I don’t have all the answers. I won’t pretend I do. If someone cannot afford a house then it is what it is. Turning yourself into a slave is a bad approach to home ownership. The world would continue just fine if we didn’t have ways to borrow money. Other options exist. Borrowing money has only cause the housing affordability issue to get worse, not better.
You could borrow money from family and friend without involving banks. Banks are corrupt.
Totally agree with the last sentence.
In my opinion houses shouldn’t be investments (for people with a lot of money). They should be used for living not as an asset. They should also be fairly priced for the value they actually are based on materials used and location. Prices have insanely increased because they are viewed as investments and not for their usecase.
You probably don’t own a house by the way you are talking. Borrowing money to buy a house is a form of savings. If you pay $2000 in rent every month, after 10 years, you would have lost $240,000 with nothing to show for. If you borrow money to buy a house; and if you sell after 10 years You can get all the money you paid in your mortgage back plus more if you are lucky. You are not thinking this through
Are you trolling?
If you paid rent you would have a roof over your head for that time. Nothing to show for? You didn’t lose anything. You got exactly what you choose to pay for.
Of course you can borrow money and make a return in 10 years. No one is arguing that. That doesn’t mean making yourself a slave to a bank is a good idea.
Why would you think I don’t own a house? Because I don’t talk like someone who has a regretful mortgage?
How are you a slave to the bank? You get to live in your house don’t you? 😆 If you borrow at 2% interest and the interest is now 5%, they are paying you to own a mortgage.
Try getting sick and lose your job. Pay that mortgage you slave. Cant pay? Sorry you lose everything.
Same shit you are renting. 😆
Yes exactly! So own a home!
I do. 3 😆
That’s amazing if they are paid off! 🤜🤛
No one still has a mortgage, but I am renting it so someone else is paying the mortgage 😁
So it has a mortgage if someone else is paying it? And if there is a mortgage its not your house. Its the banks.
Technically yes, but I can sell it at anytime and get my money back.
Oh for sure. I guess I’m going on about true home ownership. If you don’t hold the deed to the house, it aint yours lol. Even if 99% way to paying off mortgage. Until the lender hands the deed to the borrower, theres no house you own.
I think we need different vocabulary for people with mortgages. People easily say they own a house even if mortgaged. They should be saying “I borrow a house from the bank, I’ll own it in 23 years.
