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Real Estate
Reply to "Anyone waiting till next spring to buy?"
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[quote=Anonymous]but prices were much less when interest rates were at 15%. was the monthly payment better or worse then when compared to incomes? assuming an equal monthly payment, you are actually much better off with a lower price for the house and a higher cost of interest for at least 2 reasons: 1)you can save up cash and prepay the loan thus saving lots of money 2)at least you get a mortgage interest deduction (for many people) for that interest you paid. people always say what you are saying about interest rates being so much higher then, but I wonder if that reasoning really makes sense? [/quote]
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