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Reply to "Is possible to owe $500,000 for a home when you paid $125,000 back in 2004?"
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[quote=Anonymous]My neighborhood is full of old homes that have increased a lot in value, and people do cash out refis to pay for renovations. As long as everything is within reason, it seems perfectly acceptable/normal to me and probably the best way to access credit for a renovation if you’re going to use it. People’s incomes go up too and sometimes they would rather renovate and have a bigger mortgage than sell and move. [/quote]
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