Buying Another House

My hubby and I have been thinking about buying another house there in my native country, the Philippines. I don't know if that is a good idea or not. When I was still living there, I had never heard much about banks giving mortgages so I assumed that they were quite rare. They probably did exist to some point because if you go into the local bank branches they always have a bulletin board with lists of houses that have been foreclosed on and are available for sale. I recently checked online and found the same information on some of the local bank websites.

We are currently in the US and the reason for buying another house in the Philippines is that because we are planning on spending half of the time there and half here. We are not going to buy a house yet on our coming trip this fall but we will be doing a lot of shopping. I did some research and I found out that mortgage interest rates from the banks are a little bit lower than the land developer in a subdivision. In many cases, the land developer in a subdivision can self-finance the house for you.

We are probably going to rent a place first and have my hubby get the feel of the location. Besides, the mortgage rates from the banks are high. If we could really find a house that is hard to pass up, we might buy it cash. That is just a thought. We really don't have that much stashed so it must be a really, really good deal.