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General Parenting
"Housing for working people"
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<blockquote data-quote="timer lady" data-source="post: 49453" data-attributes="member: 393"><p>The value of real estate is way overstated - it's only on paper & what you can buy or sell a home for. I have young people (college graduates who think they can just leave mom's house & buy their own) through my home on a regular basis & they frequently ask me about these loans.</p><p></p><p>I encourage these young women to only buy a home that one income can support; to put a down payment down - zero down payment is asking for trouble. And to never ever borrow against your equity to pay off credit cards. I'm amazed at the number of people who have lost their homes by refinancing over & over again to buy a new car or pay off credit cards; only to run them up again.</p><p></p><p>The cost of housing is obscene. Our house has "tripled" in value in 10 years - there's no way I believe that. I know I'm paying property taxes on it though.</p></blockquote><p></p>
[QUOTE="timer lady, post: 49453, member: 393"] The value of real estate is way overstated - it's only on paper & what you can buy or sell a home for. I have young people (college graduates who think they can just leave mom's house & buy their own) through my home on a regular basis & they frequently ask me about these loans. I encourage these young women to only buy a home that one income can support; to put a down payment down - zero down payment is asking for trouble. And to never ever borrow against your equity to pay off credit cards. I'm amazed at the number of people who have lost their homes by refinancing over & over again to buy a new car or pay off credit cards; only to run them up again. The cost of housing is obscene. Our house has "tripled" in value in 10 years - there's no way I believe that. I know I'm paying property taxes on it though. [/QUOTE]
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