Would you rather a mortagage or rent?

United States
February 5, 2009 3:17pm CST
When my hubby and are planning to move out of my mom and dad's house, we weighed the pros and cons of renting and paying a mortagage. In the end we picked mortagage. Why? because when we decide that we want to move again, or we need extra money, we can always take it out of the house. We can use our money to our advantage. With rent we are throwing our hard earned money away. When we decide to move, we have to start with nothing. Espcially if we are unable to save enough for a down payment. SO thats why we choose mortagage. And we pay one now, and it is a nice thing for us to have our own home.
1 person likes this
2 responses
@vrajase (17)
• United States
5 Feb 09
This is the time to buy because prices are so low. Just calculate what you can afford each month before buying and stay within your means. Also, if you go with adjustable think really hard first because you never know what it will adjust to and it may be the worst case scenerio before you know it. If you can buy, there are tax advantages to this and if possible make payments every 2 weeks and pay a litte extra to the principle. So when you are finalizing the paperwork make sure there are no penalties for paying towards the principle balance.
@lilaclady (28240)
• Australia
5 Feb 09
A mortgage can be hard but in the long run it works out for the best, I had a mortgage when I was very young, I worked hard all on my own and today I own my own house so I compare my own situation to some of my friends who rent, well I think I am doing so much better in these hard times and I can say that because I am the one that is always helping them out when they hit hard times...