There’s a reason the English language’s greatest playwright was called “The Bard of Avon” and not “The Bard of Portland.” In Hamlet, for instance, despite the fact that Shakespeare’s Polonius character is supposed to be a wise counselor, he gets at least one piece of advice wrong when he tells his son, “Neither a borrower nor a lender be.”
This is flat-out terrible advice—at least for many northwest homeowners.
The thing about borrowing is that if done prudently, borrowing can free some of the value a given local residence represents. There are two different ways that happens:
First off, there is the property’s stored value (the equity). As each monthly mortgage payment whittles down the amount owed to the lender, that equity builds—more so if the value of Portland Metro real estate happens to be growing in general, which has been true lately. Unlike the other daily living expenses a family incurs, the dollars […]