Borrowing wisely.Feel very secure about your job before stretching to buy a vacation home Vacation Home A home separate from an individual's primary residence that is used for recreational purposes and may also be rented out at unused times. Notes: For tax purposes, those who rent their vacation homes may result in a lower amount of allowable expense . If you refinance, think about shortening the term of your mortgage to 15 years, rather than lengthening lengthening (lengkˑ·the·ning), n the use of various massage or muscle energy techniques to relax and stretch muscle and connective tissue. it to 30 years. Don't borrow against your home to pay off your credit cards. Once your credit cards are clean, you'll probably start spending on them all over again. No one ever got out of debt by borrowing more. If you borrow to remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. your home, don't take an excessive line of credit. Most likely, the expansion or modernization will cost more than the value it adds to your house. Don't refinance with a larger mortgage to get extra money for consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and . This is an era to add to savings, not to the stuff you own. These thoughts may be early. Price bubbles usually last longer than anyone expected. But we're talking about your bedrock asset. You don't want to carry it over the edge. |
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