Reply to Share your financial mistakes or coups

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[quote=Anonymous]Coup: Finally timed the market right and bought last two homes low, and have refinanced several times since then to lower rates and shorter terms. This will allow us to pay off final mortgage in a few years. Always disliked debt so never used home equity line of credit and ended up being paid $1500 to close it! Paid off all student loans early and always pay credit cards in full every month. All our income therefore can be used for current expenses and investments rather than interest payments.

Biggest mistake: Bought a condo at the peak of the market. Ended up doing a short sale, taking a hit to our credit, and having to pay back the bank for some of the shortfall for years. Will never EVER buy  a condo again. They are harder to sell than single family homes, subject to HOA fee increases, and if there is a lawsuit due to construction defects, can prevent you from selling when you need to. Better to rent until you can afford a house that you can live in for years.

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