Reply #228: That was good advise. [View All]

[ThomCat]

Of course, I don't think I know anyone who only pays 25% of their income in rent. 1/3 to 1/2 is more normal.

The change in mortgages to ones that didn't require so much collateral, or any at all, was so attractive to so many people because so few people were able to save any money at all with wages stagnating for so many years.

The equity in a house was supposed to BE their savings account. Unfortunately, that only works if they were able to keep up the payments.

This is also the kind of advise you are only likely to hear if your family has been fortunate enough to have enough money to buy and own a home in the past. How many poor families would know much about mortgages if nobody in the family had ever had one?