Quote:
Originally Posted by Traum
You are absolutely correct that downsizing stands to lose more money than engaging in some sort of financial stretching or acrobatics, esp in the long run. However, there are times when the situation just doesn't allow you to stretch anymore.
And even if stretching is possible, is that really a good thing? Just because the mortgage payment defaults aren't happening doesn't mean it is a good thing.
A higher interest rate is gonna take anywhere between 1 - 3 years to see its fuller effect on the market and economy. So far, only a year has passed since the rates started climbing.
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Well, that's the question that each individual owner has to ask themselves. Is it worth stretching your budget by another $2-3k a month or taking a huge financial hit upfront and in one shot.
Don't worry, I am just providing the counterargument to downsizing, just as you have provided the counterargument for stretching your finances. People will do what they personally think is best anyways.