It may be that human nature dictates spending. If someone told me special financing could put me in a house for $180,000 and I was looking at a house at $100,000. Why would I go with the less expensive and possibly smaller of the two?
This is the kind of mentality the mortgage brokers and real estate people prey upon.
They will promise you the individual a low payment. Next thing you know, the payment escalates.
House prices AND rent have changed dramatically in the last few years. With the easy credit why would you rent for the same price of a house payment? That is until the payment raises.
With so many houses and the right cash price it is time for people to think about coming back to the city of Detroit, Hamtramick and Highland Park.
Before all the naysayers try to burn me at the cross. I realize bringing a house up to code is an investment. Especially after the scrappers are done! The point I was trying to make was that sometimes you have drop back and settle for something less. Make something out of it. Do the best you can.
And most Important Keep Your Eyes On The Prize.
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