BRAG: Just got approved for a home mortgage

[Gone Forever]

Jeeeeeeesus Christ, man! Maybe you're just too close-minded to truly see what the hell you're talking about.

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Good lord. An asset is something you own.

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IT'S REALLY PRETTY OBVIOUS THAT HE DOES NOT OWN THIS HOME.
His name might be on title, but, until every single penny is paid to the bank, they are the real home owners. Did they not teach you that in your little accounting class?

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A liability is a debt.

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Uhm.... Soo..... what exactly is a mortgage again? It's kinda like a bill right? I forget.

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If your asset has a higher value than your liability, you have net worth. That's a good thing, in case you didn't realize.

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It's definitely good, he just doesn't have any. He will consistently pay to live there and when he sells it he will have not made up the difference.

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He has to live somewhere! Your logic makes no sense whatsoever. Based on your numbers, the monthly cost on this house over 5 years is $1362.78. If he lives there 10 years this number drops significantly more. Do you think he could rent a house like this for that amount? Of course not.

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Is buying this house more cost effective than renting a house of equal size and style? Over a period of time, sure. Is it still costing him money? Yes. Which makes it a.... a what? A liability.