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Posted by Stephen on January 21, 2007, 6:39 pm
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On 21-Jan-2007, worldsavers@gmail.com wrote:
> Build your equity faster in case you lose your job. Many people don't
> know no matter how much you have in equity most lenders will not lend
> you money for emergencies or loss of jobs.
>
> You need to setup a plan before it happens.
>
If my mortgage rate is 6%, if I pay down my mortgage I can only save 6%.
Right? Instad of giving it to the bank, why not invest what you have left
over in something that will return over 6%. Shouldn't be too hard to find a
better deal than giving it to the bank to hold for you. Not to mention, if
the housing market declines, there goes you equity that you though was going
to save you.
> I am not a Financial Planner but that is what some of the Mortgage
> Brokers and Banks tell me.
Financial planners are salespeople. Mortgage brokers want you to for obvious
reasons. Banks are looking for suckers who are impressed by big buildings
with marble floors and employees in suits that are paid $11 an hour.
--
All the best,
Stephen
Free Credit Repair http://SPANKtheBank.org
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