Ask Lemmy

26875 readers

3292 users here now

A Fediverse community for open-ended, thought provoking questions

Please don't post about US Politics. If you need to do this, try [email protected]

Rules: (interactive)

1) Be nice and; have fun

Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them

2) All posts must end with a '?'

This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?

3) No spam

Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.

4) NSFW is okay, within reason

Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either [email protected] or [email protected]. NSFW comments should be restricted to posts tagged [NSFW].

5) This is not a support community.

It is not a place for 'how do I?', type questions. If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email [email protected]. For other questions check our partnered communities list, or use the search function.

Reminder: The terms of service apply here too.

Partnered Communities:

Logo design credit goes to: tubbadu

founded 1 year ago

MODERATORS

[email protected]

First-time home buyers: how did you feel about getting a mortgage? (lemmynsfw.com)

submitted 6 months ago by [email protected] to c/[email protected]

50 comments fedilink hide all child comments

An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think "that's 15 years I'll spend paying back, at absolute minimum. Probably more like 25 years" - how can I possibly plan that far in advance?

So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I'm mainly talking about the emotional side of things rather than financial

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 2 points 6 months ago

I have the same feeling as you and I’m going through my first home purchase right now. I can’t imagine myself paying something for 30 years, and I’m in my late 30s. What’s keeping me assured is:

Rent will just keep rising, and having a fixed payment that doesn’t go up for decades guaranteed is reassuring.
I got a reasonable rate on my mortgage, but if rates go down, I can always refinance.
As someone who prefers to pay in full on most things, paying an interest sucks. However, I can always pay additional on the principal every month when I have extra money, and eventually pay off the loan earlier and save money.
I’m building equity. Renting is basically paying your landlord’s mortgage. You’re throwing money into something that isn’t yours. At least with a home, you’re investing in your own property.
Climate change can change it, but real estate is historically the one asset that is almost guaranteed to appreciate. If there’s any major change in my life (moving, sickness, can’t afford it anymore, etc.), I can always sell.