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Old 01-12-2008, 10:03 PM   #49
Mike Oxlong
Got Oliver Klozoff
 
Join Date: Feb 2003
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Quote:
Originally Posted by GreenTeaFrapp View Post
Not everyone can get interest free loans like you seem to be able to get.
Never said anything about an interest free loan. However at current interest rates it is a very cheap way to borrow money. When you buy a house it's not like the interst accumulates every month and starts increasing. If you buy a house for $100,000 you don't owe $101,000 the next month. (I think you know that but not sure after reading your post)

If you rent and are paying $1000 a month rent that is $1000 you will never see again.

If you buy and are paying say $1400 a month some of that money is interest and some of the money goes towards principal which contributes to your equity. Meanwhile when the value of the property goes up that is also contributing to your equity.

I'd rather pay interest and get some equity in a place than pay a landlord and get nothing. That's just my opinion. Everyone is entitled to their own and obviously there are many varying opinions.

Last edited by Mike Oxlong; 01-12-2008 at 10:05 PM.
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