Portal Forum General General Discussion Home Ownership Reply To: Home Ownership

#153571 Quote

    Home ownership is not for everyone, especially if you are thinking you will be mobile. Buying and selling in short term, unless you think the market will spike is not a great plan.

    I wanted my own place and hated living with roomies. I bought a condo because I didn’t want to deal with maintaining it as I was traveling 4 days a week for work. I didn’t want to shovel or mow the lawn, etc. and was easier to pay someone to do so. Plus, I got a great deal on a place downtown that is right on the river and close to everything. When I got married we moved to a townhouse in NE and perfect for the foreseeable future.

    Also, strongly consider a 15 year mortgage. In the long run, you save on interest, may get a lower rate and the way I look at it, if your income is going to grow (through promotions, inheritance, getting married), then it is a smart move. While it may be hard at first to make the larger payment, your income growth will make it easier and likely in 5-7 years, you are half done and almost fully paid off.

    Also, I read somewhere on a 30 year mortgage, if over the year, you pay one more payment than the 12 (13 instead of 12), it cuts your payoff from 30 to like 23-24 years or about 7 years.

    Another great option is bi-weekly payments, since most get paid bi-weekly, easier to budget rather than one lump sum each month and same principal as before, where you are paying more off than the normal 12 pmts/year and you are allowing less interest in the month