Once you have decided to buy property and you want to finance the purchase with a mortgage loan you will have to shop around the banks and find out what they will require from you in order for you to apply for this loan.
This is a very big decision to make as you will be committing to a mortgage loan for many years to come.
This idea does scare a lot of potential buyers as they do not want to be in debt for many years.
Property is always a good investment so no one should put off buying their own home because of the loan that has to be paid off.
Think of this loan payment as a lease you would have to be paying every month in order to have a roof over your head.
No one lives for free.
You will either be paying off a loan to live in your own home or you will be paying rent to live in someone else's home.
There are certain risks involved as this loan is secured against the home and should something happen in the future that prevented you from paying off the loan the bank would be able to repossess your home in order to get their money back.
Before you apply for the loan do your homework so that you will be aware of what the bank requires from you.
You will have to save enough money for the down payment as very few banks will give you a loan for the full purchase price of the home.