Deceleration

[boztopia]

I've been quiet these past few days because I simply have not had time to do all the things I normally do. Hunting for a job is practically a full-time occupation in and of itself, and when you're doing that on top of a day job AND consulting work on the side, some things just slide. So if I haven't been available as much, that's why. No offense

Comments

That really depends

[boztopia]

In some places, it's cheaper to own than rent. In others, it's the reverse. The market conditions are different everywhere, so there's no one "right" answer.

I had a friend who did the same as you did--she took out a home equity loan to pay off her credit card debt, and it seems to be working okay for her. In other cases, people who have drained their home equity and then seen the value of their place drop have been unable to sell, and they still have to pay off that loan--and if they're using an adjustable-rate mortgage and their payments shoot up, they're really screwed.

Plus, co-signing on a loan can be rough, because now you're both liable for the debt. If your father in law is paying all of it off, that's good--but if something happens to him, your name's on the loan too.

So I can't say, really. Maybe this solution will work for you. I hope it does. :) The best advice I can offer is that unless you have immediate need to buy a house, you can take your time, survey the local market, build up savings, and target the most optimal price possible.

I'd also always recommend alternative sources of investment besides houses--Roth IRAs, 401ks, or even simple emergency funds in high-interest savings accounts. ;)