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The ability to pay back is very important. If you have an income source that can pay your mortgage fees, you might go ahead. If you plan to rent out your property, getting a loan for a house can also be a good decisionI don't believe that taking a loan for your house is a bad idea, as long as you have the resources that can help you to pay back the loan you collected without giving you issues
If you really want a house, it's not such a bad idea because houses are ridiculously expensive and will increase because of the increasing popularity of people. Just make sure you will be able to pay it back; if not, don't even try because you can get into huge trouble if you don't pay it back.I have never really taken a loan out on my house, or using my house as collateral. But has anyone here done so? Has anyone had to take out loans in this way? Were you able to pay it all back and protect your house?
Yeah, that's what scares me the most. If you won't be able to pay it back, you will be in huge trouble, so first you need to really count every penny and think about whether you will be able to pay it back.To me, I think it is a bad idea to take loan on your house. I believe you can easily rent out your house and make money from it rather than using it as a collateral.
What happens if your can't repay back the loan?
Yes, That is one of the disadvantages of using your house as a Collateral. If you are unable to pay back every single penny. Then your house is gone. Double losses for such individuals. There are a lot of memories in your house and everything would be gone just like that.Yeah, that's what scares me the most. If you won't be able to pay it back, you will be in huge trouble, so first you need to really count every penny and think about whether you will be able to pay it back.
I have never really taken a loan out on my house, or using my house as collateral. But has anyone here done so? Has anyone had to take out loans in this way? Were you able to pay it all back and protect your house?
If you intend to profit by investing in your house, renting your rooms or flat for example, you might take a loan for your house. However, if you are only concerned with improving your house it is a bad idea.
Yes, first you really need to make sure you will be able to pay it back in time. Some people get into debt, and it's really hard to pay it back. You can lose everything if you don't pay it back in time.I don't believe that taking a loan for your house is a bad idea, as long as you have the resources that can help you to pay back the loan you collected without giving you issues
I have never really taken a loan out on my house, or using my house as collateral. But has anyone here done so? Has anyone had to take out loans in this way? Were you able to pay it all back and protect your house?
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