Hello, due to a failure in stock investment, I had to repay a loan of 100 million won, and now I have about 23 million won left, which I plan to repay by September next year. I am almost done paying off my debts. By September next year, I will have a 160 million won Jeonse loan and 40 million won for the deposit, totaling 200 million won for a 25-pyeong Jeonse. However, the 40 million won is also a loan, so everything is currently financed by loans. At the end of last year, my normal income was about 64 million won, and I think this is my last chance to get the Didirum loan. There are income restrictions, so if my income goes up, I won't be able to receive the Didirum loan. Many people seem to be quite obsessed with the Didirum loan, and I don't quite understand it. The interest is low, and you can also pay it off in the middle of the term.

And actually, the interest on a house priced around 500 to 600 million won is not a huge difference. But if the interest rate drops by 1%, it doesn't save hundreds of thousands of won; rather, it's about a difference of 100,000 to 150,000 won per month. Because there are income restrictions, those who fall under this category often have to make some sacrifices, like having one person resign from their job. Currently, I have purchased a 34-pyeong apartment for 600 million won and have completed the down payment of 60 million won. I understand that if I take a loan of 600 million won for 30 years, I will need to pay about 3 million won per month. So, you're considering taking out a full loan of 600 million won for the apartment, right? Just with the down payment made? Oh, I see, you plan to take out a full loan. I started working last December and am currently earning about 2 million won, so combined with this, it's around 5.5 million won for both of us.

If there are no issues, I expect to get promoted and my salary will increase, so next year I should be receiving around 4.2 million won. That would be an increase of about 700,000 won compared to now, so if I exclude the existing loan repayment costs and save by not traveling, I think I can manage to pay it off. However, I need to make mid-term payments until September, so I also took out a credit loan of 100 million won, which means I have to repay 1.62 million won every month for five years. So, I received the Didimdol loan, took out another loan for the shortfall, and also got this credit loan of 100 million won. Since this is a Didimdol policy fund, I was able to get the credit loan because of the DTI. People who want to maximize leverage often go this route. However, this is feasible only if there is sufficient income to support it. For the Didimdol loan, I borrowed 60 million won at 70%, which means I borrowed 420 million won, and the remaining 100 million won is through credit.

I plan to pull out 70% of the loan amount by adjusting it with something like a housing loan. It's not that a 70% housing loan is bad; many people do this. Some have invested in stocks and failed. However, it’s not mentioned here, but the amount was larger. This person had 300 million won in stocks, and out of that, 100 million won was from a loan, which they paid back, leaving them with 200 million won. So, in fact, for a public servant or a dual-income household, losing 300 million won is significant. But when you think about it, at 34 or 35 years old, they managed to save 200 million won, which is quite impressive. They must have earned it through stocks. Usually, those who suffer significant losses in stock investments tend to be people who have made money and think, Let's try again with a bigger investment.

There are cases where things can go wrong, so the wisest thing to do is to buy a house and, somewhat blindly, pay off the mortgage while living on. That way, I can at least ask for forgiveness from my family and be a respectable husband. This is something I was thinking about this morning. Ultimately, investing is about making money, but when other purposes emerge, it seems to complicate things. For example, like just now, I say I will never invest in stocks, so I’ll buy real estate since I can’t save anyway, and I have to pay off the mortgage forcefully. Or, since I absolutely have to get the stepping stone loan now, I end up buying according to that stepping stone. The perspective has shifted. The most important thing is whether what I bought will become money or not; that’s the essence of investing. As you mentioned, it’s an act done to earn money, but then there are other variables, like the stepping stone.

I think I won't be able to get a loan next year, so I need to do this this year. It's good to take the stepping stone loan this year since I won't be able to get it next year. So, let's buy a house. It seems like there's something complicated going on. Plus, it looks like you need to live in the house right now. So, given that I have money and a lot of loans, there will be additional costs because I need to live in a house worth 600 million won. I might have had to live in a smaller house instead. After discussing with you, I signed a contract for the house. I'm also sending you the expenditure details, and I'm curious about how you'll view them. Right now, the jeonse is 200 million won, but the loan is 160 million won. You actually paid about 2.27 million won. Please send me the story behind that as well. In the meantime, I found out that to take the stepping stone loan, I need to repay the jeonse loan and the buffer loan. Since I need to repay them, I should prepare in advance.

