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InitialsDiceBearhttps://github.com/dicebear/dicebearhttps://creativecommons.org/publicdomain/zero/1.0/„Initials” (https://github.com/dicebear/dicebear) by „DiceBear”, licensed under „CC0 1.0” (https://creativecommons.org/publicdomain/zero/1.0/)PA
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Joined
9 mo. ago

  • A question of liquidity over decades with the liability of a big repair, and all for the hope of building equity and not paying rent in 20+ years

    I'm paying more in rent than many of my friends with mortgages yet somehow their payments are shooting up with the rate changes, things are constantly needing repair and they're stressed beyond belief

  • The first few years are overwhelmingly paid towards interest and not the principal, it's not an equal ratio throughout the mortgage. I think you missed some fine print

    If you get into a mortgage then sell in 2 years you would have paid off less than 2 years worth of payments to the principal and you're not getting that money back, that's straight to the bank

  • First few years are spent in interest so it's also going straight to the bank

    Equity is uncertain in this market, especially with unexpected maintenance

    Rent comfortably for a few years is still the better choice, buying a house now that might fall in price is a terrible risk

  • Whatever bad luck you're having with rentals is nothing compared to how badly home ownership can go, renting isn't all that bad even if it is more expensive. What's really expensive and financially distressing is a sudden and expensive furnace / roof replacement, flooding, fire, the list goes on

    Mortgages aren't going away anytime soon, start off with renting and see where that takes you before jumping into a $400,000+ loan