1. Buying a home can be challenging for a first-timer.

After all, there are so many steps, tasks, and

requirements need to be considered and you may be anxious about making an expensive mistake. But
buying a home gives you benefit such as;

Pride of ownership to claim, (you do not have to worry if you do not pay monthly or annually if you are
renting.) Mark Gamet

as time pass your land price will appreciate, explanation (you can sell your land in the highest price
because land increase its value when time pass by. Jasmine Patag

It can be your source of income, (someone can rent your house while you have not sold it yet) it can be
your long-term investment, Catherine

Buying a house also give disadvantage to people like, it requires big amount of money to pay for it in a
short period of time but, you can use loan from bank to pay the house. Ivie

2. Buying a home is considered a tough financial decision that you will make in your lifetime so, we list
down items that need to be considered when evaluating the condition of the home for purchase in
order not made an expensive mistake.

In buying a home you need to conduct a home inspection and consider the type of residence that will
serve your needs (explanation -) Lordjess

What you can afford and how much financing you can secure (explanation) – John

Check the lifespan of the house is it good for renovation? (Explanation -) Alexis

And especially the location of it, (is it near at the market? (Explanation -) Mervin

3. We found out in our research that there are different cost and rates in mortgage and the following
are the example of their differences in different financial institution. (Merilyn and Rullan)

4. This is the sample computation of mortgage payment monthly. For example, your loan is 20,000,000
(3,000,000) and the interest rate is 2.25% and with annually amortization, your monthly payment is
131,000(-) for 15 years in term. While in 30 years with same amount and interest your monthly payment
will be 76,500(-).

The advantage of 15-year mortgage over 30 year is that your loan will pay easily and you can loan again
for your personal or business purposes. While the disadvantage of it is that you need to pay monthly in
high amount.

It is depended on how financial stable you are when getting a loan, you can get a 15 year or 30-year
term it depends on you, are you able to pay monthly in high amount in order to make a loan again or are
you going to pay monthly in low amount but 30 years? - Jimacrisa