NOVA/DC/MD - Z's & Coffee, Saturdays at 10AM in [WHERE?!], VA & Columbia, MD

ZMan8

or you rent for 30 years, still shell out 500K, and you have no equity.

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eastwest2300

fvck man, you just cant win...

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ZMan8

The way i see it, you should try to pay off that mortgage. make 2 extra payments per year, it will go a long long way.

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2015 Mazda6 | 370ZChicago: Chicago Area Cars & Coffee

eastwest2300

yeah but man I see all the bad stuff that plays into mortgages, too many people have their hands in the cookie jar (so to speak). its like who can you trust?

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ZMan8

too many people get into mortgages that they can't afford. I'm trying to buy a house right now, and I will say now is the time to be buying. house prices are still down, and rates are low. Interest isn't as big of a deal when you factor in inflation

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2010 370Z 40 Anniv., 6 MT | Fast Intentions | Swift Springs | SPC | Z1Motorsports | JWM | Redline Oils | 35% Window Tint
2015 Mazda6 | 370ZChicago: Chicago Area Cars & Coffee

eastwest2300

Good luck brother, Im probably making a huge mistake of not buying a house right now.. I'll be regretting it years from now, I just know it.

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RandyD

ZMan8

Don't let it bother you. Either way you'll be fine later. Worrying about "what you should have done" is not going to change anything and you'll just add stress.

Think of as this way. By renting your are leaving yourself flexible, where with owning you are stuck with it until you sell it or rent it out. Both have their + / -

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2010 370Z 40 Anniv., 6 MT | Fast Intentions | Swift Springs | SPC | Z1Motorsports | JWM | Redline Oils | 35% Window Tint
2015 Mazda6 | 370ZChicago: Chicago Area Cars & Coffee

chieuxuan

Go buy that house that with a big back yard so you can build your own gargage to house all your sport cars that you don't drive there

b1adesofcha0s

This is why I'm trying to buy one ASAP. I can get a house now and then have it paid off by the time I'm like 50. Then I can buy myself a Lambo with all the extra disposable income

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Red__Zed

interest rates are amazing right now, too.

b1adesofcha0s

Low rates + rising cost of houses = buy it nao!

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eastwest2300

If I was making the money I hope to be making 5 years from now, than maybe..

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StangerGT

Buy a house...

Interest is at record low levels, and its going to start to climb... a few percentage points can make or break the ability to afford something... hell even one.

I have rented since 07 and have nothing to show for it. i pay basically the same for a house. Roughly, if I make an extra 2 payments a year, it'll go straight to principal, and knock about 10 years off my 30 year.

If you do spend money on interest, it could be made up by the house climbing in worth. Even if you break even, at least you get that money back. Tax breaks are also nice. It also helps raise your credit score, saving you money in the long run.

Also avoid adjustable rates, that's really what got people in trouble. Stay with a fixed rate and you will have a predictable payment.

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