- Jun 10, 2015
- Reaction score
- Resorts Owned
Mayan Palace Regency
Hi TravelTime ,......... In addition, we are supposed to close on a house in about a week. It is too late to cancel without losing our deposit. This is a substantial loss (I am embarrassed to say how much) but I can’t see getting into a bigger mortgage and putting down a substantial down payment - this is the SF Bay Area so you can only imagine how expensive this house is. I am scared to move forward with all the bad economic news ......
My suggestion on the - “bigger mortgage “ is figure out what your monthly payment will be under the
“ new normal” interest rates . If your monthly cost is similar - it may make sense to complete the purchase
versus forfeiting the deposit .
Do a pro / con evaluation - and consider timelines . Depending on the numbers it could make sense to go forward
even if you end up “downsizing “ in 1 -2 years due to your own personal financial evaluation going forward .
I hope this helps