These days, it seems like the housing market is really heating up, especially with the Didiimdol loans piling up. In the case of low-priced houses, around 500 to 600 million won, the prices are all over the place. If you actually check the website, you'll see that you need to apply for the Didiimdol loan at least 50 days in advance to receive it, and right now, it's just too congested. To get that loan, you should talk to your landlord to convert your monthly rent into a lease. You need to pay off the buffer fund, and you have a car as well. After that, you have a loan repayment of 2.4 million won, and there’s a remaining credit loan of 100 million won, which is 2.4 million won. Additionally, there’s another loan of 20 million won with a 5% interest rate. You mentioned that there are no consumables you can give up, but for now, the monthly rent is 850,000 won. This is temporary, but when you move, you’ll have to deal with the loan interest as well.

When I see these things, it's quite apparent that a lot is going out, right? The existing judgment made by this person was to repay the principal and interest of a loan for 100 million won, which was 180 million won anyway, so it would be over by next year. Coincidentally, the income of 200 million won has now become available, giving some leeway. If we manage this well, after finishing this, we can have some extra funds, around 300 to 400 million won. So, if we take out a full loan of 600 million won, we would be able to repay about 300 million won a month. However, the premise here is that expenditures cannot increase from now on. Currently, everything is tightly constrained, and there’s no room at all. Plus, there are two children, and the household expenses for two kids are incredibly hard to believe, around 300,000 won. It’s as if we are squeezing every penny, and I can relate to that thought.

What we need to do is recover what we have lost over time, and I feel like we also need to secure a home for ourselves. As we mix all of this together, it seems like there isn't much wealth; we only have about 4,000 in net assets. However, with this, we need to consider buying a home and also think about the forgiveness I seek as a father. Let's work hard and tighten our belts, believing that this house will change our lives. But the current situation makes it very difficult to maintain this. 

The scary part about the stepping stone loan and the support fund loan is that you must live in the house. So, if you rent the house out or if the house value goes up and you repay the rental loan, you can still move somewhere else to live, right? This can be for investment purposes.

To do that, you would have to give up on the fixed mortgage and the housing benefit loans, which means that, in fact, there is no longer a reason to cling to something as if your life depended on it. It's not easy to write this out in detail; there are many cases where people end up selling in the middle, cases where they have to move after renting out, or situations where they have to relocate because of children. Given the current situation, almost all income is being squeezed out and used for investment maintenance costs, so if anything goes wrong, it can lead to a situation where there are no answers. If it's not a rental but rather a mortgage that is being taken out, and if you're receiving 70% of that, the principal and interest repayment amount will drop because of the credit loan repayments. For instance, if I borrowed 100 million won, I would have to pay back 190 million won. These days, getting a credit loan and managing the principal and interest repayments is not easy. This also factors into the DSR calculation, although the fixed mortgage and housing benefit loans do not.

Going in, but since it has turned out like this, I feel trapped. Rather, if housing prices increase to a certain extent, I think it would be better to take out a regular mortgage to ease the financial burden a bit. What worries me is the two children. The monthly expenses for food, academy fees, and study materials for them won’t just stop at 300,000 won. Looking ahead, as they move from elementary school to middle school, I don’t have experience raising kids, but I can imagine that for each child, it could easily reach 600,000 to 700,000 won. The numbers are quite unfamiliar when considering raising two children. So, if the investment isn't going well, then it's better to cut it off there and start over. Because, after all, age isn't a huge factor.

So, don't think that you can succeed in investing again right now. First, focus on saving a bit more money. Moreover, as I mentioned earlier, the jeonse (lease) options are good since the interest rates are low. It might be a good idea to live in such a place while gathering cash again to start over. However, you’ve already made a purchase, so what do you do now? You can't just give up on it. The best course of action right now is to manage the existing credit loan you have. You need to pay it off by December next year, and you should aim to pay around 2,400 after paying off 180c. Once that's done, you'll have a bit more leeway, but don't use that extra money to pay off your mortgage. Trying to forcefully pay it off while sitting on it might not be worth it unless the rate of house price increase is significantly higher than the investment returns and loan interest rates.

No matter how high the price is, it would be better to take it slow and set aside some extra funds for now. I feel very anxious because I currently have no money at all. I'm in a situation where I have no spare funds, and I've used up all my loans. If something goes wrong, the only people I can turn to are friends and family. It's really too risky to go to such extremes right now. 

Moreover, this isn't a particularly good structure for real estate investment. If you took out a loan for 90%, you have to consider that there are interest payments, right? Even if the interest is a simple 3%, if the house price increases by 3% in a year, you’re just paying the interest and that’s it. You also have to pay property taxes. Of course, if your housing costs are covered, that’s something, but in order for it to be a meaningful investment, the value needs to increase by about 7 to 8% a year. However, in a year...

