Some good points in this thread. I am of the opinion that debt of any kind is bad and avoid it if you can, but that is just me.
Also are mortgages the only type of vehicle to finance a home? Nope, but you do need to have an X amount of pesos in order to by-pass mortgages, like many wealthy people do.
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Originally Posted by wookster
Its definitely debt...but I would call a mortgage "good debt"...
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This is debatable...what if you bought a house in the US at it's peak, you would have a serious underwater mortgage situation, which is bad even after you have paid off the mortgage is many years of living there, the house may not be worth as much as you have paid for it + interest.