When you hear the same thing from lots of sources, more often than not it's true. One thing I heard from lots of people early on is: Never, ever borrow against your home, or roll debt into a mortgage unless it's your last option.
People want everything now. Kids who are 25 want a home bigger, newer and nice than mom and dad's house. The concept of a starter home is lost on most people now.
So, they make a deal with the devil. (Not literally, but in terms of shaky financial activity). Well, the bill is coming due.
You mean taking a out a 30 year loan on a trip to Hawaii and a car that may last 7 years is a bad idea?
"Never, ever borrow against your home, or roll debt into a mortgage unless it's your last option.
People want everything now. Kids who are 25 want a home bigger, newer and nice than mom and dad's house. The concept of a starter home is lost on most people now."
I don't think that's good general advice. THere's nothing wrong with taking a HELOC or 2 for home improvement, especially for a "starter home," which usually means "needs some work."