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Originally Posted by RowdysMom  Did you find the thread?
Also, you are right about throwing money away on rent - you almost couldn't lose on the interest only mortgage, if you didn't over pay and if the real estate market didn't crash - then even if you had to sell the house, rather than remortgaging, you would come out the same as if you had been renting. But then, i'm no expert!!! |
Yes, I found it. thanks. I've been stalking Dena on YT chat, too. I want to ask her some questions since she went in that direction.
The property in Chicago (city PROPER, I can't speak for any of the suburbs) is steadily appreciating. My friend makes 35k per year and she got preapproved for a mortgage of 250k. Obviously, she can't afford to pay that much, so its important to figure out how much you can afford monthly before you buy. I think that the mistake that a lot of people make are just looking for houses for whatever price they get preapproved for, then they go over their heads and can't ultimately make the monthly payment. Its really scary to think about!