I am trying to make a decision. curious about your thoughts on my personal situation, and what you think in general. or your own stories if you have anything relevant…

  • die444die@lemmy.worldEnglish
    18·
    4 months ago

    Renting: cheaper is almost always better.

    Purchasing: it can make sense to get the nicest place you can afford, with the expectation that your pay will increase but your mortgage won’t.

    • czardestructo@lemmy.world
      34·
      4 months ago

      I would argue living below your means is always better. Getting a cheap mortgage you can add an extra $100 or $200 a month to for the first five years makes a TREMENDOUS difference in how much interest you pay over the life of the mortgage and how soon you own it. The first five years of a mortgage are so important, all your payments go to interest. I’ve turned all my 30 mortgages into 15-20 year mortgages by over payments and it’s served me extremely well.