Quote:
Originally Posted by JSH
There are a lot more expenses to owning a house than just the rent. There is insurance (Homeowners, Earthquake, Flood, etc). The tax man sends a bill in the thousands every year. When something breaks, it is up to the owner to fix it.
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That was the beauty of it: insurance and taxes were rolled into the payment. The bank set it up that way because they didn't want their collateral going away because someone wasn't ready for the biannual tax bill. When the market kept going up we got it reappraised and ditched the PMI, which was also rolled in.
Saving money while paying down your own mortgage is hard enough. It's even harder when paying down someone
else's mortgage.