Re: About to buy a house
Ignore all the new fancy financing and advice to borrow a ton of money. If you can't put 20% down you cant afford the house. (Yes, I have violated this rule.) If you are going to move quickly it might be a problem. People underestimate how bad mortgage debt is and overestimate its benefits IMO. Think in terms of owning outright sooner rather than later. You may not be able to do it right now, but don't think you'll have a mortgage forever and don't think in terms of paying for 30 years IMO. (That doesn't mean don't get a 30 yr. mortgage tho.) I understand people are looking at 40 year mortgages now. that's nuts IMO. Most people carry too much debt, avoid that if you can.
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