10 Reasons to Live Mortgage Free (Roma: lease, house, neighborhood)

[cheryjohns]

Originally Posted by Texas User

Legally I am not though but the whole point of this is that renting is cheaper then mortgage.

I have several investor clients that buy rent houses. As long as there are people such as yourself to ensure their profits - they're good. The mortgage and all expenses plus a monthly profit can be had until the house is paid off - then the profit increases. Considering how little they put down, they are very happy that you continue to think as you do.

[Sampaguita]

Originally Posted by Texas User

I have not seen any taxes on my bill.

On your bill?

You get billed for your rent?

[RageX]

My 2 cents:

With rent, you never -own-. With a mortgage, you might eventually -own-. Expense is determined by the ability to purchase and, subsequently own something. By that cut and dry standard, mortgages, that can reasonably be paid off in a single lifetime, mortgages will always be cheaper than rent.

[cheryjohns]

Originally Posted by RageX

My 2 cents:

With rent, you never -own-. With a mortgage, you might eventually -own-. Expense is determined by the ability to purchase and, subsequently own something. By that cut and dry standard, mortgages, that can reasonably be paid off in a single lifetime, mortgages will always be cheaper than rent.

Not to mention that if you make an equivalent of one extra payment once a year (the extra going straight to principal) - you will shave off about 7 years from the 30 year mortgage. Just pay a little extra every month.

[astrohip]

Originally Posted by Texas User

No property taxes when you rent. Maintenence is absolutely free also.

Originally Posted by Texas User

You pay no taxes as a renter. Its not rolled in or else they would tell you.

Originally Posted by Texas User

Renter's do not pay any taxes.

Originally Posted by Texas User

I have not seen any taxes on my bill.

Originally Posted by Texas User

Legally I am not though but the whole point of this is that renting is cheaper then mortgage.

Your ideas are intriguing to me and I wish to subscribe to your newsletter.

[slingster]

The top reason to live mortgage free is to first get a house you can afford and then pay it all off! Just finished paying off my mortgage so not only do I have equity but also am enjoying all the intangible benefits of living in a house (privacy, safety, etc.). In the mean time the article's author still pays rent and has to deal with who-know-what a door down.

[14Bricks]

[SIZE=3]Somehow the American public has been suckerd into believing that taking on debt for 30 or even 50 years is a good idea. In 30 years that great neighborhood of yours might turn into a ghetto. In 30 years you or your spouse might not still be in this world. In 30 years you might lose that job you so depend on. Oh, and for the record even if you payoff that 30 year debt, you still don’t “own” your home. I guarantee if you don’t pay your property taxes the government Will take your house. So wither your paying a landlord or your paying the government, YOUR PAYING SOMEBODY, you don’t own sh*t. Good day people.[/SIZE]

[Texas User]

Originally Posted by Sampaguita

Not necessarily. As I said in my previous post, if we buy the house we're currently renting, our monthly expenses (including mortgage) on this house will be LESS than what we pay in rent now.

Not in the long run though. The real expenses come after you get the house.

[Texas User]

Originally Posted by Sampaguita

On your bill?

You get billed for your rent?

Rent but no taxes.

[Texas User]

Originally Posted by RageX

My 2 cents:

With rent, you never -own-. With a mortgage, you might eventually -own-. Expense is determined by the ability to purchase and, subsequently own something. By that cut and dry standard, mortgages, that can reasonably be paid off in a single lifetime, mortgages will always be cheaper than rent.

You have to consider other costs other then mortgage. Trulia calculator shows in the long haul, you are saving more money and that money can be invested in the stock market with higher returns.