What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?
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One advantage is that it enables you own the property you need within the shortest period of time.What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?
You are saying right that in the long run the cost of money makes the installment tolerable in mortgage. And you would not be able to buy a house without mortgage, even you have to pay more than real loan by intrest.We bought our home courtesy of a bank mortgage (where I worked before so the interest rate on the mortgage was lower). We paid the mortgage for 11 years. You can imagine the total interest on the mortgage that we paid. But on the brighter side, we couldn't buy a house without the help of a mortgage because we do not have the funds. Besides, in the long run the cost of money had made the installment tolerable since we are getting a raise in our jobs and the installments are not increasing.
What are the benefits of using mortgage financing to buy house that you know? Is it worth it that someone might be in debt for all his Lifetime because of mortgage payment?