Read Millionaire Fastlane
I've Read UNSCRIPTED
- Jul 23, 2007
In the U.K. Housing market, it is often substantially cheaper to pay your monthly mortgage payment than it is to rent
In this case, it might be suitable for you. There also might be a case for it if the money is cheap, say 3.5%, and you know you can leverage that cash elsewhere at better returns.
Beware of "one size fits all" advice as that is not my intent in either books.You'll notice at the end of UNSCRIPTED that the money-system concept covers both, paying cash for the house or a mortgage.
I've had mortgages and I've paid cash for homes -- I like not having that payment. That said, is there a case where I might hold a mortgage again? Depends on the cost of money, my longer-term goals, and a variety of other variables.
You said it best -- a mortgage is a part of the SCRIPT when you are using it to get into a home you cannot afford. There are scenarios where it is a tool in the toolbox.