An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think “that’s 15 years I’ll spend paying back, at absolute minimum. Probably more like 25 years” - how can I possibly plan that far in advance?

So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I’m mainly talking about the emotional side of things rather than financial

  • MNByChoice@midwest.social
    0·
    7 months ago

    It was terrifying. So much more so than buying a car.

    I thought of it as “locking in my rent”. For me that helped as my rent kept going up.

    • dingus@lemmy.worldEnglish
      0·
      7 months ago

      Yeah I thought of it as locking in my rent too! But then I found out that my housing payments have gone up each year like rent has. And it’s basically the same cost as renting. Oh well.

      • ShepherdPie@midwest.social
        1·
        7 months ago

        Taxes and insurance increase but you have to consider that taxes and insurance is increasing at the same rate for the individuals who own rental properties, which then get passed on to the renters.