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When we bought our house, we took a 30-year mortgage from the bank. Jeeesh! Too painful to think that we have to pay for the house for 30 years. But, we don't have a choice. That's the only way we can own a house and how many people can buy a house without mortgages from the bank? Luckily, we can withdraw money from our EPF and we calculated that we can pay off the mortgage, roughly, in the next 6 years. We were not so lucky because the interest rates at that time was quite high compared to last year. It's really important to get cheap mortgages with low interest rate. Unfortunately, we didn't know much about it at that time. And, it took me quite sometime to realise that a big portion of the monthly payment we made went to the interest. Only very minimal amount went to the principal. Some people go for remortgages to cut down on their mortgage repayment but there are other costs to consider also because I understand that new agreements have to be made with the bank. Also, if you have bad credit history, you need to look for banks that offer adverse credit remortgages.
