July 23, 2006

Paying off your mortgage is so 1991

Re-Refinancing, and Putting Off Mortgage Pain – New York Times
With his new loan, his third adjustable-rate mortgage, Mr. Perry, a former technology project manager, cashed about $200,000 out of his home’s equity and is investing it into his four-year-old financial planning business. “I could have sold my house and made my family move,” said Mr. Perry, 42, who lives with his wife and a 3-year-old son in Danville, about 20 miles east of Oakland. “But I didn’t do that. I said, ‘Look, I want to start a new business,’ and this product allowed me to do that.”

He said he was taking on more risk than many of his clients would be willing to because he believes his business will continue to grow. After spending 15 years in the technology industry, which put him on the road constantly, Mr. Perry said that being self-employed allowed him to spend more time with his family, which he also expects to grow. As far as the house, he said: “I am not going to be here for 30 years. Why is it important to have a fixed mortgage?”

That sentiment resonates nationally, and especially in California.

So that’s the secret to California living – continual refinancing!

Click here to post a comment -- Posted by: burbed @ 5:10 am

No Responses to “Paying off your mortgage is so 1991”

  1. speaker Says:

    heh….and this guy expects people to pay for his financial advice!?!? good luck with that new business..

  2. Shaun Says:

    This fellow wants people to pay him to help make financial decisions? Next please.

  3. Ken Says:

    At least he can spell, unlike most of the “financial experts” I get in my inbox. Funny how many of them come from Nigeria or Brazil (and I don’t even speak Portuguese)…

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