A market that rises by 88% is not something that happens every year. Given the current situation, if I were to invest, I would rather take out a lease and buy a property. Since there would be no interest, that would improve my return on investment. However, that's not the case right now. Currently, my net worth is 36 million won, and I am living in a house worth 600 million won. This means my housing costs are excessively high. It doesn't matter how much money I had in the past; what's important now is that I have 36 million won, and my spouse and I are diligently saving money. We could quickly save another 100 million won. 

When I talk about having a financial cushion, it's not about accumulating extra funds for leisure; it's about the fact that I have no money set aside, and all my assets are tied up in this house. There are many variables to consider right now. For instance, if my child goes to middle school, or if we need to move.

I need money, but I don't have any spare funds. So, if I borrow all the money now and try to pay it back, it will be really tight. Therefore, I think it's better to save a little more, and it seems like it's that kind of time right now. However, I fully understand. I think you probably lost around 300 million won before, which means you must have had a significant investment. So, with that, you might have dreamed of retiring with about 1 billion or 2 billion won, but when the plan collapses, people tend to feel rushed. Fortunately, it seems that interest rates will decrease a bit. So, if you can switch to something with lower rates, your burden will ease a little. However, even if the burden is reduced, you should prioritize paying back the principal first.

Paying off debt is ultimately about accumulating assets. So, don't rush into making hasty decisions about the apartment where I currently live. I don't know what you've purchased, but regardless, since you've bought a house, you need to reside there for about two years. After living there, you can sell it when the time comes. However, at this moment, there isn't much you can do, and you can't break the contract. While living there, please be as careful as possible to avoid any incidents. I hope everyone stays safe and that there are no unexpected variables. You really need to avoid any surprises. Thankfully, if something happens, like if a public employee's company faces difficulties, that shouldn't be the case for you. Therefore, it's concerning to see you operating with such risky loans. It's better to be cautious right now.

Managing this will likely be a struggle for the family as well. There are always conflicts that arise, and I've experienced this myself in the past. It can lead to a lot of arguments. However, I hope everyone can understand each other and refrain from blaming one another. We should think that we can solve everything together moving forward and support each other. 

Regarding insurance, if any issues arise, like health problems, what will we do? Fortunately, public servants have access to welfare points. With those, they can purchase group insurance. Group insurance can be renewed annually, so while you are in public service, it can provide some care for your family as well, which is a relief. I truly hope that no unexpected issues arise, so that the stepping stone...

Anyway, Yuri is doing it. If you can receive prayers, that's good. In fact, there are many things to think about. But it goes according to my situation. Originally, I am in a state where I can take out a loan, and I can buy this, but you should think about getting it a bit cheaper as a stepping stone. That's the right way to do it. You should think that even if you save 1 or 2%, it’s still worth considering. Without that stepping stone, I wouldn’t be able to buy this house at all. Right? It’s like, they’re offering zero-interest installments, so should I change my car? That kind of thinking. Just because they give you a credit card, you shouldn’t think, Should I change my car? You might have planned to buy a car, and you naturally thought you’d pay interest, but then you see there’s a zero-interest option. So, you can utilize that, but don’t get too caught up in the stepping stone. It’s true that stepping stone loans have low interest rates.

Because of that, someone who suddenly has to live in a rented apartment or villa ends up taking out a huge loan and buying a nice house. Of course, that's the intention behind the stepping stone loan; it encourages people to buy their own homes and pay it off diligently. However, there are many people for whom this is not feasible. For those who can’t manage it, the loan limits can go up to 400 million won, and the government-backed loans can reach up to 600 million won. Plus, there are long-term fixed-rate loans, which have their advantages. But statistics show that the repayment period for housing loans in our country is around 7 to 8 years. This means that rather than earning money to pay it off, people end up switching loans or moving houses. So, while the long-term fixed rate initially seems very attractive, once you get into it, those who actually use it for a long time...

It is very rare. Most of the time, when you earn some money and the house prices go up a bit, you become dissatisfied with your home after living there for about five or six years. People generally feel something is off. Plus, the kids grow up; you have two of them. How do you manage to put two elementary school students to bed? When they become high school students, you start thinking that you need a bigger place. The kids often don’t come home, and they get upset. They say they’re not going to sleep because they’re going out with their friends. There are conflicts like this. Parents also don’t have separate rooms, so they end up saying, We’re sleeping together, so you should sleep together too. But they argue that they absolutely cannot sleep with each other. So, please don’t think too rigidly about this. You can originally expect to receive a stepping stone, but it would be good to think that you can get it at a slightly lower price.

I truly hope there are no variables. Anyway, I hope you gather everything well.

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