A home is a savings account on its own. Much like investments, a home's value nearly always goes up with the times as long as it is kept up. So much like a 401k the value increases over time, but paying a mortgage is like paying yourself while also paying the bank. The bank gets their interest rate cut, but the actual paying off the home is you paying you in the future.So while a mortgage vs rent may be pretty close ATM if you are new home buyer (Yeah I wish I was able to buy a home 10 years ago..), your mortgage is putting money into your home as a savings account. And if you ever need some of that money for whatever reason, you refinance. It is real nice and easy
culopatin|3 years ago