[quote=peterb]Just remember, the term “buying” a house has been twisted. Almost no one buys a house, they take out a huge debt to get the title. That aint buying. You pay cash and own it outright, that’s buying. The rest is a strange fantasy people have. So if the payment’s lower, great, but that’s about sustaining debt. Not owning.[/quote]
I dunno, peter. If you go with the standard 3% down, and maybe throw in first-time buyer credits and a little kickback from the agent or broker or one of the other parties getting paid in the deal, you effectively get a very cheap option to (really) buy) at a fixed price. And you can do what you want with the property while you’re considering whether to actually buy. If the prices come down, you go get a modification. If they go up, you can cash in. You pay for the option in small installments. It’s pretty attractive. Hey, if I didn’t know better, I’d say it’s the greatest scam we’ve ever had! Better than mere owning, where you can gain or lose.
