12-04-2012, 01:58 PM
Strife Wrote:Breand Wrote:Technically anything less than paying 100% would just be renting... until you pay it offAdimenti Wrote:Best I could get in my neck of the woods was 3.09 over 25. Not that it's relevant. That's also only with 5% down though.
If you put 5% down on a house, you aren't really buying it. You're just renting it from a bank, heh.
not really. If you have say, 50% of it paid off and you get into financial trouble and suddenly can't pay the mortgage, you can just take out a home equity loan to pay the mortgage until you get back on your feet. Or you can sell the house. 5% down and you are a couple missed paychecks (or another housing bust) away from returning the house to the bank. To me, a person simply isn't ready to be a homeowner if you can only muster a 5% down payment. It's the banking cartel taking advantage of these people that destroyed our economy.