Retirement Age--85 by 2050?
RE: Retirement Age--85 by 2050?
ORIGINAL: Lugnut
Well, you could always live in one of your cars.
Well, you could always live in one of your cars.
got tv, ref, a/c, mini bar, and sound.
Joined: Jun 2005
Posts: 398
From: Telford, PA
RE: Retirement Age--85 by 2050?
ORIGINAL: Lugnut
There are many reasons. I don't know all of them, but I can think of a few.
Some people can't qualify for a mortgage. High risk borrowers can't enter the market because their interest rates would be so high that the loan is not affordable.
Some people move around so much that buying doesn't make sense. If your property appreciates significantly in a short period and you paid no closing costs, you may be able to do this without losing your shirt. This would be a high risk investment, though.
Some people don't have the required down payment for a mortgage--usually about 5% or so of the house's value. If you have less than a 20% down payment, the mortgage company will force you to buy mortgage insurance. That will add $100 or more per month.
When you buy a house, you have to buy more than just the mortgage: insurance, utilities, maintenance, repairs, lawn mower, gardening supplies, some major appliances, etc, etc.
Is buying better than renting? Generally yes, but it's not a good fit for everyone.
There are many reasons. I don't know all of them, but I can think of a few.
Some people can't qualify for a mortgage. High risk borrowers can't enter the market because their interest rates would be so high that the loan is not affordable.
Some people move around so much that buying doesn't make sense. If your property appreciates significantly in a short period and you paid no closing costs, you may be able to do this without losing your shirt. This would be a high risk investment, though.
Some people don't have the required down payment for a mortgage--usually about 5% or so of the house's value. If you have less than a 20% down payment, the mortgage company will force you to buy mortgage insurance. That will add $100 or more per month.
When you buy a house, you have to buy more than just the mortgage: insurance, utilities, maintenance, repairs, lawn mower, gardening supplies, some major appliances, etc, etc.
Is buying better than renting? Generally yes, but it's not a good fit for everyone.
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