I think the idea of an adjustable rate is scary - until I remember the 80's when a 13% interest rate on a home loan wasn't uncommon. Mine can't get that high. I think the possibility of refi in 3 years when mine can start adjusting has always been part of the plan.
buying a house is one of those things that made me think more seriously about what should be bought on credit.
education, and real estate are the top two.
cars go there- but my loan is a 0% so it counts as a bill, not credit in the usual sense.
there are things that go on the CC for the extra guarentees. I would prefer to pay them all off every month. ahh... youth.
today's historically low interest rates and skyrocketing home values, most people end up ahead.
Local.
Interest rises everywhere. Property vals everywhere? Not so much.
Everyone whose home is more valuable than earlier... kiss Maria.
t makes out with amych
BTW, roger Daultry does not look his age. and he has amazing arms.
yay! I get to kiss Maria!
t jumps in the group hug pile
t pinches beth's butt
t does nothing to ita
education, and real estate are the top two.
Hee. My mother suggested taking out a loan for my college education, and I told her under NO circumstances would I let her do that on my behalf.
It never occured to me that loans for university were more than normal, and that it was a cost that the student would bear.
God bless McGill. I think there might have been a loan involved in my sister's third degree, but she's a little brainiac and people like to give her neurons money.
Whoops. Way past my bedtime.
Quick question for those familiar with the LA area: Is Runyon Canyon worth driving to? Are there like canyons worth looking at closer to West LA?
Right. Hugging. Yes.
Of course. All over that.
Local.
So it may be a local phenomenon. That still doesn't allow you to make a blanket statement that all debt is bad.
Property values do increase, in some places more slowly than others. If you remain in the house for a significant period of time, you will make money.
My DF's parents bought their house in the '70s for $30 grand. His father worked for the government and retired in '95. They were barely scraping by on his retirement. The house was paid off a long time ago, but they took out another mortgage three years ago to make the non-liquid asset liquid. Technically, they were $150K richer, but unless they borrowed against the house, they couldn't touch it. So, with that cash, they invested it in mutual funds and bonds, and now have easier access to it if they need it. Their payment is far less than it was on their home equity line of credit.
