Lumina Sessions: Five Most Common Fears of First Time Homebuyers
23 July 2022One of the most biggest and important investment that we can do in our lifetime is purchasing our own house and lot, although some of us have many doubts on when to start investing for a property.
Worry not! In this episode of Lumina Sessions, we are going to answer all your what-ifs in the context of homebuying and identify the most common fears that first time homebuyers usually encounter.
Let’s join Jolina, our Marketing Expert in Batangas and overcome the fears of being a first-time homebuyer.
Most Common Fear # 1. “I can’t afford to buy a home.”
Most of us think that we can only afford to buy a house and lot property, when we have a big amount of money which is not true or needed, especially if you will avail your house and lot in housing projects like Lumina Homes.
You don’t need a lot of cash when purchasing your own house and lot. In Lumina Homes, you can buy a house and lot package through Pag IBIG or bank financing. Through this, you can pay your chosen home unit on installment basis which will let you to spend a smaller amount of money each month.
Our home packages in Lumina Homes are also affordable and flexible based on your budget as we offer socialized and economic houses. You can choose from our one-storey and two-storey affordable home with flexible payment terms!
Most Common Fear # 2. “Loan might be declined.”
For housing projects like Lumina Homes, we already know what kind of requirements that are needed for your home loan depending on your employment status. Apart from this, the developer will also be the one to process your housing loan application.
Lumina Homes will assist you throughout your homeownership journey. As a matter of fact, Lumina’s Marketing and Admin Officers will pre-qualify and make sure that you can complete the necessary documents to get a loan approval—depending on your chosen flexible financing scheme, either through pag ibig or bank financing.
For bank financing, bank institutions usually check if the home loan applicant still has an outstanding loan or if you have a credit card that has unsettle dues. If you’re credit score is good, then you can get a fast approval for your home loan to any bank of your choice.
On the other hand, for pag ibig financing, as long as you are first-time homebuyer, have complete requirements, and you salary is qualified for their housing loan, then pag ibig financing will approve your loan application.
Most Common Fear # 3. “Fear of foreclosure.”
This is usually felt by homebuyers when they already made their down payment for their chose house and lot unit, have already gotten a home loan approval through pag ibig financing or bank financing, and already moved in into their new home.
Some homebuyers fear that they might not able to pay and settle their mortgage due to unforeseen future events such as financial problem, issues, or suddenly loss their job.
In times like this, you can talk and explain your current status to financial institutions like Pag IBIG and bank financing—but of course, you have to do this with a positive mental attitude. You should make sure that you have enough funds and a stable source of income before availing your own home.
A good mental attitude can help you to think clearly of possible strategies to find a new source of income.
Most Common Fear # 4. “Fear that agents might use the payment.”
You need to be aware those sales agents are not allowed to accept payments in behalf of the developer.
From another point of view, if you are an OFW and can’t be physically present during the home buying process, you can assign an Attorney-in-Fact (AIF) or a legally authorized representative to make payments and sign documents in your behalf.
For your house and lot payments, housing projects like Lumina Homes have online payment facilities in which you can pay directly your monthly amortizations and mortgage. Through using our partner online payment channels, you can eliminate your worries that other people might use your housing payments.
Below are the accredited banks of Lumina Homes:
- RCBC
- Maybank
- UnionBank
- Security Bank
- AllBank
- PNB
- BDO
- AUB
Meanwhile, for e-wallets, you can use the following:
- GCash
- ShopeePay
- AllEasy
For OFWS that require international remittance, you can do it using these channels:
- Optimum Exchange Remit, Inc.
- PNB Global Remit
- RCBC TeleMoney
You can also settle your monthly dues through our partner payment centers:
- Sinag Pawnshop
- The Landmark
- TouchPay
- USSC
- Villarica
- Waltermart
- 7-Eleven
- CVM
- Bayad
- LBC
- ECPay
- ExpressPay
- Optimum Exchange Remit, Inc.
- PHLPost
- Robinsons Department Store
- Racquel Pawnshop
- Netopia
- PeraHub
- Palawan Pawnshop
Most Common Fear # 5. “Fear of fake sellers.”
For our first time homebuyers, there’s a way to avoid fake house sellers—this is by purchasing your brand new house and lot through housing projects like Lumina Homes.
With Lumina Homes, you can purchase your own house and lot through licensed or accredited sales agents and brokers. Through this, all your transactions regarding your homebuying journey will be under the guidance of the developer.
Usually, fake property sellers suggest real estate houses that have “too good to be true” kind of offers. These scammers also demand for you to settle all your payments to them instead of directing them to the developer.
An example of this is when you are looking for a pre-selling property, fake sellers frequently don’t know what kind of property the developer is offering or the price of the property that the buyer need to settle.
If you notice these red flags from your seller or agent, make sure to not initiate any agreement with them and report them immediately to the developer.
For first time homebuyers who are looking for affordable and quality homes, you can visit our website at www.lumina.com.ph and learn about the different communities and house model units that we offer nationwide.
See you next week everyone!
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