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Originally Posted by summer_gphib
We are going through the same thing! It's so funny because the fact we don't want to do a 100 percent mortgage and actually HAVE A DOWNPAYMENT seems to be something many of our friends don't understand.  |
Heck, I can't figure out who in their right mind would get one of those Quicken Intrest-Only Mortgages that I see commerical after commercial for. Sure, your monthly payment may be 40% lower, and you might "save" thousands a year - but unless you're taking those thousands and investing in something with a higher % rate of return than your mortgage APR, you're actually LOSING money, that is, if you ever plan on paying off your house. If you're not ever planning on paying off your house, you might as well be renting - at least someone else is responsible for the repairs. How hard is it to understand that if you're only paying interest, your priciple is NOT going down?
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