That’s great if you have the means to do it but for the majority that would remove the opportunity to ever own a home.
^ very true. People need to learn how to let their money work for them, not just buy stuff with it because it’s burning a hole in their pocket.
If only it were that simple.
It does make sense when you can make more on your money than what the mortgage rate is, plus the value of your house goes up.
Buy a $100k house, take 30 years and $200k to pay for it and at the end of 30 years the house will be worth more than $200k, plus you’ve made your money back 5 times on the $100k you didn’t put down on that house. Granted that takes a lot of work/investing, but still not a bad option. Also I bet the percentage of people that actually pay 30 years on the same mortage is slim.
X…
Well for us we took in account a few things. First is we knew we wanted to put 20% down, so I worked a part-time job for 1 1/2 years to save up. Then we also knew that my wife would want the option to stay home with babies or atleast work part-time. So we got approved for mortgage on my income only. It has worked out to be about 1/3 of my monthly income which is fine, Because we have no other debt besides my wife’s student loans which is only 128/mo. Very easy to handle. It has worked great for me, I put 15% into 401k and another 200/mo into a Roth IRA and we still have money left over every month :tup: But it still seems to get spent with having a 1 year old and another on the way :wiggle:
That sounds very nice but why not put 20% down and take out a mortgage at 4% invest the rest of your money and make 8% on it?
Just make sure you leave yourself plenty of slush. My wife had a list of “demands” for the house we built and I told her with those “demands” it would take all of my pay for the mortgage. She was OK with that at the time but now she is not happy because she wants all sorts of other things that cost money. Imagine that. Being newly married I thought I could make her happy. Lesson learned.
So yeah, don’t stretch yourself too thin or your wife will never be happy.
LoL
I don’t think my wife will ever be 100% happy because she married my fat ass :lol:
120lbs 5’1 blone with a 6’1 230lbs fatty :tup:
Don’t get married. Lesson learned. If she was your girlfriend you could tell her where to stick her demands.
Interesting coming from you. Typically mortgage money is some of the cheapest money you can find. Not sure why you wouldn’t like that?
maybe not, sounds a little hefty for 5’1"
:bowrofl: she no shinny model, but def not a fatty…
5’1 99-128lbs, So on the high end of average :gotme:
Ok enough hi-jacking, back on topic :tup:
not only is it cheap, you can write the interest off. wealthy people normally love mortgages because they need/want to hide as much of their income from the tax man.
2/3rds of what I was approved for for a mortgage. That’s where I looked.