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I just have to add my two cents even though this is old. Yes, cash is king, but what about those of us with no equity and great credit. We bought at a terrible time and have no equity. It is not our fault. We pay our mortgage on time and follow all the rules. There are so many people that were able to tap into their equity to renovate, but those of us who were unlucky to have equity are up a tree. If you can swing it and you want to renovate go for it. I don't mean bankrupt yourself just to put in a swimming pool, but needed renovations are worth it.
What's a needed renovation in your opinion? Mine would be - for example - replacing equipment/appliances that have failed. Robyn
Wow what a bunch of elitist prigs. First of all, the mortgage crisis was a product of numerous things not the least being a culture and societal norm driving the desire to "own a home". But beyond that [rather significant] piece, there's the vulture banks that were KNOWINGLY pushing bad credit products to horrible credit risks. I mean, we're talking risks that were waaaay worse than someone who has 3.5% equity but a stable job with a stable income and good credit. The cases that caused much of the housing crisis were those in which banks were luring people who didn't even have stable incomes and HORRIBLE credit to buy houses.
Everyone was at fault in those situations (banks and the borrowers) but when someone with a good / stable income and good credit went for a high LTV mortgage, that's not exactly irresponsible. It's just another case of someone wanting the ever-advertised "American Dream" and figuring they could do it with their good credit and good stable income. What a bunch of classist jerks.
Here's a mind-numbing idea for you class-warring types: If you can afford your mortgage, you can AFFORD YOUR HOUSE. Enough with this garbage that going in with < 20% downpayment means you "can't afford your house". I'm a veteran served on a submarine during Iraqi Freedom and I have the right to a ZERO down payment mortgage. And I got one just like MANY active and veteran military members do. Go ahead, try giving me crap about it while you comfortably sit behind your monitors judging while being all fake with your adoration of the military. You people make me sick.
As for the OP: just know the risks before going into any credit relationship. If you feel that your income is stable and good enough to handle another monthly payment, then go for it. Ignore these self-righteous elitist prigs. I really can't stand when people try to make a societal problem out an individual decision. You need to look higher up in the food chain, folks. Societal problems are almost all rooted in systemic issues not individual.
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