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Real Estate
Reply to "HHI for $700K house?"
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[quote=Anonymous]This discussion of "risk" -- and people's tolerance for it -- should not be confined solely to how much of a monthly payment people are willing to assume. Now obviously, that should be a major factor for everyone -- nobody should take on an unaffordable mortgage. But in some instances, it may actually be less "risky" to take on a marginally larger mortgage (even if it exceeds your self-imposed cap) if the house is in an area that is either in higher demand or that has a greater potential for appreciation than the area where the more budget-friendly house is. And that is because most people will not be staying in their house for the duration of their 30-year mortgage. Many will be out within 5 years, and often for reasons unforeseen at the time of purchase. And if that is the case, you might find yourself losing money because of a decision that you thought at the time was financially prudent.[/quote]
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