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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (266789)1/2/2006 2:02:11 PM
From: tejek  Read Replies (2) | Respond to of 1578933
 
These days, the housing bubble has turned many of us into speculators. That includes those who cash in on the appreciation via refinancing.

Yes, that can be dangerous. In the early 1990s, many people in S. CA ended up 'upside down' when it came to their houses. That meant that when they went to sell, they sold their houses for less than the mortgage amount owed and ending up having to use savings to close the deal. It was very scary and ruined a number of people......BKs were very high at that time. I would never take out more than 10% of the original purchase price out of appreciated equity no matter how much everyone claims a house has gone up in value.

ted



To: Tenchusatsu who wrote (266789)1/2/2006 2:52:29 PM
From: bentway  Respond to of 1578933
 
Refinancing is another example of profiting from low interest rates and appreciation. No tax break needed.

I wouldn't call that speculating, since a bank will only loan you 80% of the appreciated value of your house. Now, if you took a second or a HELOC and put down payments on five other houses, you'd be specualting..


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