Rental property billionaire says buying a home (with a mortgage) is "fancy bullshit" and you should rent instead

restingboredface@sh.itjust.works to News@lemmy.world – 478 points –

[Mortgage Is 'Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,' Says Real Estate Billionaire Grant Cardone — Here's Why Renting Could Be A Better Financial Move

](https://finance.yahoo.com/news/mortgage-just-fancy-bullsh-t-171148202.html?guccounter=1)

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Also, your mortgage payments don't go up every year, assuming you're not a moron and got a fixed rate mortgage. And eventually they stop altogether.

Good luck getting a fixed-rate mortgage these days though.

I gotta renew and I have access to both fixed (6.08%/5y) and variable (6.80%/5y) rates.

The thing about variable rate is that it will not change your monthly payments when the interest rate changes, it changes the amortization (ie: how fast or slow) you'll end up paying your mortgage according to the interest rate.

It's a gamble though, personally I'd rather go with fixed at the moment. I did save a bit with the variable rate when I renewed in 2014 and the interest rate ended up going down.

Wdym?

I mean they're really hard to get now. Even with really good credit.

Maybe I'm misinformed but I believe anyone can get a fixed or variable mortgage of whatever term they choose - the part that is negotiable is the rate on that debt.

So like with good credit or a bigger downpayment you can get a lower rate, but either way you can still probably get a 10% 5y fixed I think almost anywhere.

(I might be off - haven't looked at rates in a while)

PS. Sorry about that other rude person. There's nothing wrong with not knowing something, as long as you're willing to learn

Lmfao.

No they're not hahah No wonder u don't own a house....too dumb