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Response to xchrom (Original post)

Mon Feb 9, 2015, 09:21 AM

4. It prevented them from pulling any equity out of the house?

If they had an interest-only loan with no money down... and the home value dropped by $150k...

... then they didn't have any equity to pull out, because they never put any in.

As for the question - Home ownership was never "the best way to build wealth"... but it can be one way to do so under the same principles that have always applied. A home you intend to live in for at least several years (the longer the better) and that you can afford (which is not the same thing as what you can qualify for).

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