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Real Estate
Reply to "if you bought with zero down during the boom..."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We used a zero down, interest only loans (2 to get rid of PMI) in 2004. In 2011, our home had appreciated enough to merge the loans into a 30 year fixed at 3.5%. Obviously, we reset at the purchase price of the home when we refi'd but we still benefitted from the mortgage deduction and cheaper payments throughout the prior 7 years. [/quote] You were at least responsible enough to be paying down principal yourselves during this time, right?[/quote] No. We didn't pay down any of the principle. Like I said, the loan completely reset to the purchase price when we refi'd. We were able to save money, get our kids through the daycare years, and still benefit from the income tax deduction while paying off the interest only. Now, we have a 30 year fixed, we are out of daycare, and we are paying down the principle. [/quote]
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