It's very short term. Maybe he thinks he might be moving out of the area soon?
"It's very short term. Maybe he thinks he might be moving out of the area soon?"
Don't know this for a fact but would guess there is a balloon payment due at end of term. House was worth 643K in 2001. Must be easily over a million by now. Re-finance to make balloon payment or sell and pocket at least $500,000. Nice investment Rick. :-)
I never live in the same house for more than five years. Even if you don't make a huge profit, you live free for five years. Rick probably wants a 1 mill. house in five years.