posted on May, 11 2010 @ 04:30 PM
reply to post by leo123
Even when thinking about a mortgage.
If you buy a $250 000 home,there is no reason for a mortgage other then you want it NOW!!!
If I had a spouse who made 25 grand a year and I made 25 grand a year and you are in a 2 bedroom apt,the spare room could be rented out to help you
pay rent and you spend as little as possible for 5 to 10 years.
You pay for the house with a money order...in otherwords...CASH.
The money sitting in the bank also collects interest for YOU not the bank.
With a mortgage the bank makes money off your purchase.
The NEED for a mortgage comes from their desire to have it NOW instead of working for it straight up and taking their time and doing it themselves.
People don't NEED a mortgage....they just think they do.
The bank does a great job making people think(or not think) that they need them.
Again I say...if you can't pay cash then you can't afford it.
It sucks people are gonna have some tough times ahead but maybe they shouldn't have blindly believed what they were told and followed what everyone
else was doing.