catz Posted October 24, 2022 Share Posted October 24, 2022 9 minutes ago, popmom said: There are many factors to consider. You can mitigate some of this by doing a 15 yr instead of 30 yr term. Also, depends on how much they are putting down. But--yeah, I agree with you. We have learned the hard way. I actually broke the rule on this once and came out ahead. But I do think the market may find some self correction soon, so it seems like a riskier time than many to do it. If you had the flexibility to hold onto for a while as a rental property and wait out the market a bit, that might make a difference. It is a ton of working being a land lord in a lot of cases though. One thing we've done on all our mortgages is take out the 30 year, but pay it off like a 15 year. That gives you some flexibility in case of a financial emergency. We actually don't have a mortgage at all now and own our current home taking this approach. 1 Quote Link to comment Share on other sites More sharing options...
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