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Although it’s a tough concept to bear, it’s better to not lose money than to miss an opportunity, even when you see everyone else refinancing, doing HELOCs, and buying property. Why put yourself in a situation where you’re losing sleep, destroying your credit, and losing even more money if you’re over leveraged and taking on more risk? There’s always the chance that the rug will get pulled out from under you.
Who would have ever thought that certain long established giants of Wall Street would fail? Who thought home prices could continue to soar when incomes weren’t changing? Sometimes we are lulled into believing something since everyone else was doing it. It’s hard to be patience and wait for the right opportunity to come along, but when you do, you’ll be very happy that you waited.
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