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SVTPerformance's Chain of Restaurants
Road Side Pub
Renting vs owning a home and vehicles.
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<blockquote data-quote="Screw-Rice" data-source="post: 15694931" data-attributes="member: 31264"><p>You're not typically in a good financial position if taking a second mortgage. Not sure if you were alluding it to being something else related.</p><p></p><p></p><p></p><p>True, but you still have control over how you handle the loan, even if you go that route. I had the option of the USDA 100% loan if I bought in a couple of the surrounding areas. You don't have to take the loan that has a higher interest, but if you do to get into a house, you can still choose to pay extra monthly to lower your principle if you want to refinance later with a better rate using your equity. I pay a minimum of an extra $100 every month to principle just to knock the loan down since I have the ability. </p><p></p><p>That's another thing people do, then regret is when they make themselves "house poor". They go to their max budget and then get stuck having nothing left after their mortgage and it sours the experience.</p></blockquote><p></p>
[QUOTE="Screw-Rice, post: 15694931, member: 31264"] You're not typically in a good financial position if taking a second mortgage. Not sure if you were alluding it to being something else related. True, but you still have control over how you handle the loan, even if you go that route. I had the option of the USDA 100% loan if I bought in a couple of the surrounding areas. You don't have to take the loan that has a higher interest, but if you do to get into a house, you can still choose to pay extra monthly to lower your principle if you want to refinance later with a better rate using your equity. I pay a minimum of an extra $100 every month to principle just to knock the loan down since I have the ability. That's another thing people do, then regret is when they make themselves "house poor". They go to their max budget and then get stuck having nothing left after their mortgage and it sours the experience. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Renting vs owning a home and vehicles.
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