Mortgage companies never tell you about PMI, or the outrageous property taxes.
By the way, never send extra money into your mortgage company to pay down your principal. Anyone who taught you that was an idiot. Why?
$100 in 2005 is not going to be the same $100 in 2025. So you pay extra, but guess what, your principal payment never changes, so your throwing some of your money away.
After saying all that. Living in a house is better. Hands down.
I always explain PMI and property taxes to customers.
However, what frustrates me is when some moron doesn't understand that their $410 escrow payment for taxes and insurance isn't MY fault (this after I told them UP FRONT that their taxes were $XXX according to the county auditor). I actually had a woman call another mortgage company because "YOUR taxes are too high" as if I passed the damn tax levy personally. I couldn't explain to this woman that the county government was the one taxing her.
Paying extra money on your mortage, especially in the early years, can knock off years of payments. I don't know where you got your idiot information, but it's not correct. Besides, living in a paid off home is heaven. You finally have the financial freedom that makes living easy and comfortable. Taxes and insurance only cost me about $1,200.00 a year in Georgia on a 1600 sq. ft. Ranch on about an Acre lot.
I've never had to pay PMI and was well aware of the property taxes ahead of time.
Anyone unaware of the property taxes they weill pay prior to agreeing to pay them did not do their research.