Mortgage are most wrong financial decision you can make

[sunsilk]

I wouldn't say buying is a bad decision always, but you definitely need to run the numbers, you might be better off renting in high costs of living areas.

I agree.

It's not always that we can conclude that buying or mortgaging is a bad decision. You don't know someone's financial status and situation until you know them personally.

What if mortgaging is way lighter than purchasing using the whole amount. Well, some people I know does that mortgage and makes money from it despite it's not allowed to do so until they pay in full.

Agree with this point! Mortgage isnt bad as long you do know that you could really able to pay those monthly dues that you would have and its true that there are people who do find it as the lightest way

on acquiring something via means of this method since they are not able to pay it on full or still have some priorities but still considering on getting mortgages.yes, this could really be a heavy burden for

a specific period of time but its still a good investment since those things or properties you could still sell off if you do decide on doing such thing.

I've been seeing discouraging quotes and messages on different social media about taking a mortgage and they're telling it's not an investment.

Well, as you're paying the mortgage it couldn't really be an investment at the moment because you're in debt. But once you pay it in full, you can do whatever you want with it, or basically, even you're still in the turn of paying it, you can have it rent since it's in your possession as long as there won't be any rule to be broken upon doing so.

A comfortable house to live in is an investment and they don't see that point.

[tertius993]

The OP should google Maslow's Hierarchy of Needs and understand it before he starts giving any more financial advice.

[carlfebz2]

I wouldn't say buying is a bad decision always, but you definitely need to run the numbers, you might be better off renting in high costs of living areas.

I agree.

It's not always that we can conclude that buying or mortgaging is a bad decision. You don't know someone's financial status and situation until you know them personally.

What if mortgaging is way lighter than purchasing using the whole amount. Well, some people I know does that mortgage and makes money from it despite it's not allowed to do so until they pay in full.

Agree with this point! Mortgage isnt bad as long you do know that you could really able to pay those monthly dues that you would have and its true that there are people who do find it as the lightest way

on acquiring something via means of this method since they are not able to pay it on full or still have some priorities but still considering on getting mortgages.yes, this could really be a heavy burden for

a specific period of time but its still a good investment since those things or properties you could still sell off if you do decide on doing such thing.

I've been seeing discouraging quotes and messages on different social media about taking a mortgage and they're telling it's not an investment.

Well, as you're paying the mortgage it couldn't really be an investment at the moment because you're in debt. But once you pay it in full, you can do whatever you want with it, or basically, even you're still in the turn of paying it, you can have it rent since it's in your possession as long as there won't be any rule to be broken upon doing so.

A comfortable house to live in is an investment and they don't see that point.

I could say its still a form somewhat an investment specially if you are buying a house or properties just like on what stomachgrowls said which it is partly a reality because you could sell it on if you do able to pay it in full term but if not then it would be a total disaster because it would really be just ending up on their hands and the money you had put on would only such come to waste thats why it is really better to make sure
that you could pay up those mortgage before making one because it would really be a big headache if you didnt able to finish it off.

This is like having a  chain on your neck and once you dont able to make things right or in order then you would really suffer out the bad effects of it.

[el kaka22]

It is a bit of a different situation for different people. If you do not have enough, like let's say there is a house for 300k, and you have 100k, and your income is barely enough to pay the mortgage and live, then getting a 20 year loan if you can with a good interest would allow you to actually make a great profit.

Imagine paying 200k and getting 800k loan, you would pay back something like 1.2 to 1.5 million based on your credit score, whereas you could make at least 20% profit each year with that 800k instead of paying the house full, so it is really not based on how much you have. On the other hand, if you are a famous person, who gets millions of dollars a year for sure, like you are some sports guy with 20+ million dollars a year salary at the very least, buying a house doesn't make sense, just rent a super castle type of mansion and pay like 50k per month on that, makes more sense than spending 50 million on a house.

[wheelz1200]

Also the rent (at least by me) market is insane.  Some areas you can't even find a place to rent.  And at a certain equilibrium price it's much better to take out a mortgage versus renting.  In my particular situation it is actually cheaper in mortgage than it would be in rent for an equivalent property.  And with a family if the person I'm renting from doesn't renew my lease I would have to pick everything up and move over and over.  *there's no place like home* is a real thing. But again to each there own.

I would say buying a luxury car you can't afford is the worst financial decision you can make, at least properties generally appreciate in value whereas cars diminish until they are scrap.