Peter Schiff is good. I read his website every day.
He reminded me that during the big recession coming up, even people with 30 year fixed rate mortgages are vulnerable to job loss. So one cannot feel smug in the 30 year or 15 year mortgage. As I’ve said before, you need to be able to make the mortgage payment and know that your job is stable during the recession. Only then should you hold onto your home or buy one.
I agree with him that selling now is a good option. Interestingly, he recommended either selling now at 10% off the recent comps, or taking on more debt because the bank will loan you more than you can get in a sale. He didn’t allude to what you should do with that debt. But that suggestion doesn’t seem too ethical.
