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Featured Mortgage, to be or not to be?

Discussion in 'Christian Advice' started by Willing-heart, Apr 1, 2018.

  1. Yes

    14 vote(s)
    73.7%
  2. No

    5 vote(s)
    26.3%
  1. Willing-heart

    Willing-heart In Christ Alone. Supporter

    428
    +473
    United Kingdom
    Christian
    Single
    Thank you all for your comments and insight, I am very grateful for your response and don't quite have the time to personally reply as of yet to most of it, so please forgive me if I don't, but I've had time to reflect on them. Ultimately, It doesn't really matter what I or you or anyone else thinks on this subject and that's why I asked you all to share from a biblical perspective as I seek the mind of God especially before making any decision (big or small). I am not hear to judge anyone for whatever decision they make, have made or don't make, I am just seeking a godly wisdom on the subject so again I say thank you :)

    Today, Christians in the Western world are living in luxury, yet their giving is low and their debts are high because their wealth is being used for things that really don't matter. You have to feel sorry for the apostles and martyrs of the early church-if only they had enough faith, they would have had gold chariots to ride around in, mansions in the ritziest section of Jerusalem, and vacation villas on the Sea of Galilee. Instead, most of them owned nothing, suffered persecution, and died by crucifixion, stoning, or beheading.

    It is written (Matt 6:21), “For where your treasure is, there your heart will be also.” What a waste would it be to store up treasure on earth where moth and rust destroy, and where thieves break in and steal. Why not instead store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal? It is written (Matt 6:21), “For where your treasure is, there your heart will be also.” What a waste would it be to store up treasure on earth where moth and rust destroy, and where thieves break in and steal. Why not instead store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal?

    Above all else, we are to seek first the kingdom of God and His righteousness, and all these things (food, clothing, shelter) shall be added to you” (Matt. 6:33). Yes, often it can be hard to do so, but that's all that matters. When we pray that God will give us wealth and possessions and a life of ease, there's a good chance we're not praying according to God's will. God's priorities are reaching the lost and equipping the saints for ministry.
     
  2. Willing-heart

    Willing-heart In Christ Alone. Supporter

    428
    +473
    United Kingdom
    Christian
    Single
    Thank you all for your comments and insight into, I am very grateful for your response and don't quite have the time to personally reply as of yet to most of it, so please forgive me if I don't but I've heard time to reflect on it. Ultimately, It doesn't really matter what I or you or anyone else thinks on this subject and that's why I asked you all to share from a biblical perspective as I seek the mind of God especially before making any decision (big or small). I am not hear to judge anyone for whatever decision they make, have made or don't make, I am just seeking a godly wisdom on the subject so again I say thank you :)

    Today, Christians in the Western world are living in luxury, yet their giving is low and their debts are high because their wealth is being used for things that really don't matter. You have to feel sorry for the apostles and martyrs of the early church-if only they had enough faith, they would have had gold chariots to ride around in, mansions in the ritziest section of Jerusalem, and vacation villas on the Sea of Galilee. Instead, most of them owned nothing, suffered persecution, and died by crucifixion, stoning, or beheading.

    It is written (Matt 6:21), “For where your treasure is, there your heart will be also.” What a waste would it be to store up treasure on earth where moth and rust destroy, and where thieves break in and steal. Why not instead store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal? It is written (Matt 6:21), “For where your treasure is, there your heart will be also.” What a waste would it be to store up treasure on earth where moth and rust destroy, and where thieves break in and steal. Why not instead store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal?

    Above all else, we are to seek first the kingdom of God and His righteousness, and all these things (food, clothing, shelter) shall be added to you” (Matt. 6:33). Yes, often it can be hard to do so, but that's all that matters. When we pray that God will give us wealth and possessions and a life of ease, there's a good chance we're not praying according to God's will. God's priorities are reaching the lost and equipping the saints for ministry.
     
  3. MoneyGuy

    MoneyGuy Newbie

    905
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    A mortgage is nothing more than a snare? I'm sorry but it's a way to get into your own home - an appreciating asset that gives you a place to live and to raise a family. I bought my first home when I was 21 and have never regretted it. Don't own a house if you don't want but you can't condemn it for others.
     
  4. MoneyGuy

    MoneyGuy Newbie

    905
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    A mortgage is nothing more than a snare? I'm sorry but it's a way to get into your own home - an appreciating asset that gives you a place to live and to raise a family. I bought my first home when I was 21 and have never regretted it. Don't own a house if you don't want but you can't condemn it for others.
     
  5. MoneyGuy

    MoneyGuy Newbie

    905
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    Married
    A mortgage is nothing more than a snare? I'm sorry but it's a way to get into your own home - an appreciating asset that gives you a place to live and to raise a family. I bought my first home when I was 21 and have never regretted it. Don't own a house if you don't want but you can't condemn it for others.
     
