I’d rather owe 250000 on a place worth 800000 than own a 250000 place outright. I’d be prouder to have the debt. A free and clear deed would not bolster my pride.
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Don’t you mean you’d rather owe $250k on a place worth $800k than owning a $550k place outright? (The way you stated it makes it a no brainer that you’d want to be in the higher equity position… $550k vs $250k.)
Sorry – the nerd in me was perturbed by that.
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Good catch! I totally thought he was talking about $250K equity in both cases, with the one house having a mortgage of $550K, and worried that scaredy was getting all pretentious on us. Should’ve known scaredy was smarter than that. 🙂
