Advice we follow and also you do not need a home you can not really afford. If you have to take out a 30 year mortgage on a home, you cannot afford that home.
Yes, I know people will tell me they will make double payments, pay it off early, etc...it almost never happens.
Buy within your means, in the end, you will be glad you did. I was given this sound advice and I am glad I took it as it has kept me out of debt!
I think a person should own their own home, even with a mortgage....if they can safely swing the payments and if they have a meaningful reserve fund safely in the bank so that they won’t lose their home to foreclosure in event they lose their job or whaetver.
I think the mortgage interest is still better than paying rent for years and years and years.
and even with a prudent mortgage, ownership provides more stability in a person’s life, plus some possibility for appreciation (not guaranteed of course).
but anyway I do undersatnd the other point of view about this. CERTAINLY all the other things people borrow money for....are mostly stuff they could, and usually should, wait to acquire when they can actually afford them.
We agree!
Some people want a 30 year mortgage because there are tax advantages and because they can pay back the mortgage over the years with less valuable dollars. They may have more than enough to pay cash but choose not to do that.
Every situation is different. I have a home with a 30 year mortgage. I pay 650 on the mortgage and rent it for 1100.
I’ll stay with it for now.