/biz/ - Business & Finance

File: 7 KB, 250x231, boomerwithglasses.jpg [View same] [iqdb] [saucenao] [google]

Anonymous Wed Jun 27 00:05:25 2018 No.10050839 [Reply] [Original]

27 year old boomer here. Looking to purchase a home but I've no clue about many important factors. If I buy a home (my understanding is they are very expensive so you need to take out a large loan called a mortgage to finance it), am I stuck there? Can I down the line, prior to completely paying off the mortgage, sell the home, use that money to pay off the remaining mortgage amount, and move elsewhere? Or am I stuck like a cuck until I manage to pay it off? If you can sell it before paying it off completely, is it cheaper to do that compared to renting a place of a similar quality for the same length of time?
Thanks for helping a boomer out

>>	Anonymous Wed Jun 27 00:08:48 2018 No.10050875 >>10050839 >Or am I stuck like a cuck until I manage to pay it off? depends purely on the market, neighborhood, and other forces completely out of your control. Use caution when leveraging the risk is always on you

>>	Anonymous Wed Jun 27 00:09:03 2018 No.10050879 File: 7 KB, 233x216, download.png [View same] [iqdb] [saucenao] [google] buy link and you won't need to make mortgage payments on any home you ever purchase

Anonymous Wed Jun 27 00:10:18 2018 No.10050892

Yes you can sell it early and use the funds to pay off the mortgage. This doesn't work if the market crashes tho, you still owe the amount of the loan and have to cover the difference. Generally it's cheaper monthly payments assuming good credit and a 20% down payment but you should always do the math since renting can be cheaper in some areas. Over the long term it's pretty much always smarter to buy. The closing process does take about a month + however long it takes to find a buyer, so moving is not a quick thing

>>	Anonymous Wed Jun 27 00:11:06 2018 No.10050905 >>10050875 I guess I was more thinking about the legality of it. Am I allowed to sell it while I'm still paying off the mortgage? Do I own it or does the lender own it?

>>	Anonymous Wed Jun 27 00:11:36 2018 No.10050907 >>10050839 >inb4 a bunch of House cucks pat you on the back and give you wise info on how to fuck yourself over with a bunch of debt and unsellable house so you build meme equity and stop being a rent dummy kek

>>	Anonymous Wed Jun 27 00:12:20 2018 No.10050919 >>10050905 are you seriously asking this? If so, then yes of course you can. it's called leveraging. it's a concept as old as the guy in your pic

>>	Anonymous Wed Jun 27 00:14:33 2018 No.10050934 >>10050905 You own it but are using the property as collateral in the loan. So if you don't pay they take the property back

>>	Anonymous Wed Jun 27 00:17:02 2018 No.10050959 Does anyone want to come live with me btw? I'm looking for other boomers who enjoy activities like board games or playing smash bros on a laggy hdtv

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