President Donald Trump said during a Cabinet meeting that he wants to 'drive housing prices up' to keep homeowners 'wealthy' rather than focusing on affordability to benefit people people who 'didn't work very hard'
Go ahead, vote MAGA in the midterms if you’re curious how fucked your life can get.
What you do gain is equity. And while that equity can’t be used to pay for a new house, it can be borrowed against cheaply.
A second mortgage, such as a home equity loan or a home equity line of credit, means you can use some of that value in your house for big purchases or projects without the higher interest rates you would pay for other types of loans or a credit card.
It’s one of the reasons home ownership is financially superior to renting, even if your monthly payment might not be that different. Owning property has inherent value.
I have a mortgage payment already, and groceries have tripled in what feels like a year and a half. My property taxes went up $200 a MONTH this year. What makes you think I’m in a position to make more fucking payments?
What you do gain is equity. And while that equity can’t be used to pay for a new house, it can be borrowed against cheaply.
A second mortgage, such as a home equity loan or a home equity line of credit, means you can use some of that value in your house for big purchases or projects without the higher interest rates you would pay for other types of loans or a credit card.
It’s one of the reasons home ownership is financially superior to renting, even if your monthly payment might not be that different. Owning property has inherent value.
Absolutely the biggest scam ever.
My parents bought their house for $159,000 in the late 90s.
They are still in that house. Guess how much is left on their mortgage balance? $350,000.
Why? Because of cash out refinances and HELOCs.
They should be retiring soon but they’re not, because people like you said these equity loans are good.
They’re not. These are terrible ideas. Do not EVER take out the equity of your home.
I have a mortgage payment already, and groceries have tripled in what feels like a year and a half. My property taxes went up $200 a MONTH this year. What makes you think I’m in a position to make more fucking payments?
Equity is a fucking scam, brother.