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Individual Or Mortgage Loan, Which Is Better? - Properties - Nairaland

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Individual Or Mortgage Loan, Which Is Better? by don3e(m): 3:22pm On Dec 31, 2015
SECURING A BUILDING LOAN FROM INDIVIDUAL AND SECURING FROM A BANK (MORTGAGE BANK) WHICH IS BETTER?
Re: Individual Or Mortgage Loan, Which Is Better? by Nobody: 4:14pm On Dec 31, 2015
It depends on what you'll pay back.

If the person is not an unscrupulous loan shark, it's the best option.Have it written down in clear terms. And pay as soon as you can.

Mortgages are unfair in their terms, specifically, this is what you will sign to in the fine print;

1. You'll end up paying back about 3 times what you borrow

2.its not flexible.You miss an installment even after paying most of it and the bank will come for your property. Those people are merciless.

3. The interest rate will change according to the market, and you'll never be able to calculate an exact sum. Inflation will also affect the rate.

4. Other hidden charges in a mortgage agreement are insurance, service and any other thing they may decide to come up with before you finish paying.

The advantage of a mortgage is, repayment can be spread over a long period of time.But till you pay back all, you'll be limited in how you will deal with the property. The bank will be the owner in fact.

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