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.
Hugging is good.
It is what happens when Gus wins.
It is what happens when Gus wins.
I think you meant to say, "It is what happens when WE LET Gus THINK he won."
I'ma hug you anyway. Though it may be around your knees.
t winces on the x-post
Still, Maria, that was a local thing. Your DF-parents notwithstanding ...
Gawd, I hate to be a cocksucker, but can we compare 150K against the interest they paid over 30 years?
t sweeps into thread, hugs Gus, runs away from scary financial talk
Gawd, I hate to be a cocksucker, but can we compare 150K against the interest they paid over 30 years?
Assuming no money down and a 7% interest rate, a 30-year fixed had them paying ~$42K in interest. They're still ahead $108K.
I hate to add to the arguement - but if I remember the (fake)number of the loan my house needs to go up another 230k - if I pay the loan at the way it is set up. over 30 yrs - quite probable.
My parents never lost on a house. even being in the military and being in one house for just over a year.
It is possible to lose in the houseing market. there are bad places to buy and bad times. but if you can sit, it usually pays.
t nibbles Gus' ear, driving silly financial chatter from his pwetty bwain
assuming no money down and a 7% interest rate, a 30-year fixed had them paying ...
All generous assumptions, but not unreasonable. Let us now factor in 1975 dollars against today's dollars. Woops.
I want my 1975 bux back.
t makes out with Trudy in a way that makes money a dim, distant memory
