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SVTPerformance's Chain of Restaurants
Road Side Pub
What to do with extra emergency fund.
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<blockquote data-quote="MovingZen" data-source="post: 15134488" data-attributes="member: 150540"><p>I'm no expert but I bought my house 10 years ago at a higher interest rate than I have now (re-fi) and the house is worth more now. To me, a home budget is based on how much you can afford a month including interest rate. A house is worth what a house is worth, if a person can't afford a payment they should be looking at a smaller house, older house, worse neighborhood, or whatever it takes to get that monthly payment into their budget. If you're going to take interest rates into account, what credit score are you going to market to? Different credit score will result in different interest rates. I'm sure there are other's who know more about home buying but I look at it like this: You buy a home for $100k, live in it long enough to pay down the loan to $75k. If you only sell the house for $75k or whatever the break even point is with closing costs and all that, then you essentially rented the property. Anything above that is bonus round.</p></blockquote><p></p>
[QUOTE="MovingZen, post: 15134488, member: 150540"] I'm no expert but I bought my house 10 years ago at a higher interest rate than I have now (re-fi) and the house is worth more now. To me, a home budget is based on how much you can afford a month including interest rate. A house is worth what a house is worth, if a person can't afford a payment they should be looking at a smaller house, older house, worse neighborhood, or whatever it takes to get that monthly payment into their budget. If you're going to take interest rates into account, what credit score are you going to market to? Different credit score will result in different interest rates. I'm sure there are other's who know more about home buying but I look at it like this: You buy a home for $100k, live in it long enough to pay down the loan to $75k. If you only sell the house for $75k or whatever the break even point is with closing costs and all that, then you essentially rented the property. Anything above that is bonus round. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
What to do with extra emergency fund.
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