In my opinion, yes. Wait a minute.... in the US you can write off the interest you pay. That's the problem. Too many people don't realize that their mortgage is debt and end up buying way more house than they need, or can afford. And the Banks feed this concept. Sure you can afford a million dollar mortgage they say. Sure you just get it back when you do your Income Tax. Hold on, your still spending money you don't have. How is that a good thing? Not only that, it's money you won't have for another 30 years, and money that you pay interest on.... to the Bank. To the Bank. To the Bank. To the Bank. To the Bank.
The Bank is the winner here, and you are the loser. You buy more than you need, with money you do not have. If you run into problems with your job - you are on the hook. And the bank turns the screws, and you can't make mortgage payments, and you lose that house. Mortgages are debt just like any other debt, but worse since you are under the illusion that it doesn't cost you anything - until you lose your house.
There is a better way - Save. Save, save save. Stay with your parents a little longer, share the rent with some friends - but SAVE for that house. Borrow from your mom and dad with interest that you would pay to the bank, But find some other way than a "Mortgage" to buy that 1st home.
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