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Topic ClosedIs Buying A Home Wise?

 
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Jaden View Drop Down
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Joined: Oct 03 2006
Location: Bahamas
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Points: 352
Direct Link To This Post Posted: Nov 25 2007 at 3:11pm
I think it depends on how you're looking at paying off debt. My folks got a 25yr mortgage on our house and paid it off in 7 years. If you're only looking at paying the minimum monthly payments over 30 yrs, then yes,  you may lose money....but if you get bonuses, a raise, Christmas money from family, etc and you increase your payments, you won't be stuck with loss via high interest in the end.
 
It's similar to the situation with credit cards. My dad has the option to pay the minimum a month for say, 3 yrs, but to avoid high interest, he pays off as much as he can, as soon as he can. His credit cards are usually all paid off within a few months. He's a banker, has a good business head on his shoulders and I'm trying to be like him.
 
Anyway, said all that to say that I still think buying a home is VERY wise. I'd rather invest my money in something that is mine and that I eventually will see a return on, than literally throw my money that i will NEVER, EVER see again, into the pockets of a landlord.
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