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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]7k may be a third of their take home but taking out such a large mortgage is foolish. It means you are slave to your job and dependent on a high income to maintain your lifestyle. We make the same income and our mortgage is 3500. But we don't have mommy and daddy to bail us out.[/quote]

[b]For real. This is why we’ve never taken out a big mortgage. We’ve used our big income to drive out mortgage down. We could take career risks due to easily being able to live and save on one income when needed. [/b]

It’s a really nice feeling sitting here at age 45 getting a bit sick of working. I’m not trapped in a guilded cage. As a matter of fact my employer is trying to force be back into the office 3xs a week and I’m dug in refusing more than 1 day. I’m thinking they are welcome to fire me. We are in a Mexican stand off and I’m not backing down. Could never do this if I needed this job to pay my bills. [/quote]

I understand this approach but not sure it’s best.  The large mortgage can be a ball and chain, but it’s in OP’s best interest to keep working in a high paying job.

Back in the day we bought a starter home we could afford one one salary.  Except both spouses continued working and earnings increased. We made less equity than if we’d bought at the top of our budget.  Then we had to spend thousands selling the starter home and buying another house.  We thought we were being smart financially but really it limited us.

OP is likely going to continue working and so will his or her spouse.  They even have grandparents to pay for the nanny.  They probably locked in a low rate and we’ll likely have confined inflation for quite some time.

OP need to buckle down the next few years and keep at it.  [/quote]

Well I actually have 10k in mortgages, but instead of wasting it on my primary home and an idiotic 7 bedrooms we have it spread into rentals. The low mortgage primary (driven down by a large down payment and then refinanced) has allowed us to build wealth and have income generating properties.

[b]I can promise you, owning 5 properties in NOVA, 4 of which generate income is way better than owning one gigantic one.[/b]

And because we’ve had the safety net of low mortgage the career risks we’ve been able to take has paid off into much higher income than the OP.[/quote]

People have different goals and priorities.  I previously owned rentals and would never do so again. I’d much rather have ONE very nice home.  You can’t take your money with you and I’d much prefer to enjoy living in a lovely home with my family.  It sounds like you prefer the income you earn from rentals.  [/quote]

These aren’t mutually exclusive concepts. One can live in a beautiful home and have income producing rental properties. However since my rentals are all self sustaining, I’m left with a very low primary mortgage which has enabled me to professional renovate and design every inch of my home and yard to my taste. I’d hate to live in a 7 bedroom home I could hardly afford to customize. Probably looks like a cavern with some crappy cheap Costco furniture sprinkled in.  Those homes are the equivalent of strip malls. Big, ugly, and tasteless. [/quote]

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