Many misconceptions can stop you from buying a property. If you are not a good earner, it will affect you to get a mortgage and buy a furnished home. For this, you need to go with the best Best Mortgage Company in UAE, like Ksquare. ae. So, you will get better mortgage options, and you can try the mortgage calculator where you can check out your payments. Mortgage calculators estimate your payments and control your mortgage.
Here are some misconceptions about buying a property & getting a Mortgage:
- Cheaper to rent than own property:
Compare your monthly mortgage payment with your rent payment. Rent payments can be less than mortgage payments, but rent payments have no mortgage payments advantages. There is no equity if you rent a home, but you can build it independently. Mortgage payments are fixed for the loan term, but rent payments can rise yearly. There are also benefits of tax by getting your own home.
- Increase in Interest rates:
Interest rates may rise or fall; if you want to buy a home, you can check the interest rate; in case of a rate rise, the question is should you buy it or not? When you find a suitable home, buy it, don’t wait for the decrease in rates. It’s good to search for a better rate and less monthly payment, but if you can afford it, you should buy it because there can be a chance for rates to rise in rates gradually, so if you find an affordable option, then buy it sooner.
- Expats don’t get a Mortgage:
You can also buy a property and get a mortgage in the UAE if you are not living there. The process is a little bit different for residents and non-residents, and you’ll need to be aware of your affordability.
- Save money by not hiring a real estate agent:
Some people think about saving money by not hiring an agent, but they are wasting their time and money. Real estate agents can help you get the best purchase price with their expertise.
- First Pay your Mortgage:
It is hard to buy a property with loans because, no doubt, there are so many other needs, including educational loan debt. Students’ loans face a higher burden than others. So, mortgage lenders are gradually changing the rules around student loans that make it easy to qualify for a mortgage.
- Need a perfect Credit Score:
A good credit score is important for getting a mortgage, but it’s not seen as you can’t buy a property if you don’t have a good credit score. There are many ways to improve it, like; Paying bills on time and clearing your debts, etc.
- All lenders are the same:
Every lender has its fees and rates. Some lenders provide savings by having access to down local loan programs. Lenders should consider your financial condition, and some expert lenders give you the best affordable offers.
- Buy a property at the top of your financing range:
If the specific amount is approved for your loan, you don’t need to buy a property by putting this entire amount. You also have to consider other expenses like institutional fees for your kids, medical check-ups, house expenses, etc. It would help if you thought about how you can manage a loan with all these expenses.
- Monthly Obligations will never change:
People who take fixed-rate mortgages think that it will never change. It’sIt’s wrong because property tax may increase, and then mortgage can increase. There is one way that you can buy a property in those areas which do not have property taxes.
- Risky to invest in the UAE:
There is a risk in investment. The UAE has proven its value for property investment. The UAE is better than other developed countries (London, New York, Hong Kong) for investments because the UAE doesn’t have property tax or stamp duties, making it more attractive for investors to make property in UAE.
No doubt, it is very hectic to search for a property to buy and get a mortgage calculator in uae, with so much misguidance and unauthentic advice. You no need to worry about this because Ksquare. ae is a delightful mortgage company in UAE which helps you to find the right mortgage solutions and deals with all misconceptions about the real estate market.
Read also: webtoon xyz
