A Mortgage is like the bank raping you

[fendi_mane]

My mortgage is $540/month... Im on pace to pay my shyt off in 5 years if I keep up this pace. The bank ain't fukking with me cuz.

 

[ROFL_GUY]

"Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants - but debt is the money of slaves."

^over 500 yrs old....

 

[HookersandIceCream]

a 30 year mortgage is 360 months so multiplying your monthly payment by 360 is the final cost of the house. i have a friend with an $800 a month payment for a $90,000 mortgage. his final cost of his house is gonna be $288,000 he'll have paid for the house 3.2 times over if he takes the whole 30 years and pays as scheduled. shyt is brutal.

In 30 years that house should worth(rough estimate) 300k

 

[winb83]

A mortage is liberation, WHY? Because you can watch porn with the volume up and its YOURS when you pay it off. For me its more about the amenities the house offers as opposed to how much I am paying for it. When my wife gets on my nerves I close the door to the basement AND SHE BETTA NOT OPEN IT because that is my space. Try that shyt in an apartment.....

owning a home is liberation the mortgage is if you make only the scheduled payments for the 30 year term borderline renting to own.

if you think you own a house you have a mortgage on stop making the payments and you'll find out who really owns it just like if a renter stops paying their rent. while the renter will never own their place they don't have to pay maintenance either. the mortgage doesn't grant that luxury you gotta both make monthly payments and keep the place up.

now pay that 30 year mortgage off in say 5 years and its a whole different ball game.

 

[The ADD]

Most first homes don't come close to going to a 30 yr mortgage as the primary home.

You start with one property and progress to the next with the equity (I know) and increased earnings in your job making each purchase more of an advantage for you.

 

[winb83]

Most first homes don't come close to going to a 30 yr mortgage as the primary home.

You start with one property and progress to the next with the equity (I know) and increased earnings in your job making each purchase more of an advantage for you.

what if one got their first home paid the full balance off in 5 years and decided to move out of it in say 7 then sold the home and using the 2 years of saved payments and other savings as well as the selling price of the home rolled that over into the next home and bought it cash though? isn't that better?

 

[The ADD]

what if one got their first home paid the full balance off in 5 years and decided to move out of it in say 7 then sold the home and using the 2 years of saved payments and other savings as well as the selling price of the home rolled that over into the next home and bought it cash though? isn't that better?

Of course but not realistic for most people.

 

[Dirk Diggler]

owning a home is liberation the mortgage is if you make only the scheduled payments for the 30 year term borderline renting to own.

if you think you own a house you have a mortgage on stop making the payments and you'll find out who really owns it just like if a renter stops paying their rent. while the renter will never own their place they don't have to pay maintenance either. the mortgage doesn't grant that luxury you gotta both make monthly payments and keep the place up.

now pay that 30 year mortgage off in say 5 years and its a whole different ball game.

If you were educated you would know that because of the economic meltdown the banks dont even own my home being educated about he situation is liberation. Who owns my deed and title is the bigger question and it isnt Wells Fargo. When I referred to liberation i am referring to the freedom of space I have when I traverse through three levels of 2700+ sq feet of home that my wife and I own. I pay the banks their extortion fee for them to let me stay in here just like you pay your apartment complex their extortion feel to live in a a 800 square foot shyt box.

Not tomention your rented shyt is a money pit. WHEN the market comes back if ever there is a thing called equity that i will be cashing out on.

 

[The Bilingual Gringo]

what if one got their first home paid the full balance off in 5 years and decided to move out of it in say 7 then sold the home and using the 2 years of saved payments and other savings as well as the selling price of the home rolled that over into the next home and bought it cash though? isn't that better?

Better, but like ADD said, not realistic. Besides, having that interest to write off annually helps a lot of people out come tax season.

 

[Dirk Diggler]

what if one got their first home paid the full balance off in 5 years and decided to move out of it in say 7 then sold the home and using the 2 years of saved payments and other savings as well as the selling price of the home rolled that over into the next home and bought it cash though? isn't that better?

If anyone bought their house 5 yeas ago to sell it in 7 they lost money anyways and that is a paper loss because that was cash that came outta their pockets all not to even break even

 

[beenz]

a 30 year mortgage is 360 months so multiplying your monthly payment by 360 is the final cost of the house. i have a friend with an $800 a month payment for a $90,000 mortgage. his final cost of his house is gonna be $288,000 he'll have paid for the house 3.2 times over if he takes the whole 30 years and pays as scheduled. shyt is brutal.

when u own a crib u also get tax benefits off the interest you're paying each year. you forgot to mention that. also you're making payments on an asset that say even if u pay off in 30 years should worth more than the combined amount of the 360 payments. so how is that losing?

also, being able to do what the fukk you want in your own crib is priceless rather than having to deal with neighbors and a landlord who u gotta ask if u can turn the music up or change the paint on the walls.

 

[Dirk Diggler]

when u own a crib u also get tax benefits off the interest you're paying each year. you forgot to mention that. also you're making payments on an asset that say even if u pay off in 30 years should worth more than the combined amount of the 360 payments. so how is that losing?

also, being able to do what the fukk you want in your own crib is priceless rather than having to deal with neighbors and a landlord who u gotta ask if u can turn the music up or change the paint on the walls.

Niccas dont understand this all they thinking about is paying the man when they paying rent to the man at the same time. fukk a whole bunch of dat

 

[beenz]

Niccas dont understand this all they thinking about is paying the man when they paying rent to the man at the same time. fukk a whole bunch of dat

no doubt. I'd rather pay the bank for some shyt I own, than put some landlord's kids through college and not own jack shyt.

and there's been many a times that I have bumped my music before 7am and no one can say shyt to me about that

 

[The ADD]

Rent and owning have advantages. The bottom line is that you have to live somewhere and if you are anchored in one area why not pay on an assest where the interest is tax deductible?

 

[beenz]

oh and another thing. I would rather pay 1/2 as much a month to live in almost 2000 sq ft than I would renting the same space.