Kevin O'Leary: Don't make this home-buying mistake, even when mortgage rates are low via CNBCMakeIt
While mortgage rates have been low as of late, on Wednesday, they inched higher. But don't let falling or rising interest rates influence your decision on whether or not to buy a home, says finance guru and star of ABC's"Shark Tank" Kevin O'Leary.
"Don't get lulled into an effective 'gee, the rates are low, that means I should go into debt,'" he advises."It doesn't matter what interest rates are — debt is debt and you have to pay it back." "Ask yourself this question before you even consider [buying a home]: 'Do I actually want to have a mortgage? Do I want to owe hundreds of thousands of dollars to somebody?'" O'Leary adivses.
If you decide it is time to take out a mortgage and buy a place, paying off your mortgage in a timely manner is then critical, especially for younger people, O'Leary says. That's because the longer you're paying off mortgage debt, the less money you can invest.
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