Quote:
Originally Posted by V
It's a bad idea because it gives people a reason to not pay down their mortgage. Plus it allows them to rationalize buying something bigger than they likely should, leading them into further debt that they'll never pay off.
That's my take on Locke's comment, at least.
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well the loan officer wont let you take out a loan that you cant payoff..they look at everything you own and owe....and they check out your credit rating. i cant remember what the ratio is right now, but its very conservative (meaning sometimes even if you think you can afford it, theyll tell you you cant and deny you the loan).