Can We Skip to the Good Part?

Last week, I finally signed the final documents for my home loan from one of the biggest banks in the Philippines. Due to pandemic, the process took a while than expected, but despite of the long wait, the signing was done smoothly and I was advised by the account officer that the turnover of my unit will be soon.

Early last year, I finally took the plunge of buying my own place. It was not my dream home, but after checking it and all other amenities that come with it, I’d say that it quite fits with what I want now. It is located in the suburb City of Dasmariñas in the Province of Cavite, with access to major roads going in and out of Metro Manila. Out of all the areas that I considered, this development offers a much reasonable price that matches my budget.

You see, after years of working, I’m finally at that point where I finally have some extra in my budget. Coming from a low-income family, I’ve been a budget conscious ever since I started earning my own money. I always made sure that all my monthly bills are covered and I have some extra for some personal treat/s. I can’t say that I’m expert in budgeting, because believe me I often overspend as well, but one thing I learned from it is, if you do it every single time, you can set your expectations in life and learn how to manage the adult part. Just like how my expert friends thought me, I’ve allotted 30% of my income to this endeavor, while the rest at spent of my daily and monthly expenses, while the remaining goes to my savings and emergency fund.

Purchasing a house may sound exciting but to be honest it was intricate that will teach you some more things about finances, more so on borrowing. With my monthly mortgage starting this month, I learned that banks are very specific with the things they need for your home loan to get approved. Aside from my employment records, they require their clients to have a good credit standing, which include no pending bank cases or delinquency records with your credit cards. If your salary is not enough to cover the monthly mortgage of your desired home, you can have someone close to you - a partner, husband/wife, son/daughter or relative – to act as your co-maker. Just make sure that this person is trustworthy and has good credit standing as well as both of your will undergo the credit investigation (CI). Having a bad credit record could hinder your goal, but don’t worry, there are a lot of short-term financial solutions our there and you could read more about it in various financial websites.
 
Given the intricacy of the process, you’ll really appreciate your hard work once you finished paying your house - which is my ultimate goal now in life now! *wink* With proper financial management, perseverance and more hard work, hopefully, I’ll get through this personal project with no hassle. I know that this will take more years, but for I know, I’ll just keep singing “Can we skip to the good part?”