I am really glad the majority of my money is tied up in my condo right now, because damn. My stock portfolio has lost 20% of its value overnight, but thankfully my stock portfolio isn't very big.
ow pain... thats a lot. Think you bought property at an OK time?
I do have a small thing, just an IRA that barely had time to accumulate anything before I left my job back east, it has like $1500 or something. I wanted to get it out but there's like 50% penalty for that. So it's sitting there useless.
Any time is a good time to buy if you're purchasing for living in it long-term. Where people get into trouble is when they expect to flip it. This is a horrible time to flip a property. Fortunately that wasn't even under consideration.
The only thing I'm unsure about is the fact I'm under a 5/1 ARM (it made a lot more sense at the time), which means that in a few years I might have a big headache coming when it's time to refinance. Fortunately the terms of my ARM limit the amount that the interest rate can increase per year, and by the time it'll be an issue I'll be able to refinance with at least 20% down (although I'll need to be able to pony up another $54K or so to do that, which will take me at least another year and a half to save up). Although, who knows what the Fed is going to do with interest rates... under GWB they liked to lower the prime during recession in order to "boost spending" but that's a very typically Republican thing to do. (Although right now it's holding steady at around 5%.)
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I do have a small thing, just an IRA that barely had time to accumulate anything before I left my job back east, it has like $1500 or something. I wanted to get it out but there's like 50% penalty for that. So it's sitting there useless.
The only thing I'm unsure about is the fact I'm under a 5/1 ARM (it made a lot more sense at the time), which means that in a few years I might have a big headache coming when it's time to refinance. Fortunately the terms of my ARM limit the amount that the interest rate can increase per year, and by the time it'll be an issue I'll be able to refinance with at least 20% down (although I'll need to be able to pony up another $54K or so to do that, which will take me at least another year and a half to save up). Although, who knows what the Fed is going to do with interest rates... under GWB they liked to lower the prime during recession in order to "boost spending" but that's a very typically Republican thing to do. (Although right now it's holding steady at around 5%.)