  6. MoneyGuy

    MoneyGuy Newbie

    905
    +556
    Christian
    Married
    A mortgage is nothing more than a snare? I'm sorry but it's a way to get into your own home - an appreciating asset that gives you a place to live and to raise a family. I bought my first home when I was 21 and have never regretted it. Don't own a house if you don't want but you can't condemn it for others.
     
  7. MoneyGuy

    MoneyGuy Newbie

    905
    +556
    Christian
    Married
    A mortgage is nothing more than a snare? I'm sorry but it's a way to get into your own home - an appreciating asset that gives you a place to live and to raise a family. I bought my first home when I was 21 and have never regretted it. Don't own a house if you don't want but you can't condemn it for others.
     
  8. RaymondG

    RaymondG Well-Known Member

    +2,787
    United States
    Christian
    Married
    wrong thread/ site slow today
     
  9. MoneyGuy

    MoneyGuy Newbie

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    You're literally not. (You're misusing the word, by the way.) I'm a financial planner and advise many clients; I'm a big fan of home ownership but there are situations when renting makes sense.
     
  10. MoneyGuy

    MoneyGuy Newbie

    905
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    You're literally not. (You're misusing the word, by the way.) I'm a financial planner and advise many clients; I'm a big fan of home ownership but there are situations when renting makes sense.
     
  11. GirdYourLoins

    GirdYourLoins Well-Known Member

    815
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    Pentecostal
    Married
    UK-Conservative
    First of all, I recently became a mortgage advisor, so you know where Im coming from.

    The way I see it is if you have a mortgage and are buying your house, your money is going into getting something for yourself. if you rent instead you are giving someone else more money than it would cost for a mortgage and helping them to get richer. Most mortgages should be paid off before retirement. That can give you a better retirement as your pension does not have to be used to pay rent as well, what you have is yours with lower outgoings due to no rent or mortgage to pay. Of course you will need to find money for maintenance though. Then there is equity release which can provide you with additional money in your retirement.
     
  12. Jonathan Leo

    Jonathan Leo Well-Known Member

    708
    +276
    Ireland
    Christian
    Married
    You bought your first home at 21. How long were you paying of your mortgage before you could actually call it your own?
    I’m not condemning buying a home, I’m condemning a mortgage and how if you can’t pay your mortgage, they will take your ( theirs ) house leaving you and your family homeless. They will then sell your (theirs ) house for pittens but will never reduce your mortgage to pittens if you were unfortunately unable to work
     
    Last edited: Apr 2, 2018
  13. Ancient of Days

    Ancient of Days Well-Known Member Supporter

    +751
    United States
    Christian
    Married
    US-Constitution
    Let me try to explain this to where you will realize you are wrong and brainwashed.
    On a 250K loan at 6% on a 30 year fixed mortgage you will have paid a total of 360 payments for a total of $539,595.00. The interest alone is $289,595.00. Now add in monthly home owner expenses at a conservative $500 a month. That's a grand total of $720,000 over a thirty year period. Lets say the market is up and this home is now worth $400,000 that is a $320,000 LOSS. THAT IS A LIABILITY. Lets say the market is down when said person needs to sell. Its even worse then. Even taking out monthly expenses after 30 years its still a $140,000 LOSS. Like I said, assets bring in money and liability's cost money. The whole banking system is a scam, avoid it at all costs.
     
  14. RaymondG

    RaymondG Well-Known Member

    +2,787
    United States
    Christian
    Married
    My Father allowed me to buy a home at 23. I will be finished paying for it decades before i retire. I know people who have stayed in their homes for longer than a year without paying...before the banks were able to get them out. When you rent...you can be put on the street a lot faster.....and I dont understand the argument of being put out when the same thing occur whether you are renting or financing.

    What would you advise an old couple, who follows your advise and never financed a home.....when they are retired and cant afford the high rent?
     
  15. Ancient of Days

    Ancient of Days Well-Known Member Supporter

    +751
    United States
    Christian
    Married
    US-Constitution
    Let me try to explain this to where you will realize you are wrong and brainwashed.
    On a 250K loan at 6% on a 30 year fixed mortgage you will have paid a total of 360 payments for a total of $539,595.00. The interest alone is $289,595.00. Now add in monthly home owner expenses at a conservative $500 a month. That's a grand total of $720,000 over a thirty year period. Lets say the market is up and this home is now worth $400,000 that is a $320,000 LOSS. THAT IS A LIABILITY. Lets say the market is down when said person needs to sell. Its even worse then. Even taking out monthly expenses after 30 years its still a $140,000 LOSS. Like I said, assets bring in money and liability's cost money. The whole banking system is a scam, avoid it at all costs. Maybe your line of thinking works for you but pushing it off on others is a dishonest thing to do.
     
