Flier:
Dont try it if you like yourself.Otherwise you will live to regret it
There is no sense in paying debt for 20-30 years,I mean till you are in late 50s
Mind you,if you don’t work for 3-4 months the house is gone
If you can’t afford it cash, don’t buy it

Northeastern:

InvertedHammer you say what?

So I live in an apartment where I pay 1500 dollars for rent per month, and I can take a mortgage of 300,000 and pay the same 1500 on the mortgage per month. After 30 years, I'll own the 300,000 home while I'll end up with nothing renting the apartment.

Can you please explain why you said mortgage is never good?

salford1:
Mortgage this mortgage that. It all depends on what the person can afford. Yes people buy their houses outright overseas too but not common.
Rule of thumb is cost of home must not be more than times 3 of annual income.

It is always good to have lots of down payment or buy outright if one can afford. Doing this will save or cut down the interest since banks are the winners in mortgage transactions.

In the above example by someone, 1500×12×30 = 540,000
In effect, conservatively, the person would have paid 240k in interest. Not factoring additional costs like propeety tax and maintenance. Interest are renegotiated every 3 to 5years. Sometimes it goes up, sometime it comes down. Houses too sometimes appreciate, sometimes it depreciates.

iammo:


While you think like a poor Nigerian, a smart person knows a 30 year old in the US with good job taking a mortgage is a normal thing... and if it makes you feel better, the guy is an army sergent reserve

Northeastern:

InvertedHammer you say what?

So I live in an apartment where I pay 1500 dollars for rent per month, and I can take a mortgage of 300,000 and pay the same 1500 on the mortgage per month. After 30 years, I'll own the 300,000 home while I'll end up with nothing renting the apartment.

Can you please explain why you said mortgage is never good?

Ugosample:


not every Nigerian who moved to the U.S. ever want to come back to live in Nigeria tho

just so you know

Northeastern:

InvertedHammer you say what?

So I live in an apartment where I pay 1500 dollars for rent per month, and I can take a mortgage of 300,000 and pay the same 1500 on the mortgage per month. After 30 years, I'll own the 300,000 home while I'll end up with nothing renting the apartment.

Can you please explain why you said mortgage is never good?

InvertedHammer:

/
I make my comments, you take it or leave it. You are vomiting exactly what you are fed.
How many years out of mortgage is dedicated to paying the interest only? I am not here to educate you. Run your numbers. You take mortgages because you cannot afford outright payment. So you take a loan to buy a house. If you have cash( most people don't), buy your house. It will free up a lot of disposal income for other things. Worried about tax? Then you don't understand money. That's all.

It is funny that in trying to discredit me, you folks limited your options to only mortgage and renting. Are those the only two options?

Am I shocked by the responses? No. You should see the outburst when you tell people in the West that buying a new vehicle is one of the most idiotic things to do.
/

Northeastern:


You are just rambling, I just wanted to know your line of reasoning. Whatever you do with money, the opportunity cost of the use of funds is what you look at. You said taking mortgage was bad and I made a relative analysis of why it might make more financial sense.

Even if you have the cash to buy a house, it makes no financial sense because those funds can be used to earn a higher return elsewhere.

Fhemmmy:


You mean it was a 0% down payment, what province in Canada?

InvertedHammer:
[sub][/sub]
/
Your primary residence is not an investment.

You are just moving with the flow. Take it or leave it. Is mortgage the only payment in a house? At best, you see your primary residence as a piggy bank because you have no slightest clue about investment. The primary beneficiary of your primary residence should be your wards to create generational wealth. If you are not a real estate investor or "house-flipper", you are only banking on hope.
There are obvious reasons why banks dedicate a larger percentage of your premium to interest rates in the first few years.

Like I said, believe what you like. Do what you want. I am not here to convince or confuse. Take it or leave it.

/

paddyofboss:
Hustle ooo make ur mate nor buy house for US while u still dey NL dey judge the source of him wealth

Buy ur Nord VPN, any dating account with me

hayzed1090:


I need the VPN... how much

paddyofboss:

PM asap

hayzed1090:


Ur number nko

paddyofboss:

You such a moro.n. When he was struggling in life where was your investigative skills?, now he's made it u now have an opinion. POVERTY DIE DIE DIE POVERTY DIE

dannywest:
9,000 is 0%?

