patientlywaiting, i appreciate your bearish perspective! it’s true our mortgage is so low only because our down payment is so high. i find it ironic that although my husband and i didn’t make some of the typical mistakes of bubble buyers (i.e. buying too much house with too little down, utilizing exotic loan structures, etc.), we still were pretty idiotic (i.e. playing into the fear that if we didn’t buy now we would eventually be priced out of the market, getting a 15 year fixed when we’re 29 and 30 years old, and of course, reversing the standard 20/80 downpayment/mortgage breakdown). good point about the tax rules concerning rentals, as well!