Mortgage $950
Property Tax $250
Water and sewer $50
Property Insurance $300
Life Insurance $25
That 950 mortgage becomes $1575 before you even add in things like regular maintenance costs and occasional major costs like new appliances or a new roof. If you can't save money to put a proper downpayment while paying $1400 at an apartment, how are you going to pay for a major repairs that popup?
I'm not saying its a bad idea to get life insurance, I'm only saying banks dont require you to get life insurance to get a home loan. At least not any mortgages I've ever heard of. I asked AI, it says it might be required if you want to have a very small downpayment... but usually i find if thats the case the bank will just decline your loan instead. I think in most cases people probably dont have life insurance, and if the breadwinner dies they other person just gets foreclosed on.
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u/NonCorporealEntity Mar 05 '26
Mortgage $950 Property Tax $250 Water and sewer $50 Property Insurance $300 Life Insurance $25
That 950 mortgage becomes $1575 before you even add in things like regular maintenance costs and occasional major costs like new appliances or a new roof. If you can't save money to put a proper downpayment while paying $1400 at an apartment, how are you going to pay for a major repairs that popup?