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You could be right.... but I really think the banks want to simply take as much of your money as they can... they don't want you to foreclose... but they don't care if you eat a good meal either.
But then there is a lot to be said for selling something twice...
The bank is going to turn around and sell the mortgage as quickly as they write it. They make their money off the origination and don't care all that much what happens after they wash their handsm
I'm going through this right now buy a house for $300,000 or buy a nice small house for $100,000 and not be house broke.
Can you imagine what people, friends and family say when they see you buying this house:
-VS-
And I think that is what we get wrapped up in... what other people think. I've had to take then out and figure out what I wanted out of life and what would make me happy.
I want to travel... can't afford a $450,000 house and travel every two months (I want to travel a lot).
I'm going through this right now buy a house for $300,000 or buy a nice small house for $100,000 and not be house broke.
Can you imagine what people, friends and family say when they see you buying this house:
-VS-
I'd rather have the first. Second is way too big, just more money to heat/cool, more work to clean, more property taxes. I actually do care more about what I think than what others think, so no problems either way. Having some self-confidence rather than a lemming to keep up with the joneses pressures has its advantages.
You could be right.... but I really think the banks want to simply take as much of your money as they can... they don't want you to foreclose... but they don't care if you eat a good meal either.
But then there is a lot to be said for selling something twice...
No. Don't do it. Look at the monthly payments. The taxes. Can you do that?
Being "house poor" sucks. Banks are not on your side. Don't kid yourself. They win either way.
You could be right.... but I really think the banks want to simply take as much of your money as they can... they don't want you to foreclose... but they don't care if you eat a good meal either.
But then there is a lot to be said for selling something twice...
I head a while back that the banks make tons more money administering mortgages in foreclosure vs those in good standing.
I did not buy a house below my means, but if I had it to do over again, I would. I'm retired now and sold my house, but my philosophy now is: Before you buy, ask yourself if you need it or just want it. If I had bought a house below my means, I would have a lot more money in my retirement fund now because housing values were low when I sold.
Buying a car or a house gives people "the fever." They look at one beyond their means, and the next thing you know, they want all the added luxuries. Unfortunately, it takes a lot of years of living to learn certain lessons in life.
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Buying House
