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
Terrifying. I did mine nearly 30 years ago with nothing more than a couple of years of decent salary and the belief I’d be able to get a similar salary elsewhere if needed.
It worked out in the end. I’m in IT, and ended up working for a startup that floated and the
monopoly moneyoptions became actual money, so was able to pay off my mortgage the year before COVID hit. It’s made things immeasurably easier.Not sure how things would be in the current situation of gigs, near-zero job security, etc. Really feel for those of you in that boat. It suuucks.
But life goes on. Roll the dice and trust that you can make the best of it, I think?
Edit: Ask yourself if you want to keep paying off someone else’s mortgage and own nothing, or pay off your own.
Alternative: you can spend that same 15-25 years paying roughly the same monthly amount in rent at various places, and have exactly zero equity or assets to show for it at the end of the period. Zero zilch nada, the money is burned and gone forever.
Frame it in that sense and it’s a no brainer.
In the current market though either try to get a variable rate mortgage or be prepared to refinance it in a few years if/when interest rates cool down. the current rates suuuuuck.
