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Tricky stuff when purchasing a property

After we have signed on the dotted lines 2 months ago, we were swamped with all the nitty gritty of repaying the mortgage/house loan. There are just too many fees and charges! Luckily PiggyBeng is a very merticulous person so he will check every single items and will ask the bank lots of questions just to get things right. Initially, we were shocked by the charges and after questioning, there were some errors on the bank side.

I happened to have another friend who also bought a property at about the same time as us and due to lack of understanding, they were kind of mislead into how to repay their loan. As they have unconsciously purchased a property beyond their ability to repay, the bank has suggested to them to go for negative gearing to help them to make the repayment. As the amount is huge, they can’t possibly go for revolving line of credit.

According to PiggyBeng, this is not a really good way to serve the mortgage but for desperate measure this is the one choice. I guessed it all bogged down to how informed the buyers are before they commit in such a transaction. All the bank wants is to seal a business deal…

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