Oh I'm not saying that mortgages are the be all and end all, at all.
My point is; that they're do-able for anyone and money in the bank, just as they've always been! Somehow people's thinking has lost its way.
This comment: "Well doesn't equity beat giving your money to a landlord? Rent money is dead money - you're paying some-one else's mortgage or retirement plan, off! Sound clever? A Mortgage is money in the bank if you pay the bills and make good decisions." was made to OO6's comment of:
"who the fuck WANTS a mortgage? Most want to own a property and the way the system is structured the only way to do that is via a mortgage. The mortgage is the down side, the trial of fire so to speak"
It's a trial of fire if you decide for your first home you want to lend 90% of 600k (as an example) which is plain stoopid economics. Same as giving your rent money away for a lifetime
My first home was a cheap POS that only had the foundations, 1/4 acre section, the 3 bay garage/workshop and the roof going for it until 2 years of manual work was applied, and I had to commute to work, the area wasn't flash. But the equity was fabulous, same with the next home and the next. No over extensions.
The average man hasn't the nouse nor the motivation or courage to do a levi strauss, there
are other options, it's a matter of not over extending no matter what you do to get ahead, even saving in a climate where you're pissing into the wind is better than over extending. Keep debts low - End of.
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