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06-08-2011, 08:41 PM | #1 | |
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And if the market took an upswing, I would have sold it for a profit. My co-worker bought a house for 630k and put 150k down. Thing is worth 380K, which is less than what he owes. Now...he is stuck with it or stands to loose 150k.
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Train Hard Ron Paul - 2012 Mark of Excellence GM Last edited by 101lifts2; 06-08-2011 at 08:45 PM.. |
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06-08-2011, 10:02 PM | #2 | |
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To me it's kind of like the chumps who take out a 72 month loan on their car, just so they can get a Lexus they otherwise couldn't afford. Last edited by Homeslice; 06-08-2011 at 10:05 PM.. |
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06-09-2011, 01:18 AM | #3 | |
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I would rather have an interest only payment that I can pay principle, but not have to be obligated to pay principle/interest in case of loss of work or a big expense as long as the interest rate is not higher than a 30yr fixed. As long as you make the principle payments, you are no different than the 30yr fixed loan.
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