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
Its generally a good move but people can oversell it. Taxes will go up even if the mortgage is fixed. You can’t move easily if you need to go work someplace else or such. Upkeep is a thing and will cost. You can’t easily drop your monthly nut if you lose your job or such. That being said my general rule of thumb is if you can afford a 20% down payment and 15 year fixed and its somewhere you would like to live you should do it. Get a 30 year but make payments like its a 15 year and if you get into a crunch make the normal payment. If all goes well you will be in good stead and if you have to sell you should come out ahead. If you can’t do that much of a down payment then definitely think about it hard and I personally think if your doing a balloon or variable rate your asking for trouble.