Without a doubt, the acquisition of your own home is one of the main requirements for good living. For most citizens, there are two main ways to achieve that vital goal. Here we indicate the best option to acquire a home: savings or mortgage credit.
Save until you can buy your cash home, or apply for a mortgage loan ?, there is the dilemma. Each of these options has its pros and cons, so you must weigh them to decide which is your best option.
What should you consider to decide between savings or mortgage credit?
To decide between mortgage savings or credit, consider the following:
Remember that a mortgage loan allows you to inhabit the property immediately closes said operation. This is a determining factor, in the case that you are a tenant, renting a home.
If you buy the house with a credit, what you will save on renting a property you can use to cancel the loan installments. It is better to cancel the payment of a loan for the acquisition of a good that will be its own, to a lease that will always be owned by others. So, there is no doubt that if this is your case, it is better to apply for a mortgage loan.
Inflation is an economic phenomenon that causes the decrease in purchasing power over time. It is what makes housing costs increase over the years, making it impossible to estimate what the future cost of it will be.
Then, by saving to buy a home and then buying it in cash, you run the risk that inflation will eat your savings. This is a way of saying that the price of housing increases faster than the pace of savings you can have.
Another point in favor of mortgage credit.
Loss of opportunity
Currently, the Peruvian government and institutions are offering incentives for home purchases through loans. For example, among these are the Good Payor Bonus, Good Lender Bonus and Common Mortgage Loans. All of them designed to facilitate the purchase of homes anywhere in the Peruvian geography.
These bonds are not available for cash purchases, and if so, you still have no guarantee that they will still be in effect when you manage to save the value of the home.
In short, the previous analysis concludes that the option of a mortgage loan is better than that of savings. If your doubt to take this option is that you are undisciplined to meet your credit obligations, we will tell you a dilapidating truth. Likewise without discipline you will not be able to comply with a savings program that allows you to buy your home in cash.