Most people aren’t 5x leveraged on their S&P holdings though (which is what a typical mortgage does to your equity check).
You have to calculate returns to equity (not just headline home appreciation).
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Good point. Why can't we get a mortgage on a massive S&P purchase?
You can use shares as collateral but it's riskier.
Dollars.only obviously.
Riskier indeed because you are marked to market and no eviction is required