What percentage of your after tax money do you spend on your house note or rent?

[CHOPTALK]

Hey Chopper, great thread!

Whats up dude

 

[loomis41973]

I read some of this and find it pretty alarming that people are calling someone stupid for having their house paid off.

I think real estate investing is great but everyone borrowing up to their eye balls and then the market crashing like it recently did where then everyone walked away from their investment or even their primary residence is not a situation I hope our economy gets into again.

Not really alarming at all....there are numerous reasons to keep a loan on your house...especially your primary
residence.

No where near invested up to my eyeballs and could pay each off 10 times over if i so desired. Too many good reasons
not to.

 

[WVU]

There is one advantage to owning your home outright and that is you can greatly limit (or iliminate) how much insurance you have. However, having a mortgage will increase your credit score in most circumstances.

 

[loomis41973]

There is one advantage to owning your home outright and that is you can greatly limit (or iliminate) how much insurance you have. However, having a mortgage will increase your credit score in most circumstances.

Whats the advantage in under insuring your home?

 

[WVU]

Whats the advantage in under insuring your home?

insurance is -EV. Not having it is +EV. Insurance companies make money selling you your policy. You can always self insure as well and post up a bond.