Ban my account ffs!
snowguy716
Atlas Star
Posts: 22,632
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« on: March 28, 2009, 02:19:32 PM » |
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I totally disagree that "renting is a sensible solution". Owning a home is not only a way to more financial security but also gives you a strong sense of accomplishment and pride.
Sure, you are paying a lot of interest to the bank when you take out a mortgage, but if you buy a home that you can afford and save a little to improve it over time, it can be profitable. Also, if you get promoted or see an increase in pay, you can apply the new money towards your mortgage and pay it off early.
Renting is throwing your money into a hole. Especially when you consider that rent for the month is often not much less than a mortgage payment.
But I am biased, because I live in the state with the highest homeownership rate in the nation.
The key is not to go beyond what you can afford. Don't take the biggest loan the bank will offer you. Research and find a home that has potential that is a little less than what you could afford. Save the extra money.
But that's all pretty much common sense.
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