Time to Move!

If there’s one thing that the ongoing pandemic did to human beings, that is we get to really realize the importance of health, self-care and personal space. While the battle against the spread of COVID-19 is still going in most countries in the world, here in the Philippines, people are starting to go back to their normal lives doing normal stuff while continuously staying cautious on their safety and security.

 
Many of us are probably taking life insurance seriously now due to risk that the pandemic has brought to us, while there are some who are continuously battling the anxiety that brought by staying away form our loves ones for years since the pandemic began, and there are others, like me, who finally decided of purchasing my own space to fully enjoy life and start adulting.

 
While the decision-making stage turned out smoothly, dealing with government agencies and property developers is turning into a nerve-wreaking situation that sometimes disappointing and tiring. When it comes to money and documents, expect some little bumps along the way. I just want to believe that everyone went through some process and eventually you’ll reap what you saw. In my case, I’m thankful that I have good agent who’s helping every step of the way and explaining to me those things that I’m not particularly familiar. Some of these things are the interim payments and monthly amortization upon loan takeout.
 
With the tantamount impact of COVID-19 to all our lives and industries in the world, it sure impacted most transactions that we’ll have including the interest rates on properties that we’ll purchase. Given this circumstance, mortgages were affected driving us nut in computing/recomputing. While there’s a lack of national program or channel to provide us a general computation on this matter here in the Philippines, an international mortgage calculator could help us assume the amount that we need to pay for our mortgages. Though this calculator caters to the UK market, I still find it help since the monthly payments’ math work the same just about everywhere other than the currency units and prices.
 
Disregarding the currency, this how it looks likes as based from the amount that I received from my developer.

I’m pretty sure that this will come handy for first-time property buyer like me. You just have to check the interest rate offered in your bank or in some cases through PAG-IBIG Fund. For overseas Filipino workers living in UK, I’m sure that this would be a great tool for you as well especially that some of you are planning to settle down there for good.

This will give you a good idea on your investment and how you can manage your finances in the future. For me, I find it helpful after realizing how the interest rate turn out to be almost the same amount of the total price of the property that I’m buying. Let’s just hope that after 25 years of payment, the value of my property is even bigger that the total cost that I’m paying. For now, let’s keep working till we pay all our debts and enjoy a life of less-worry, healthier and peaceful.