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Reducing your asset losses

Reducing your asset losses

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Note that as rules of thumb, your property should not be valued at significantly much more than five times your annual household profit, and should not accumulate monthly mortgage installments that, with exceptional obligations, extend past HALF of your regular revenue.

The prompt solution should be to seek out a cheap loan. However, homing refinance often has one-off charges of between $1,500 and $3,000. Furthermore, you will need to go with the mortgage approval procedure again. Given your much lower salary, you may not qualify for such a new loan.
Your next solution is to raise your earnings. Hopefully your tenant's lease shall end, and you have a possibility to renegotiate. But you can not rely on always being able to raise rental rates.

On the occasion that not at all solution works, you should seriously give thought to cutting loose your property. It is risky to live month to month with little in the way of savings for emergencies, or to count entirely on property for your long term retirement planning.

Go over www.propertywiki.sg for more details.

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