An increasing number of renters are worried they will never be able to buy a home, with many pointing to the lack of affordability as the main culprit, according to a survey released Friday by Redf…
Allegedly rates are set to go back down later this year and people with shit rates should be able to refinance. Prices are absolutely sickening all around whether you rent or are paying off a mortgage.
Rate cuts are alleged by people addicted to cheap debt, wanting to pump up asset prices. They alleged that there would be six rate cuts and have since revised that to three, but seem like they’re going to revise that down to one. Eventually they’ll understand that there will likely be zero rate cuts this year since the federal reserve that actually sets the rate hasn’t indicated that they will cut rates because inflation hasn’t settled down yet (and would likely shoot back up the second rates are cut).
Sure, no problem. Zero down at 7.125% on a home that now costs $350k, but only cost $150k about 5 years ago. I’m sure that’s affordable for a family right now.
How much is the same family throwing away to rent that same home? How much will their rent be in 10 years? Locking into a mortgage ($2650/mo in your example) is the best way to go, even if the home prices are disgusting compared to 5 years ago.
I had zero savings when I bought my house. My parents backed the loan which was good enough for the bank. Also I set the budget first and then looked what I could get with that. Well it turns out not much but not nothing either. My house is old and ridiculously small on modern standards but it’s a house nevertheless and comes with a nice yard too. I paid 105k€ for it. It’s 10km from the city centre on a quiet suburban area within 50 meters from a bus stop and it’s a 20min trip to the city with a bus or 12minutes with a car.
I used to worry too, then I did it.
You don’t need 20% down. I did it with just 7.5% ($30,000).
This was in 2021 though with 3.25% fixed 30 year interest.
https://themortgagereports.com/61853/30-year-mortgage-rates-chart
It’s really bad and it’s getting worse.
Allegedly rates are set to go back down later this year and people with shit rates should be able to refinance. Prices are absolutely sickening all around whether you rent or are paying off a mortgage.
Rate cuts are alleged by people addicted to cheap debt, wanting to pump up asset prices. They alleged that there would be six rate cuts and have since revised that to three, but seem like they’re going to revise that down to one. Eventually they’ll understand that there will likely be zero rate cuts this year since the federal reserve that actually sets the rate hasn’t indicated that they will cut rates because inflation hasn’t settled down yet (and would likely shoot back up the second rates are cut).
Being able to put $30k into anything is not remotely achievable for a ton of people and your wording comes across as very dismissive
I bought my home with absolutely zero cash in hand. That’s what first time home buyer assistance programs and grants are for.
Sure, no problem. Zero down at 7.125% on a home that now costs $350k, but only cost $150k about 5 years ago. I’m sure that’s affordable for a family right now.
How much is the same family throwing away to rent that same home? How much will their rent be in 10 years? Locking into a mortgage ($2650/mo in your example) is the best way to go, even if the home prices are disgusting compared to 5 years ago.
The guy who says he and his partner make $175k/year should be able to afford it.
?
I had zero savings when I bought my house. My parents backed the loan which was good enough for the bank. Also I set the budget first and then looked what I could get with that. Well it turns out not much but not nothing either. My house is old and ridiculously small on modern standards but it’s a house nevertheless and comes with a nice yard too. I paid 105k€ for it. It’s 10km from the city centre on a quiet suburban area within 50 meters from a bus stop and it’s a 20min trip to the city with a bus or 12minutes with a car.