M0rn1ng and I have always dreamed of owning our very own home. The ideal place is somewhere here in Makati so it is very near our workplace and we don’t need to brave the long commutes to work. However, I don’t think it’s possible as space is scarce in this area and the most we could buy is a very small condo unit. We would love to have a house with a yard so that we can have pets, a garden and a decent place for B.boy to run around.
Buying a house funded by mortgages is more or less the way to go but we have reservations. What if one of us suddenly gets sick and couldn’t work anymore, how are we going to pay? Other than that, interest rates are fluctuating and what if it soared so high that we are unable to pay?
I’ve read that for those with poor credit remortgage is the solution. This will let you enjoy the benefits of getting rid of a poor value mortgage and switching to mortgage that offers better value for the money and huge savings over the term of the loan.
I’ve also read that mortgage protection is something to be considered as it provides peace of mind if we are unable to meet our repayments because we got sick and we’re unable to work. The payments will be covered by the insurer for a set period of time, giving us time to get back on our feet and be in position to make the payments again.
I was glad to be able to do research on this topic before jumping in. I hope someday we could have our dream house a reality.

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