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Mortgage: benefit or financial slavery?

When it comes to buying your own home,but there is a catastrophic lack of money, many people have a question: what is right: to save or take an apartment in a mortgage? The question is quite complicated, because both options have their pros and cons, and only time will show which one is right. Those who are leaning towards a mortgage are guided by the main attracting factor - the rapid acquisition of an apartment even before the hands have the necessary amount. The advantages of mortgage lending are not only in the speed of settling in a new apartment. Here and low interest in comparison with the usual consumer loan, and the ability to delay payments in the case of childbirth or other unforeseen circumstances. Each bank has its own conditions, but all mortgage programs are aimed at simplifying the conditions for buying your own apartment. Nevertheless, whatever the minimum interest rate on the mortgage, you still have to pay, and in most cases you will pay an amount twice as much as the loan amount. This factor, for the most part, frightens off consumers. However, if you rent a house, there is an occasion to think about what is better: to pay "to nowhere" or to overpay, investing in your own real estate? In addition, property prices are inexorably growing, and the likelihood is that even if you pay twice, you will buy an apartment that, by the time of full mortgage payment, will be much more expensive than at the time of loan registration. You should also take into account that you will not be able to sell or give your new "mortgage" apartment until you have completely redeemed it from the bank. Formally, it will be your property, but such apartments are a guarantee for banks in case you lose your solvency.

If not a mortgage, then what?

Those who are afraid of financial dependence on banks andat the same time they are trying to buy an apartment, they prefer to save. On the one hand, this option is good because you do not need to overpay the bank, you do not need to think about what to do if you do not have enough money for another installment. On the other hand, you will have to wait a few years before you have your own housing, and not the fact that you will save the right amount in the planned period, because real estate prices grow like mushrooms after the rain. Therefore, savings do not guarantee that in a few years you will have an apartment. So, if there is an opportunity to take a mortgage, then, perhaps, it is worth taking a chance.