Quote:
Originally Posted by JeanieK  If you can't afford to pay anything towards the principal now, what makes you think you'll be able to a few years from now. Buy the home that you can afford by getting a conventional mortgage. Don't count your chickens before they hatch.
If in a few years you can afford a larger payment and want a larger house, you can sell and get and get a different one.
The only ones that are coming out ahead on these intrest only mortgages are the banks.
Just live within your means. |
I am renting an apartment for 700/month. I figure why not pay a couple hundred more a month, rent out a bedroom to one of my friends and own something, instead of throwing my money away to my landlord. The only person is coming out ahead now, is
not me, its my landlord. I am not sure that I am able to afford
ANY home with a conventional mortgage. I am looking into getting a starter 2 bedroom condo instead of renting. It is possible that I can afford a house with a regular mortgage, but we'll see after I sit down w/ my broker again.
I know I will be able to afford a larger mortgage payment a few years from now because my career is just taking off, I just got an awesome job this week and there is a lot of room for growth at the company. I am just starting out, so I am getting my foot in the door.