As long as you can afford it, go for it. Otherwise, i’m not sure. Either way it seems like another monthly expense.
Thank you for your comment, Andre.
I think that it’s most definitely worth it because not only will you have your own home. You will also have a lifetime investment.
Thank you Rashone. You will have owned your home.
Thank you, Rashone.
You welcome Hillary. make it a great day.
A home is definitely a good lifetime investment. Also here in New York City, where I reside,many homeowners value the property and are happy to have purchased a home after all their years of hard work and saving.Some also will do repairs in order to have the property increase in value. A few folks build their weath doing this.
Hmm.. not sure. If you get mortgage in order to rent out and create passive income – then yes. If for your own – buy small, pay out then move to bit bigger. If you get a big mortgage for the house you are living in- no passive income from it, and throughout the 25-30 years, will overpay 3x.
But I completely understand the mindset – to have your own place. In this current state when rent is same or higher than mortgage – I see the point to get property for yourself. But start small, pay out- remortgage wisely and get another property. Have to be smart with finances. Unfortunately nobody teaches this at school, to set good financial habits from the start.
Sorry for the long answer, have to keep in mind, that each situation is different and approach might be different.
This sounds like something I would have liked to say but I lack the education about mortgages. I do know that a house is a liability in that it takes money out of your pocket unless you are buying and selling. Even to hand down to a family member can cost, right?
Taking money out of your pocket almost for life.
I believe so..usually you can get a better locked in rate and a longer period of time to pay it back. Also there are a variety of different programs that can be combined with the mortgage loan to help you save when buying a home.
Thank you Lora. But what about the interest rate on the repayment in comparison to the normal loan? Otherwise thanks for your good comment.
If you can get a better interest rate with a regular loan and don’t mind paying it back in a shorter period of time then that may be the way to go in your particular situation
I understand Lora, whichever way that resonate with you.
Yes whatever way works best for you!
It can be risky. If the borrower fails to pay back the lender can take the property
It depends on how much your down payment is and whether its fixed or variable…I would hope it would be fixed rate if thats the route you choose to get a mortgage
Thank you for your comment, Kimberly.
You’re welcome
My parents bought with a fixed rate. Even with the fixed rate; their mortgage payments went up. They had excellent money to as a down payment. Mortgage prices can run the gamit of the stock market
It is a risk.I also did attempt to go into the a t industry but the financial meltdown of 2008 happened, making me look for other work. People should exercise caution in dealing with this type of loan.
If you’re buying a home, a mortgage loan is generally the best option because of its lower interest rates, longer repayment terms, and the ability to borrow a large amount. A normal loan (like a personal loan) would likely not provide enough funding, and the terms would be much less favorable for such a large purchase.
If you can afford the monthly payment without struggling then it’s worth it. In addition, when you pay the balance off, you get to own the home. Then, you just pay taxes on the land if you live in the USA. If you can pay cash, then do so, if not, look for the lowest interest rate and stay away from those ballon notes. Look for fixed rates.
That’s true Phyllis. Thank for your comment.
You are welcome!
Thank you Riz.