  16. Jonathan Leo

    Jonathan Leo Well-Known Member

    708
    +276
    Ireland
    Christian
    Married
    This is true, it’s dead money but so is a mortgage if the unfortunate happens.
    I have a friend that took out a mortgage for 250k
    Years gone by and he went through a divorce. Life fell apart. The wife moved into a council house and he couldn’t afford to pay the mortgage. The guy had payed 170k towards the mortgage. The bank wanted their money. He couldn’t get the money. The bank took the house.
    Where is his 170k???.
    The bank wouldn’t remortgage the house for the remaining balance. Instead they took his house and sold it else where. The bank mind you are 170k richer and that cash was worked hard for whereas the bank just created an imaginary 250k out of thin air.
    He never saw a penny of that mortgage but the bank saw plenty of green.
    What a joke
     
  17. Ancient of Days

    Ancient of Days Well-Known Member Supporter

    +751
    United States
    Christian
    Married
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    "GirdYourLoins, post: 72505749, member: 392987"]First of all, I recently became a mortgage advisor, so you know where Im coming from.

    The way I see it is if you have a mortgage and are buying your house, your money is going into getting something for yourself. if you rent instead you are giving someone else more money than it would cost for a mortgage and helping them to get richer. So you advocate the banks get richer huh? Most mortgages should be paid off before retirement. That can give you a better retirement as your pension does not have to be used to pay rent as well, what you have is yours with lower outgoings due to no rent or mortgage to pay. Of course you will need to find money for maintenance though. Then there is equity release which can provide you with additional money in your retirement.
    Equity release is just a fancy way of saying "now let the bank suck the rest of your money out of you". After all, paying the bank twice the original loan amount for most of your life just wasn't enough. Banks are scams, avoid them at all costs... Be your own bank.
     
  18. RaymondG

    RaymondG Well-Known Member

    +2,787
    United States
    Christian
    Married
    If you pay rent at 2000, good for a decent one bedroom in my area, for 30 years, you will have paid 720,000. And this does not include and rent increase (which definitely will happen) nor any utilities.
    And you have no interest to write off, and nothing to sell for any profit after you exit this apt after 30 years. All this 720k went to the person who owned the home you rented. They are set for retirement... the renter.......had better worked something else out.
     
  19. Ancient of Days

    Ancient of Days Well-Known Member Supporter

    +751
    United States
    Christian
    Married
    US-Constitution
    Where I live renting is half that amount. That's insane. I am a homeowner and have also rented. A better option is to rent for a while and save up a substantial down payment and finding a low interest rate. Also folks need to stay within their means. All to often people buy 300K+ homes when they should have opted for a 75K fixer upper.
     
    Last edited: Apr 2, 2018
  20. RaymondG

    RaymondG Well-Known Member

    +2,787
    United States
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    So what you are saying it that the "unfortunate man" would be in the same situation as if he had rented in the first place, correct? Except he was able to lower his taxable income during the entire time he paid the mortgage, as opposed to if he had rented from the beginning....which does nothing for tax relief. Seems like this guy would still have come out on top, since the mortgage he was paying, may have been less than rent at the time.....And he did not have any "terrible Landlord" stories because he was his own landlord....
     
  21. RaymondG

    RaymondG Well-Known Member

    +2,787
    United States
    Christian
    Married
    Exactly.... it is a matter of opinion. 2000 is great rent here for a one bedroom... also mortgages would be proportionate. If rent is 1k in your area....home prices should be lower as well so the same knowledge should apply. In your area, you will pay 360,000 in rent in 30 years. with nothing to call yours after it is done and no tax relief.
     
  22. Jonathan Leo

    Jonathan Leo Well-Known Member

    708
    +276
    Ireland
    Christian
    Married
    State care won’t allow old people to be homeless. They can be put into housing care.
    Also, in my country if you can’t afford a mortgage (salary assessment required) you join a state funded house. After a few years in your home paying rent and you prove to be good tenants, you are given the option to buy the house from the state at a reasonable fee. No interest or mortgage rather a portion of your rent is payed towards the house. After 25 years, the house is signed into your name and is yours to do as you wish, sell it, keep it.

    If you can’t afford a mortgage it’s human rights for the government to provide one for you. They won’t tell you that though.
    So my advice to the old couple who never had a mortgage in your question is this. Go to your local council and tell them you need a roof over your head. They will provide a way either by supporting high rents or giving you a house. It’s law and a human right to be provided a roof over your head. Their your government and are responsible for you. Besides, have you ever looked into your birth certificate and how it’s worth money??

    Governments around the world give a head count of their population ( census )
    Each country is awarded money by the central banks of their continent ( mine is Europe )
    The government are payed for you
    That’s why they give welfare and state homes to those who need them.
    The workforce pays off their debt in taxes
    The amount of people needing welfare is little in comparison to the workforce
    The government can take huge salaries and why is that???
    Because what their payed for you and how much they give out is nothing in comparison
     
  23. MoneyGuy

    MoneyGuy Newbie

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    I was calling it my own immediately. I owed but it was my house. I was mortgage free at 39.
     
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