Since I started learning financial education and personal finance, it has been my dream to live a debt-free life. It is a good feeling that you have no debt to anyone and you have the freedom to enjoy what you are earning without worrying how you can pay the debt you owed.

It has been more than 4 years now when my wife and I bought the house we are living now. We bought it because we don’t have our own house to live in.

However, because we don’t know at first how to buy a house wisely, there are some problems we have encountered along the way. It is one of the reasons that’s why I make it sure to understand and study first what I’m going to buy.

Anyhow, I do not regret that we have bought it because it is a nice house and the place is quite and peaceful. I hope it will continue that way.

I have made this post because this week we completely paid the loan that we have made so that we can pay our house. Thank you, Lord! Also, I am very thankful to three wonderful and generous friends that help us pay our home. They are the persons that loaned the money to us so that we can completely pay it. Thank you, Egay, Shannon and Crystal! You are indeed a blessing to our family.

“It has been my dream to live a debt-free life.”

It’s very hard to borrow money from people and it is not also my recommendation. During the time we borrowed money from these 3 friends, our time is very limited to apply for a loan in the bank. So my wife and I have decided to ask for their help if they can lend us some money and they agreed to our propose duration of payment.

If you cannot avoid to borrow form a person, make sure that you will pay your debt on time as what you have said and agreed. There are many broken relationships caused by not paying the debt to someone. It is one of the disadvantages of borrowing money from other people.

In my opinion, it is better to apply for a loan in the bank even if the interest rate is high and you have to pay for extra fees. Since you are dealing with a bank, even if you default from paying, there will be no relationship that can be affected, only your pocket because you need to pay for some penalties.

In addition, you can also apply for a loan at PAG-IBIG if you are buying or building your own house. If you go with PAG-IBIG loan application, there are several requirements you have to secure and some procedures you need to take.

We have done this before and I would say it is not easy because of many requirements and the slow processing of your application. It would be better if you have an agent that can process your application. Most of the real estate companies have these agents so you will only submit your requirements to these agents and they are the one responsible for the housing loan application at PAG-IBIG.

These are some of the tips that I can give to you if you are planning to buy or build your dream house. It is not easy to apply for a loan because of the necessary requirements you have to pass and the time you need to spare during the application period.

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