Tuesday, November 6, 2007

Who Needs A Mortgage?

What's better: a 3bedroom house for $200,000 or a 3bedroom house for $12,000? The answer is obvious,but why do most families end up paying the bigger price stretched out over a decade or so? I never really understood real estate as a youngster. I simply thought you get grown,get a job,get married and buy a house,then one day I found out about this thing called a mortgage. People who supposedly own their homes pay a monthly fee(mortgage note) until it adds up to the total purchase price. And it doesn't stop there because on top of that there's interest added to those monthly notes which means you end up paying more than the actual purchase price. That $200,000 house now becomes $275,000 or more. How can you get around this? Like the old saying goes'"where there's a wi View the rest of this article

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