Posted on March 26, 2009 at 10:16 am I've always thought about owning a home, but the idea of having a mortgage (borrowed money) that I can't pay scares me. I would rather live in a rented home where I can cut ties on a moment's notice.  I would love to be able to afford a house outright; to pay cash for the house. Of course, I could not afford a very large house in a desirable location.  But, at least I wouldn't be throwing my money away on rent or getting swindled by an unscrupulous mortgage company or facing foreclosure. I worry that many people are getting into mortgages without fully knowing what they are getting into. Pays to read the fine print, assuming that your mortgage company is required by law (as they are in the US) to disclose the details. Unfortunately, even though the mortgage companies here are required to provide full disclosure, they do so using the most convoluted legal jargon that most people cannot understand!

Posted on March 26, 2009 at 7:41 pm I see your point.  However, there are massive foreclosures in the US housing market and that scares me. Hopefully one day I will have money for my own property where I can custom build a house or have enough money to purchase a property. I'm working on it!Thanks to you both, for your comments.

Posted on March 27, 2009 at 12:11 pm I think my mortgage was a good idea. Although I hate the thought of ebing in so much debt. However I wanted to move nearer work and renting just seemed as if I was throwing money away for nothing so I feel proud that I have a mortgage. I reckoned I had to do it sometime and that sometime may as well be now. It would be amazing to buy a house outright but houses are just so expensive. My aim is to pay my mortgage off as quick as possible

Posted on April 5, 2009 at 10:01 pm I don't have a mortgage, but I would really like to buy a house and pay off a mortgage as this is the best way for me to invest.

Posted on April 6, 2009 at 1:53 am I think mortage is a desperate solution.... THere is not good or bad idea.Its one way out. so i guess its good?

Posted on April 6, 2009 at 2:05 am Few people can afford to pay the full amount to buy a house or apartment, so a mortgage is usually necessary to own a home. A mortgage is no problem if you have a regular income and can afford the repayments. If you can no longer pay the required amount each month you will get into difficulties. More interest will be charged each time you miss a payment.The amount of debt will then keep growing, even if the mortgage company allows you to pay a smaller amount until your financial situation improves.

Posted on April 8, 2009 at 9:32 am We are hoping to get into a house, not apartment or condo.  That way we would have a lawn and backyard and small garden.  We could renovate and stay there for five years and then sell at a higher price and turn a profit.  That would be nice.  Or, I could rent out the place.

Posted on April 8, 2009 at 9:44 am We are hoping to purchase a small fixer-upper handy man special house that would require refurbishing.  We might be able to afford a fixer upper for cash.  I don't have that kind of money right now, but am more than willing to work towards it.  Having a goal of home ownership is a big incentive toward saving money and working hard.Thanks for your comments.

Posted on April 8, 2009 at 12:27 pm If you have enough cash or fund to pay it, by all means do it. However, if you cannot afford it, mortgage is a good idea. Do not be scared of the idea of paying because it's normal and you are aware that the money to pay your house was borrowed. Just be prompt in paying your dues so you will avoid having penalties or additional interest to your debt.