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Heard a guy at the coffee shop say 'rent is just paying for someone else's mortgage' and it hit me different
I was grabbing a latte last Tuesday and this dude was explaining to his friend why he refuses to rent anymore. He said renting is literally covering the landlord's loan payments with zero ownership. I always thought renting was just a temporary thing until you save enough, but I never connected the math like that. I mean, I've been renting this apartment for 3 years at $1,200 a month. That's over $43,000 gone and I have nothing to show for it except a security deposit I'll probably never see again. Meanwhile my landlord bought this place in 2018 and her mortgage is probably half what I pay. It made me look up first time homebuyer programs in my city, and there's one that only needs 3% down. I've been sitting here thinking I needed 20% but that's just old advice from my parents. Has anyone else made the jump from renting to buying with a low down payment program? How did it go for you?
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stone.lisa24d ago
My sister did that FHA 3.5% down thing two years ago in Cleveland and her mortgage is literally $200 less than her old rent payment. She always says the scariest part was the closing costs, not the down payment.
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ryan_shah3824d ago
Funny enough I barely scraped together my 3% down and forgot closing costs existed until the very last minute.
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