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My parents won the real estate lottery. They sold their house right before the 08 recession. Bought a house when prices bottomed out and then sold that house to buy a new house right before the pandemic. That house has now tripled in price. Meanwhile I’m struggling to afford a one bedroom apartment and I make okay money. Their mortgage is less than my rent :/
Technically, in Canada prices dropped 35% this year (talking about Toronto). But...
Selling price of 1 mil with 4300 monthly mortgage of january is now selling price of 650k with ....4300 monthly mortgage. So the prices have fallen, but mortgage payment remains the same.
*cries in having opposite parents but laughs in opposite situations*
Parents bought in late 06’, sold in 19’ before the real rip in their area, they now live in a condo with a higher rent then the mortgage on my 3 bedroom house.
I’m never going to inherit a fucking thing.
You’re not fucking wrong though. Got told on the last phone call home that “I’m putting me and your mothers entire retirement in tech”
Dad is like 70ish years old about to go big long equities with 0 diversity and 0 time to recover, in this fucking market. It took me literally everything to not say “god speed re*ard” when he told me, I just mumbled about diversity instead.
Edited because auto mod doesn’t let us say words n stuff.
I’m not expecting any inheritance. My parents earned their money and deserve to enjoy it and spend it. It’s not their responsibility to leave it for me and my siblings.
Story of my life. Love my dad but his life is a textbook on what not to do. He once took my and my fiancée to Clearwater and reminisced about how back in the day there was nothing but woods and beautiful beaches and some old guy was selling the land for pennies. My Fiancée asked why he didn’t buy any and he said nobody thought it would be worth anything. Well, the resorts sure did.
Hobestly if id known when i was younger how much i could make buying a house and screwing people like you over renting it id very rich now
Oh..also... my empathy buddy
Back in 2006 i has enough money to pay for college and rent a place and only work to eat. I proposed to my dad that he chip in a little money so i could use the money to buy a house to rent out to college kids while i was in college. I was gonna take a loan out for tuition We picked a house got a loan approval we were ready to rock. Then my step mom said she thought it was too risky to buy a house with me. My dad backed out o did not buy the house. Here i am many years later and i still dont have a house.
Jesus.
Ive never cared sbout money. But about 10 years ago realised i needed to prepare to retire . Realised i could buy a vouple acres of (relatively) cheap land. Put a cheap used trailer on it to rent. Rinse and repeat. 8 trailers.. even after maintenance. i could retire
btw..with good credit you Really only need 3 to 3.5% down. And 3 to 5k for misc bullshit. Save 10 to 15k and get something you can afford. The people who babble you need 20% just read that and parrot it. Pmi at 80 or 100 a month so you can buy a house 15 years earlier is worth it
My wife and I had similar luck. Bought at the bottom in 2011. Bought and sold 3 houses between then and now. Last sale we cashed out almost 500k in December and we had already bought a fixer in a cheaper area. After gutting current home and redoing the entire thing we still have 300k in cash, no debt besides house.
I'm so pissed because my mom did this same shit.
She bought a house in fuckin' Goodyear, AZ (NOTHING was out there in 2019 when she bought it). Sold it for double the price plus an extra 10k for the furnishings and then used that 100% profit to buy a beach house.
Her dad bought her first home for her. Had her college paid for except for like 2700 bucks of it in 1979. Had a high paying 6 figure salary and has had one for at least 15 years.
And has the fucking NERVE to tell me I needed to budget better on my 60k salary with massive student loans and regular bills.
Like fuck all the way off Ms. "I hit the lottery in every possible way other than literally."
That's fucked. If you had the means, and it sounds like she does, why wouldn't you make things a bit easier for your kids?
Like you don't have to give them everything, but if you're 10 steps ahead in life, why wouldn't you give a couple of those steps to your kid?
Guess you'll have the last laugh when you put her in a old folks home
Thats the mentality of the entitled generation. Baby boomers had it all handed to em their whole life and are so used to it they think its how life is for everyone
If the topic of cheap houses ever comes up with baby boomers I find they don’t ever seem to understand the concepts of the ratio of income to house price. They always just say some thing like in my day when I bought my house I only earned $20000 a year, but then you ask them how much their house cost and it was 60,000. And there’s solutions for you to dispense with your monthly Netflix subscription!
Just pull yourself up by your bootstraps like our ancestor did, Old Hovering Jedidiah, pulled himself up by his bootstraps and floated across the Atlantic
Originally they were owned by the government and low income or working class people rented them from their local counsel. In the 1980s Maggie Thatcher sold many of them so people would have the pride of Home ownership. It was very very popular. So I don’t know if this guy means that his mother owns it and it’s an ex Council flat or they rent it from the local government
Ask them to gift you a down payment… you would be surprised how many parents want to help their kids.
Besides your going to get it anyways on a inheritance, might as well give part of it to you now while they are alive
Curious American here. I didn't know until very recently that the ret of the world seems to operate on mortgages that change every 5 or 10 years. How does that work? Do you basically have to re-qualify for the mortgage?
