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Originally Posted by vorlon24
If everyone thought that way, no one would buy a house in the first place!
Unless you are a cash buyer, you are going to have to get into debt somehow. Or rent of course.
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Of course you're going to have to get into debt. A mortgage is a debt, after all. But Garinda is right, there is a world of difference between borrowing 4 x salary and paying 5% interest and paying 15% interest. I no longer have a mortgage (thank God) but when I was paying one, interest rates went up to 14%. It made a great deal of difference to my budgeting. Okay, so you can make sacrifices, give up smoking (if you do), give up drinking, etc. However it's hard to give up those other expensive little habits like eating, wearing shoes, and travelling to work. There can also come a point where life is so joyless than it's hardly worth it, dream house or not.
The point is, to get into MANAGEABLE debt, not something which is going to cripple you for years to come.