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Tuesday, 8 August 2017

THE WISDOM OF MORTGAGE FINANCING - TENANTS SHOULD SERVICE YOUR LOAN.

There is a lot of embarrassment when one's house is sold after a failure to service a loan. Your image also is tarnished by the label of a bad debtor that is hung on it. It therefore, calls for wisdom when one considers getting mortgage finance. This article will share with you just a piece of this wisdom which I believe can do many a borrower much good. This wisdom or advice is that when you borrow remember that your tenants should service your loan.




TENANTS SHOULD SERVICE THE LOAN FOR YOU

Rental income is due to the landlord so in accounting terms it  increases your equity in the property and reduces the loan. Its therefore advisable to purchase property in areas that have a good rental market. In Harare these areas are those close to the CBD like Mainway Meadows, Belvedere, Southerton to mention only a few. The biggest advantage of this approach is that this allows the mortgagee to ease pressure on his or her income thereby enabling it to satisfy other financial obligations like bills and tuition fees.  

DISCLAIMER: This article does not replace advice you should get from your subject matter experts or property advisers.

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