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[quote]can you pay extra above the basic monthly payments?[/quote]
Not sure if we want to... Not planning on staying in this house or town the rest of our lives...
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I think the point of the question goes more towards are you living on the edge of you means; meaning, too many people see houses as sure-fire investments that can't go wrong. Reasoning, if I take a loan for as much as I can, buy a property with it, and then am only just able to make the repayments well that's fine, cause I'll be paying off the property, and if something were to go wrong, I would just sell the house, and get profits from 1) the payments I've made on the loan which is now smaller, and 2) the property would have gone up in value cause I've had it a little while now...
Only thing is, if things go wrong, you've paid some off your loan, but now at the time things aren't so good in the real estate market, the property value isn't enough to cover the remaining on the loan...and buda-bing buda-bomb, you've not only lost your home, you've caused a world financial crisis...
BUT, if you've got that wiggle room, you can pay a little extra above the monthly norm, get your loan paid off quicker (or if things were to get hairy you know you'd be ok), sell the place, get another loan on top of the sale, and upgrade.
Who's going to clear away the bodies...that's what I want to know.
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AUTHOR OF THIS MESSAGE
Symo
MESSAGE TIMESTAMP
13 january 2009, 17:53:26
AUTHOR'S IP LOGGED
116.212.193.198
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