Quote:
Originally Posted by Walla Walla
...maybe our point of view is a bit different because we're not in the same country, and we don't have the same economic reality or stability! but still, if you wait to have all the money to pay everything cash, in quebec, you will have your first house at the age of 55...
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Our viewpoints are different but I don't think it has to do with the countries we are in, this is a pretty standard debate. Your original statement read as if you were saying "Even if I had the cash to buy a house, I'd be stupid to do it rather than taking out a mortgage." That is what I'm disagreeing with.
On the last point, most people never really own their homes, even at 55 regardless of whether they take out a mortgage or not. I realize its a different point of view from the norm, but as I alluded to above, if the banker can come kick you out of your house you don't own it, he does.
Did I pay cash for my house? No. If I had had the cash available would I have? Yes, and I thought that was what you were saying. I also paid off the mortgage in 8 years on a 15 year loan. Lots more money for toys without a mortgage/rent payment!