Sunday, September 23, 2007

Want To Buy A Second Home?

by Tanta on 9/23/2007 10:50:00 AM

The Washington Post has some excellent advice for you, if you do. My favorite part was making sure you found a job thirty years ago that paid a lifetime pension with health coverage, and you stuck to it like glue. Otherwise, you'll want to look into the strategy of borrowing as much as possible (up to the conforming limit) at 6.50% because after taxes (retiree taxes, no less) you can surely end up ahead by investing your savings elsewhere. And if you're trying to maximize your mortgage interest deduction, why wait for RE prices to come down a bit more?

So a couple of folks with $600,000 in savings and a $20,000 balance on their HELOC (on the "paid off" home) allowed their names to appear in the newspaper. I'd guess by noon they'll have 47 mortgage brokers lined up in the driveway . . .