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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,748
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Quote:
Originally Posted by Jim Richards
In most cases, a home is primarily a dwelling, not an investment. If the purpose of the mortgage was to finance an investment, the bank would have required different terms relative to an owner-occupied mortgage. If the owner wants to now look at their home as an investment, perhaps the bank should have the latitude to change the terms of the note.
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Exactly. Cindy & I bought this place to live in...we fulfilled our end of the bargain, even adding to the payments each month so we could pay it off early. The only way we'll leave it is when we can no longer care for it. Yet, we had people buying houses they couldn't possibly afford as they chanted the mantra that houses always went up in value. In some cases, these people bought multi houses, flipping them.
Yep...I was a sucker, playing by the rules... 
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent."
-Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.)
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