Whatever you do, I suggest you purchase something well below what you can afford and put a substantial down payment to reduce interest/avoid pin. For example, I was able to make my monthly payment and put an extra few hundred dollars a month towards principle. I also made it my main goal within the first 12-18 months to get at least 6 months ahead on my payments so I had a cushion should I become unemployed.
Every chance I had I’d make even more extra payments and/or pay as much as I could towards the principle. Doing this I was able to easily pay my house off in less than 10 years and that was one of the best feelings I’ve experienced. Plus, I put myself in a position to not be a slave to my home - want to go on a nice vacation, no problem because the cost of my overall bills was way below my earned income. Lots of friends didn’t do this and they live an unnecessarily stressful life.
Every chance I had I’d make even more extra payments and/or pay as much as I could towards the principle. Doing this I was able to easily pay my house off in less than 10 years and that was one of the best feelings I’ve experienced. Plus, I put myself in a position to not be a slave to my home - want to go on a nice vacation, no problem because the cost of my overall bills was way below my earned income. Lots of friends didn’t do this and they live an unnecessarily stressful life.
Comment