Author:
mn
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kml
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Date:
2/20/2009 1:30:04 PM
Subject:
RE: What is wrong with you assholes?
If the bank repos your house, they don't give you a percentage cut, so your equity evaporates. This is where listening to madcows matters. You do need to put enough down to avoid mortgage insurance though.
If you look for a house where the mortgage and insurance are at or below your current rent you are probably buying well, depending on how utilities factor into your current rent payment. If you sell the house for what you bought it, you are not out any money, since it would have been rent.
Mortgage companys and realtors will tell you to spend at least twice what you should. Don't trust them for advice.
Of course you'd need to replace any broken shit like a boiler or roof...
