The Money for his Daily Dog-walker could have gone to the PRINCIPAL on his loan, something he’s now most likely UPSIDE-DOWN on!
Since when did idiot financial planning on YOUR PART, become a crisis on MY PART??
What he’s telling us is he FAILED to do his due dilligence, and now he wants to blame someone else (Real Estate Agent,, Mortgage Broker) for it???
Actually, investing that money would be better than paying principal over the long-term. Paying principal on a 30 year amortized mortgage doesn’t make a hill of beans difference in a soft market - you still only pay a few hundred to principal anyway. Why NOT do interest only?
The problem is that they have no reserves, no rainy-day fund - and that would have still been true with a 30 year fixed mortgage.
Let’s not pick on the dog walker. That could be a teen making a few bucks. I support working teens.
::just saying::