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This could still backfire on you though. Say that you buy a house for $500,000 today with a 5% down payment and another 2008-esqe event happens and the value d
by Bluecobra 3y ago
This could still backfire on you though. Say that you buy a house for $500,000 today with a 5% down payment and another 2008-esqe event happens and the value drops to $350,000. You are going to be underwater for the first mortgage when it is time to refinance the loan. I don't see how a bank is going to let you take a new mortgage for $475,000 on a house that's appraised by the bank for $350,000.
- madsbuch 3y agoOn my search, I trip over these situations very often: https://www.boligsiden.dk/adresse/sallingvej-62-2-th-2720-vanloese-01016184__62__2__th https://www.boligsiden.dk/adresse/sallingvej-62-2-th-2720-va... in 2006 this was sold for 2.365.000, in 2015 for 2.195.000. Is, the apartment lost 130k (roughly 20k USD) in 9 years. (In Denmark we can see previous prices all apartments was traded for back to 1992 online)
- Workaccount2 3y agoJust more fuel for the NIMBY'ism fire.