If you have owned a house and paid off the mortgage over the years you know the first 10 years is almost all interest payments with very little equity.
There is nothing wrong with buying a house as long as you can qualify. That means a good down payment and a steady job. None of that no-down-payment nonsense. The buyer must be serious about making those monthly mortgage payments and have a good job. Banks are checking these days.
The financial community in the recent past has been required to make mortgages for those who did not qualify with no down payments and had no serious intention of paying if it became economically uncomfortable. It is too easy to walk away.
The true cost of home ownership is not just the monthly mortgage payment. In a new house all the appliances, plumbing, roof, pool equipment, window frames, etc., etc., everything … Read More