Alberta

Fhemmmy:


Lol . . .9,000$ is not even 5% of the 200K, so i will like to know more on how this your friend did it, because i am sitting afar and telling you, it is either something fishy or it is NOT possible. . . Quote me anyday and mind you, the 9000$ he paid could have been the closing cost.

dannywest:


Figures are obviously approximated and 9000 divided by 200,000 equals 4.5% which is approximately 5 too.

Check your calculator.

9,x x x and almost $200k.

It's about 3 years ago it was bought.
I don't have any reason to lie online do I? If I did I'd say I bought it

Fhemmmy:


In Canada Sir . . .Minimum is 5% deposit and like i said, please tell me what province your friend is and i will tell you the download . . . I am not saying you are lying sir, i am only saying you have been misinformed and will be good for us to always give correct information online because we have no idea who might make decisions based on wrong information.
By the way, closing cost for such a house would be 9000$, That could be what he was telling you and not his deposit.

dannywest:


In this case I saw the document not hearsay.

Aur ora Gre ens in Edmonton 3 Bed Condo.

This commenter is more familiar with what I'm talking about - https://www.nairaland.com/5306136/comedian-aphrican-ace-buys-house/2#80359493

Fhemmmy:


OK Chairman, in Alberta you need 5% deposit minimum, there will be more to it Sir . . .However, let's park it and talk other stuff.

SixSigma1:





In that same example above, the person renting and paying $1500 monthly rent would also have paid $540,000 after 30 years and end up with nothing after 30 years. Even if the house market falls in 30 years (after the mortgage is fully paid), the person paying mortgage would still be able to sell the same house for something (never zero) no matter how small and get some of their investment (mortgage payment) back. While also, if they are lucky and the house market rises the person that was paying mortgage may be able to sell the house even more than $540,000 after 30 years (when mortgage is fully paid) and take away all of this money.

In my book, mortgage wins all the way (even when compared to outright cash purchase) as it allows you to free up capital for investment say in the stock market. Take note that the average annual return for the three key market indexes (DJIA, SP 500 and Nasdaq) for the last 30 years (July 1989 to July 2019) are roughly 8.3%, 7.8% and 11% respectively.

Rather than paying cash for a house I would rather invest my free up money in the stock market to get an average return of say 9% annually (over 30 years) while I am paying mortgage interest of an of average 5% annually (over 30 years). This leaves me with 4% annual return for 30 years.

Majesticniyi:



You get time dey reply person wey no even understand wetin mortgage mean

Why would I continue paying my landlord's mortgage for him when I can pay almost the same amount and own the house after 25-30years? More so, like someone said, even if something happens and I love my job (assuming insurance doesn't even come into the picture), I can simply sell the house and recover all the money I would I have spent on rent

Those not in the western world cant really understand the concept of mortgage as their mentality is that credits are bad.

dannywest:
Figure I gave is 5%
You were the one who jumped in to call it 0%

It's not important eitherways.

Fhemmmy:


5% of 200K is 10,000$, it is not same . . . .When you buying a house, to the last penny, you will pay it. So let's celebrate with this comedian and be happy for him. But like you said, it isn't important, so let's call a truce and share bowl of Ogbono with yellow gari

bigx:


0% of 200k is $0,
4.5% to the nearest whole number is 5%.

Goat meat or chicken �

Fhemmmy:


Bros, my Chairman, leave matter jooooo . . . Stop laughing at me oh

Fhemmmy:


5% of 200K is 10,000$, it is not same . . . .When you buying a house, to the last penny, you will pay it. So let's celebrate with this comedian and be happy for him. But like you said, it isn't important, so let's call a truce and share bowl of Ogbono with yellow gari

TheWrita:
I wouldn't expect much from an slowpoke like you.If he puts his wins on social media I will question it.You can eat a live centipede if you dont like it.

paddyofboss:

Question the source of ur POVERTY first oponu