7 ms·

I'm on the same boat. I have debating for the longest time if I should buy a house and everyone keeps on telling me that interests rates are going up so now is

I'm on the same boat. I have debating for the longest time if I should buy a house and everyone keeps on telling me that interests rates are going up so now is the time. But buying a house will pretty much wipe out all my savings and if I ever lose my job during a downturn, foreclosure is almost imminent.

jrs235 8y ago
In many states foreclosure takes a "long" time. Making partial payments can prolong the process too. Research foreclosure laws in your state. After the housing burst there was a flood of delinquent mortgage payers. The banks didn't want to hold empty houses and were slow to go to foreclosure. Not to mention the courts were/would be swamped with them. Perhaps include these factors in your risk analysis too.