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Assuming that you could buy a house outright, for cash, why would you get a mortgage? A conversation got me researching this recently. Many articles suggest that if the interest rate is low, a mortgage is better. Yet I can't for the life of me figure out why paying low interest is better than paying no interest. A person with a 30-year mortgage usually ends up paying about 2 times the principal. School me, financial mefites. FYI: this is just a curiosity. I'm in no position to actually do this in reality.
posted by the jam on Jan 6, 2012 - 48 answers

Investigating a New York City (Brooklyn) real estate fantasy: I sometimes dream of finding an odd space -- a small garage, a storefront, a storage building -- and fixing it up into livable space. I see examples around town of people who have done this. I've heard friend-of-friend stories. But I have no idea how one finds non-apartment real estate sale listings in Brooklyn (or non-new-obnoxious-condo listings, for that matter). Putting aside zoning issues and the like -- where could I start investigating? Craigslist/Streeteasy/Trulia don't seem to help.
posted by the jam on Feb 1, 2010 - 7 answers