Wednesday, January 03, 2007

Housing Loans vs Mortgage - What is the differences?

They are the same! It is up to you to say mortgage or housing loan. Having say that, I prefer to call it “Housing Loan” than “Mortgage”. This is why:

The word “mortgage is derived from the French words “mort” which means “death” and “gage” which means “pledge”. So a mortgage is basically an agreement until death!

Since the mortgage is the agreement till death, I don’t want it. I don’t want to have agreement with bank till I die. Not worth it! Do you aware how much interest that I have to pay to bank? No way, man.

I want to settle my housing loan as soon as possible. Of course, I will settle my housing loan before my death. In my financial plan, I plan to settle every housing loan that I have within 10 years. It looks healthy so far with the 3 houses that I bought. Unless within one day I lost my job. No kidding. If I lost my job within this 10 years, I will be forced to sell my house. I need some backup plan.


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