Is now a bad time to take out a mortgage?

Is now a bad time to take out a mortgage?

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  1. 1 month ago
    Anonymous

    To invest in what?

  2. 1 month ago
    Anonymous

    Common advice is that the best day to plant a tree was yesterday and that the second beat day is today, but as someone who opened a mortgage last year at 5.99% I'd advise against it in today's 7-8%, unless you plan on paying it off extremely early.

    At 5.99% the math worked out so that if I only paid on-schedule for my 300K condo, I'd have paid a total of $518K over the lifetime of the loan. I put 20% down and held 2 jobs last year while hammering the principal hard and even then I only consider this whole thing worth it because I'm not paying to rent alone otherwise.

    Closing fees, interest, property taxes, HOA, and maintenance are sincerely no joke even before getting into the conversation of today's ludicrous rates. Now I suspect property value itself isn't going to come crashing down any time soon, but I'd advise that the only winning move is to rent with a roommate or better yet live with your mom (and try to set boundaries to not go insane if that's an issue) while accumulating wealth in current year. I doubt the steady increase in value of the property will outpace the actual cost after a full mortgage unless we get another 2020 boom and frick it you're just better off shoveling into stocks/good crypto choices if you don't have an addictive personality. Then buy this shit cash once you have it

    • 1 month ago
      Anonymous

      *best. Whoops

    • 1 month ago
      Anonymous

      Great advice tbh. I would not buy at these rates. It's fricked. I don't know how the hell people are affording it in my area, unless they are just up to their eyeballs in debt or everyone makes like 400k/year. For reference I am on Long Island and I bought in 2018. We make 180k before taxes and there's no way I'd be able to afford my house now. I feel really bad for young people. But still... No idea how people are buying.

  3. 1 month ago
    Anonymous

    you'd literally be buying the top of a secular bull market

  4. 1 month ago
    Anonymous

    The world (as we know it) is literally about to end this very year

    • 1 month ago
      Anonymous

      you'd literally be buying the top of a secular bull market

      *best. Whoops

      Common advice is that the best day to plant a tree was yesterday and that the second beat day is today, but as someone who opened a mortgage last year at 5.99% I'd advise against it in today's 7-8%, unless you plan on paying it off extremely early.

      At 5.99% the math worked out so that if I only paid on-schedule for my 300K condo, I'd have paid a total of $518K over the lifetime of the loan. I put 20% down and held 2 jobs last year while hammering the principal hard and even then I only consider this whole thing worth it because I'm not paying to rent alone otherwise.

      Closing fees, interest, property taxes, HOA, and maintenance are sincerely no joke even before getting into the conversation of today's ludicrous rates. Now I suspect property value itself isn't going to come crashing down any time soon, but I'd advise that the only winning move is to rent with a roommate or better yet live with your mom (and try to set boundaries to not go insane if that's an issue) while accumulating wealth in current year. I doubt the steady increase in value of the property will outpace the actual cost after a full mortgage unless we get another 2020 boom and frick it you're just better off shoveling into stocks/good crypto choices if you don't have an addictive personality. Then buy this shit cash once you have it

      Yes but we have been saying housing would crash since 2021. And now I have a kid on the way. Do I just raise the kid in an apartment? That's fricking cucked.

      • 1 month ago
        Anonymous

        I made some bad investments (ticker: $LINK) and my expectations for paying cash didn't exactly pan out. So it's either rent or mortgage

      • 1 month ago
        Anonymous

        I'd try to move somewhere more affordable tbh. How much capital do you have on hand for down payment, closing costs, etc?

        • 1 month ago
          Anonymous

          $50K give or take a couple grand. I can't move someplace more affordable if I don't have a fricking job there...

          • 1 month ago
            Anonymous

            Do you work at a big company? Look for transfer opportunities. I hate to say it but 50k is shit in today's real estate market. You won't even be able to put a decent amount down.

          • 1 month ago
            Anonymous

            Like the other anon said 50k isn't gonna cut it unless you want to be raped and add PMI to your payments for years as a cherry on top. I know this sounds crazy because who the frick wants to live with in-laws or make your spouse live with her in-laws, but you might seriously consider living with you or your wife's(?) parents like the Hispanics do. As mentioned earlier I don't think houses will get cheaper, but your $$ entry point seriously affects your experience and I seriously, with every ounce of enthusiasm I can put into an anonymous post, doubt more preparation wouldn't outweigh any gradual price increase in the meantime.

            It's either that or find a lower income gem-in-the-rough area to move to while securing a remote job. That's a longshot I know, but ultimately the only way to win here. Shit dude at this point I'd consider pouring my heart out to the wealthiest parent involved and begging for some money or property with an IOU ticket for collateral; use the kid as an emotional weapon. Because raising a baby in an apartment IS pretty cucked I agree

  5. 1 month ago
    Anonymous

    The world is going to end in 2 weeks, so yes debtmaxx it up and enjoy having a goon palace until then

    • 1 month ago
      Anonymous

      Sure, pal. Don't forget to take your meds btw

  6. 1 month ago
    Anonymous

    house price goes up but house price divided by btc price goes down

  7. 1 month ago
    Anonymous

    Depends on country. In uk it’s 8%. In Spain there’s possibility of 3.5%

  8. 1 month ago
    Anonymous

    I want to move so bad because my house is too god damn small now but I have a 2.5% interest mortgage and there’s no way in hell I am trading that for a 7% ass raping.

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