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by antifa
1530 days ago
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A second mortgage is extra risk to a person's most important asset which is typically reserved for funding a major home improvement project or for emergencies. The "$2000 0% APR mattress loan" is useful because $167/ month is much easier to budget for and doesn't require a huge hit to savings. One of these is just sane budging, the other is minmax gambling. |
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Okay, fine, so that's the reason we don't like borrowing money to invest.
Now explain why it's good to have a mortgage at all? Don't just say "because a couple hundred a month is a small number". That's not a reason, it's just a single, incredibly subjective and situational factoid. Is there a logical or mathematical reason not to increase the amount of my mortgage as long as I can easily afford the monthly payment?