Quote:
Originally Posted by Baronvonellis
Just why couldn't the bank raise the mortgage if they wanted to make more money?
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because the mortgage agreement you make with the lender is like a contract.
they agree to loan you X amount of money and you agree to pay them back as scheduled in the mortgage agreement.
once it's agreed to and signed by both parties, then that's that.
Quote:
Originally Posted by Baronvonellis
Buying property scares me to death, your tying up hundreds of thousands in a fixed asset, that's hard to buy and sell. And the taxes can go up at anytime. And the maintenance costs are an unknown.
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buying a home for yourself really only makes sense if you plan to be there a while. and the main advantage in my eyes isn't the mortgage interest tax write-off, or the fixed payment schedule, or the equity built through appreciation, or anything else. it's the knowledge that i control my own housing destiny. as long as i hold up my end of the bargain with the mortgage and tax payments, then no one can tell me that i can't live in my home. once you have children to raise, that kind of foundational stability becomes a really nice "peace of mind" thing.