Uzi @UziCryptoo . 9h Option 1, rent a house for $2500/month Option 2, give the bank $100,000 and pretend you own a house for $4000/month knowing $2700 is going to interest.
$5,000 a month Mortgage is insane. $1.6 million at the end of the note. "They APPROVED us... and I realized WHY we'll never own a home." An American couple did everything "right" — steady income, good credit. Interest, taxes, insurance — all stacked on top. "We'd pay $1.6 million for a $450,000 house" It's lifetime debt dressed up as opportunity.
The new 50 year mortgage explained: Wait, you rented your sofa? Yeah, and all we did was pay the interest. How much was the interest? Oh, nothing. It was like $25 a week. How long did you have it? 15 years. 15 years, yeah. Bro. You spent close to $20,000 on a couch you never owned. $20,000.
If you want to own land and build your own home, look into a USDA construction loan. A USDA construction loan can finance the land, build your home, and serve as a longterm mortgage. Plus, there’s no down payment required and only one set of closing costs.
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