Re: BRAG: Just got approved for a home mortgage
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It really doesn't matter because you're not really going to be paying down hardly any of your principal over the first 10 years anyway so my comment should still hold some weight.
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With his downpayment, he will have about $40K in equity on an undervalued $175K home.
This, along with your "HUGE liability" comment, make me wonder if you know what the [censored] your talking about.
Real Estate is nearly always an excellent asset in the long-term (7-10 years or more). Short-term, yes, your comments have some validity, but you need to clarify your time frame.
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