Personal Finance
Updated: 2/13/2020
Personal Finance

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  • I think I am going to purchase my own house.
  • Good for you, there is a lot you are going to have to take care of.
  • Correct. The recommended amount that you put down as a down payment is 20% of the price of the house
  • I know. The monthly payment is going to be more then my rent payment
  • 20%! That is a lot of money. I am going to have to start saving.
  • Yeah it is. Are you aware of the advantages and disadvantages?
  • No what are they?
  • Advantages are: You can do whatever you want to your house, you can build equity, no rules, and you are free to have any pet you want.
  • What are some Disadvantages though?
  • You will have to get a mortgage loan, the monthly payment is higher, your landlord doesn't do the repairs for you anymore. and you have to maintain the property.
  • What is a mortgage?
  • A Mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property.