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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This place is full of financial fools. [/quote]

Meaning what exactly since I'm assuming YOU are not one of us financial fools?[/quote]

Meaning until a year or two ago interest rates were 2%. It's free money. [/quote]

Lol, no, it's not free money.  Even if you locked in a 3% mortgage and inflation averages 3% for the next 28 years, that just means your real, effective interest rate is 0%.

But you still owe every penny of the $800K principal you borrowed, and this must be paid back according to a rigid schedule whether or not you're sick, have lost your job, etc.  And if you can't make those payments, the bank can take your house.  Not my definition of free money.[/quote]

Plus, if you borrowed $800K, you still owe that $800K even if home prices drop (as they inevitably will at some point when interest rates rise).  So your house drops by $200K and then   you lose $200K when you sell.  These "mortgages are magical!" posters are so stupid.[/quote]

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