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First-time home buyers: how did you feel about getting a mortgage? (lemmynsfw.com)

submitted 6 months ago by [email protected] to c/[email protected]

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An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think "that's 15 years I'll spend paying back, at absolute minimum. Probably more like 25 years" - how can I possibly plan that far in advance?

So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I'm mainly talking about the emotional side of things rather than financial

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[–] [email protected] 19 points 6 months ago

Property generally increases in value while you pay it down.

My wife and I bought a $400k 3 bedroom flat near the university 8 years ago and we were both scared as fuck. paid $100k off it and just sold it for $600k

That $300k cheque we just used for the downpayment on building a "how do people afford these houses!?!" Thats going to cost $800k. But really our mortgage is only going to go up 20%