4 ms·

But you're not going to be living there for the entirety of your 30-year mortgage in most cases. What happens when 5-6 years from now, you want to move, but yo

But you're not going to be living there for the entirety of your 30-year mortgage in most cases. What happens when 5-6 years from now, you want to move, but you're underwater and can't pay off the mortgage by selling your house?

lanaer 17y ago
If you're able to afford the payments, and are otherwise financially stable, I'm not entirely sure how another 5-6 years will worsen things. Unless the economy manages to crash again in that time, and worse. Then, though, you'd probably be in a crappy situation even if you left now. More than likely, at this point, your house will be worth more (though probably not a lot more) than it does now, and (since you've been meeting your payments) your debt will have shrunk, too.
kls 17y ago
My personalty belief is that it will be 15 before prices recover to the peak in some areas, and if I where in a situation where I would need to relocate in five, I would take the hit now so that I would be on the road to recovery. Hell if most had did it in 06 they would most likely be able to get a mortgage (albeit at a higher interest rate) by now. Specifically, Vegas, Arizona or Florida I would have had to do some soul searching , if I where not going to be there for over at least 10 years.