Most of this video focuses on the interest and paying off the mortgage. I used to rent for many years until I had saved enough money to buy my home without having to borrow any money from a bank. During those years I decided where I wanted to be, because when you are younger you may want to move and buying a house as early as possible may not be such a good idea as you may miss some good opportunities. Finally, I did not buy a bigger home than what I needed, I only paid attention to the location and the house condition. And I never regretted it even a tiny bit.
We overpay our $125 a month principal every month since the first payment was due in Early summer of 21.. Knocked years off the life of the loan so far, actually paying far more on principal than interest. Each COLA we add another $10-20 per month. Not 1 person ever said I regret paying off my home. it's literally 1 major expense off your list per month, can place what you WERE paying on the mortgage into investments, retirement accounts etc etc etc.
Bought my house that was built in 1940 in 2021, Best thing we ever did, my total mortgage is a FRACTION of what they are charging on a 1 bedroom apt we were renting, next best thing was buying an e bike, putting saddle bags on it and a backpack for shopping, so what it if takes a couple trips if the list is long
A lot of people are saying 7% rates are normal but forget to mention that 500K at 7% is way way different than 80-100K at 7%. To prove this you can see at what rate 7% on a 100K home would be the same for a 500K home and the equation looks as follows 500K(X) = 100K(.07), X is the variable for what percent rates need to be now for you to be able to afford that home and the X = 1.4% rates on a 500K home for it to be equal to 100K home at 7% 😂 essentially rates either need to be lower or prices need to be reasonable and neither is looking like it will happen because of inflation
What a load of rubbish. Paying off your mortgage is painful but when it's done it's like having a crushing weight moved off your shoulders. Location is important but most important is equity. Get the mortgage paid off and you have the equity and take out a mortgage you can afford if you're so disillusioned with the location. This man is talking nonsense.
The town I live in connected my street to a newly expanded section of a major thoroughfare and it increased traffic significantly which made me regret my location
Most of this video focuses on the interest and paying off the mortgage. I used to rent for many years until I had saved enough money to buy my home without having to borrow any money from a bank. During those years I decided where I wanted to be, because when you are younger you may want to move and buying a house as early as possible may not be such a good idea as you may miss some good opportunities. Finally, I did not buy a bigger home than what I needed, I only paid attention to the location and the house condition. And I never regretted it even a tiny bit.
We overpay our $125 a month principal every month since the first payment was due in Early summer of 21.. Knocked years off the life of the loan so far, actually paying far more on principal than interest. Each COLA we add another $10-20 per month. Not 1 person ever said I regret paying off my home. it's literally 1 major expense off your list per month, can place what you WERE paying on the mortgage into investments, retirement accounts etc etc etc.
Bought my house that was built in 1940 in 2021, Best thing we ever did, my total mortgage is a FRACTION of what they are charging on a 1 bedroom apt we were renting, next best thing was buying an e bike, putting saddle bags on it and a backpack for shopping, so what it if takes a couple trips if the list is long
A lot of people are saying 7% rates are normal but forget to mention that 500K at 7% is way way different than 80-100K at 7%. To prove this you can see at what rate 7% on a 100K home would be the same for a 500K home and the equation looks as follows 500K(X) = 100K(.07), X is the variable for what percent rates need to be now for you to be able to afford that home and the X = 1.4% rates on a 500K home for it to be equal to 100K home at 7% 😂 essentially rates either need to be lower or prices need to be reasonable and neither is looking like it will happen because of inflation
What a load of rubbish. Paying off your mortgage is painful but when it's done it's like having a crushing weight moved off your shoulders. Location is important but most important is equity. Get the mortgage paid off and you have the equity and take out a mortgage you can afford if you're so disillusioned with the location. This man is talking nonsense.
Agreed.
Me hitting 50% on this list on why I should hate my home and still loving it
The town I live in connected my street to a newly expanded section of a major thoroughfare and it increased traffic significantly which made me regret my location
I regret NOT buying a house several years ago.
great insights
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