Quote:
Originally Posted by milomilo
That's a fair comment, and I agree that for some a mortgage being 'forced saving' is a good thing. However, if you are disciplined then that doesn't matter, my savings are going up much faster than a required down payment is, but if that starts to change then I will change strategy.
Not being shackled by a large mortgage also means that if you hit hard times - lose a job etc, then downgrading to rent a more modest place isn't such a catastrophe as selling your huge house. How many people in Calgary do you think rinsed through all their savings to hang on a big house through this recession?
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Hopefully you do manage to own property at some point. The biggest issue I’ve seen with people renting is when they rent all their lives and come to retirement and realize all have to keep paying to live somewhere but there now on a fixed income.
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