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However, financial expert Jaspreet Singh has a different view that homes are liabilities rather than assets.
In a YouTubevideo, Singh discussed these fivecostly homeowner mistakes to avoid.
He gave an example of a $2,500 mortgage payment jumping to $2,800 after refinancing.
Either way, theres more interest and another monthly payment.
Plus, theFederal Trade Commissionwarned about the risk of foreclosure for defaulting.
Singh said home value drops could leave borrowers with mortgages and HELOCs underwater.
This shows houses arent guaranteed money-makers.
According to Singh, this thinking disregards how lenders smartly structure mortgage payments.
Until then, most of each payment isnt building wealth.
Singh said the down payment, mortgage payment and moving costs should all be affordable to proceed.
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