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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 07-08-2009, 06:40 PM
 
2,760 posts, read 3,951,351 times
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Which do you think is more important...buying your dream home and carrying a mortgage or buying a home that is "good enough" and living mortgage free? Keep in mind one is in an ideal location and the other while a nice house is in a less than desirable location. I do not mean a "bad" or crime infested neighborhood...more like a less than desirable street scape, bordering on an industrial area.

My husband and I are discussing the pros and cons and I have to say I am leaning towards the mortgage free option. I am actually very surprised by myself. The mortgage free option would mean staying in Scranton...I am basically happy here...it is just the future debt and current government and services leave so much to be desired. I also have concerns about my son's schooling in the upper grades. But that is still quite a few years away, and not having a mortgage gives us financial freedom that could be used for education, at the high school level should it be needed.
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Old 07-08-2009, 06:54 PM
 
947 posts, read 1,642,707 times
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Quote:
Originally Posted by loveinbloom View Post
Which do you think is more important...buying your dream home and carrying a mortgage or buying a home that is "good enough" and living mortgage free? Keep in mind one is in an ideal location and the other while a nice house is in a less than desirable location. I do not mean a "bad" or crime infested neighborhood...more like a less than desirable street scape, bordering on an industrial area.

My husband and I are discussing the pros and cons and I have to say I am leaning towards the mortgage free option. I am actually very surprised by myself. The mortgage free option would mean staying in Scranton...I am basically happy here...it is just the future debt and current government and services leave so much to be desired. I also have concerns about my son's schooling in the upper grades. But that is still quite a few years away, and not having a mortgage gives us financial freedom that could be used for education, at the high school level should it be needed.
In this economy, I would take the mortgage free option. You can always upgrade to the home of your dreams later when the economy is running at full steam.
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Old 07-09-2009, 04:09 AM
 
5,047 posts, read 5,798,022 times
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I would take the mortgage free option.The thought of not having a mortgage is a wonderful idea to me.

d
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Old 07-09-2009, 08:30 AM
 
407 posts, read 966,320 times
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Mortgage free = easier and happier life. You can always add a mortgage if you change your mind, but how many people have the option to live mortgage free? You're one of the lucky one's. I live in Long Island and plan on moving to your area (not sure where yet) in a year for just that reason.
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Old 07-09-2009, 12:40 PM
 
Location: Pike County, PA
1,162 posts, read 3,006,813 times
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I also would opt for the mortgage free option. The greatest feeling ever was when we paid off our mortgage! I hate my house, seriously - LOL - my hubby is a carpenter but has to work on other people's projects....lol. I hate my house, but love the fact that we don't have to make that monthly payment to the bank.

If I could hire my hubby for about two weeks to redo my bathroom and put up some drywall, I wouldn't hate my house so much.
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Old 07-09-2009, 01:25 PM
 
1,815 posts, read 5,398,075 times
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Originally Posted by KarenRice View Post
I also would opt for the mortgage free option. The greatest feeling ever was when we paid off our mortgage! I hate my house, seriously - LOL - my hubby is a carpenter but has to work on other people's projects....lol. I hate my house, but love the fact that we don't have to make that monthly payment to the bank.

If I could hire my hubby for about two weeks to redo my bathroom and put up some drywall, I wouldn't hate my house so much.
So do it! Tell him you'll pay him to work for you for two weeks. Could be fun! LOL!
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Old 07-09-2009, 01:27 PM
 
1,815 posts, read 5,398,075 times
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Quote:
Originally Posted by loveinbloom View Post
Which do you think is more important...buying your dream home and carrying a mortgage or buying a home that is "good enough" and living mortgage free? Keep in mind one is in an ideal location and the other while a nice house is in a less than desirable location. I do not mean a "bad" or crime infested neighborhood...more like a less than desirable street scape, bordering on an industrial area.

My husband and I are discussing the pros and cons and I have to say I am leaning towards the mortgage free option. I am actually very surprised by myself. The mortgage free option would mean staying in Scranton...I am basically happy here...it is just the future debt and current government and services leave so much to be desired. I also have concerns about my son's schooling in the upper grades. But that is still quite a few years away, and not having a mortgage gives us financial freedom that could be used for education, at the high school level should it be needed.
No contest....Go Mortgage Free!!!!!

I aspire to that very position myself. In this economy not having a housing payment frees you up to take advantage of opportunities others must miss. Go mortgage free, save like crazy and if the perfect house turns up at the next economic downturn, you might just be in a position to get it mortgage free also.
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Old 07-09-2009, 04:54 PM
 
Location: Lake Ariel
936 posts, read 2,396,559 times
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I would say mortgage free but I keep thinking about the circumstances of living where you are not happy. Happiness sometimes comes with a price and in your case it might be a mortgage, lol. I would also say: that if you cannot afford the mortgage then I would feel different and think mortgage free.

This is tough! Good luck!!!
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Old 07-09-2009, 05:29 PM
 
3,756 posts, read 9,548,960 times
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Quote:
Originally Posted by roxxy38 View Post
I would say mortgage free but I keep thinking about the circumstances of living where you are not happy. Happiness sometimes comes with a price and in your case it might be a mortgage, lol. I would also say: that if you cannot afford the mortgage then I would feel different and think mortgage free.

This is tough! Good luck!!!
Happiness is a key point. Good point.
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Old 07-09-2009, 08:15 PM
 
182 posts, read 450,659 times
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That is a very difficult question. I often think I might have been better off with a smaller mortgage but I do love where I live and my neighbors. I feel safe and in a decent school district. I have been here a year and it is starting to feel like home
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