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Author: snie Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308475  
Subject: Re: Owners, lenders, borrowers and where you liv Date: 9/19/2005 3:16 PM
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Plus the mortgage game is geared to keep one in debt basically for the rest of their lives.

I wholeheartedly DISAGREE with this statement.

If you buy a place you can afford, NOT what the banks approve you for, it is fully concievable that you can pay off your mortgage 10 or more years early.

I purchased my place 3 years ago when I was 25. I have been making slightly accelerated bi-weekly payments (extra $100/month). I have 14 years left on my mortgage. At this rate, I will be mortgage free by the time I am 42. The only on-going home expenses would be condo fees and property tax.

Paying rent can't do that for me.
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