortable getting loans, the damn interest rates always go up so you usually end up paying more than what you even got in the first place. I've had to get loans when I was in my mid 20's since my spouse and I had poor spending habits and both worked in retail so we weren't making much to begin with... Never again will I resort to taking out a loan.