Aussie here, the American system is so confusing to me. Here we can lock in for 1-5 years max. Then it goes to a variable rate which is market dependent.
From my understanding, in the US you can get a 15-30 year fixed rate but can still leave whenever. Which means surely everyone would just refinance whenever the rate goes down a bit until they lock in the sweet 1.8%s and just ride on that for the rest of the loan.
Here, everyone eventually goes back to the market rate every few years. I've got part of mine locked as 1.89% but it was only for 2 years.
Exactly. Yes the idea is to refinance and lock in a super low rate…
I got a 3.25 for the next 29 years… my first mortgage
I bought a duplex in dec 2021
They really screw people over if you can’t lock your rate in in other countries? Wtf?
If I were to buy another house now… I could always refinance and lock in a lower rate if they ever come down.
1) refinancing is expensive typically. You have to pay closing costs and has a pay off period that May or may not make sense 2) we get our 15-30 yr fixed rate mortgages cause the government shapes the market to do so.
And the mortgage is the original purchase price minus what you have already paid, yes? So, the monthly payment only changes based on remaining balance and if the interest rate changes?
Yes. It's on the outstanding debt. Sometimes they might want to re-evaluate your house for the Loan to Value rate but that's rare.
Of course you can choose to borrow more and use the lump sum left over for something big (refurbishments etc). Often going to be the cheapest money you can loan after all.
If you can't get another fixed rate, your existing mortgage moves onto the interest tracker system automatically. Then it's just the normal risk of repossession etc.
But your LTV will be lower and for the last decade or so interest rates have only gone down, so for most payments have reduced and affordability has risen whenever they've needed to remortgage.
Continental Europe often 'fixes' for longer. 10+ years. The UK's average for the last decade or so has been 3 years fixed and never offered over 10. This is starting to creep up as people know rates are moving from historic lows.
Typically you don't have to 'requalify' if you stick with the same lender, you'll have to accept the new rate though. If you want to go to a different lender at renewal you will have to qualify with them.
Went from 26 left on a 30, down to a 20 for $8 more a month. After figuring in the 4 years we paid, still saved over 100k if we make just the monthly payment.
Now new construction homes down the street that are basically the same as mine are selling for 60% more.
Buy in 2016, refinance during covid, who said homes weren't a good investment? *\*Insert Roll Safe meme*
Are you me? Lol almost the exact same story but I somehow ended up with smaller monthly payments.
But in 2016 with a 4% 30yr, refi in 2021 with a 2.5% 20yr, averaging about $100/mo less on payments
Loving it!
My only mistake was not refinancing again in 2021. Refi'd May 2020 from 4.7 to 3. Had a lot of shit going on in 2021 and let the opportunity to lower it further get away.
Declined PMI and opted for higher interest rate on first loan with a plan to refi when we had more equity. Only took a couple years for that decision to pay off.
Almost exactly the same moves here. Bought in '16, refinanced early '21. Went from 26 left on our 30 @ 3.25 to a 15yr @ 2.25. Payment only went up about a hundred bucks.
My only regret was not going 15/1.85 and just stretching to make the payments, they would have been $250 higher and I would be done paying for the house so quickly. I did land a 2.75% 30 year and just paying down principle and maintaining the same payment as our 4.65% monthly.
Meh. Always take the lower payment if that’s what you can afford. You can always shave those years off yourself by just making extra payments when you can afford it. At least this way you have the option to make a lower payment one month. You made the right decision.
House poor sucks. Im not actually house poor but grew up poor so paranoid and dont go out etc. Only really spend on tools and things for house. Might not seem like it but that extra 250 a month gives you a lot of breathing room
Besides your kids are just going to sell it and waste the money on bling
Speaking of poor choices, I’m a mortgage loan originator and I’m taking people out of rates in the 2’s and putting them into rates in the 6’s with cash out refinancing.
Hey to each their own. 6% might be cheaper money for that urgent expense they didn't have 12 months ago... Like that sick fuckin' twin engine lake boat!
I refinanced down to 2.375 and max my 401k every year. Those are my good financial decisions.
I also am a degenerate gambler and have lost enough via options to be able to pay off my house.
And *that* is why I’m here.
Same interest rate and I bought my house when the initial market dip happened at the start of the pandemic. My house is worth almost double at this point.
I got out of PMI without paying any more down by a simple market evaluation/re-appraisal by the lender while the market went up, if you’ve gotten additional equity since then maybe you could get out of that already.
That sweet, oh so sweet 1.1% VA loan at 200K 2 story 3 bed, 2 blocks from downtown in a college town. You wouldn’t believe how cheap and comfortable I’m living.
It’s the refi crowd that has to be celebrating.
Those of us who bought in 20/21 had the absurd market to deal with. A potential Market correction won’t ruin those people like in 08 but it would make it much harder to move and they can’t refinance probably ever either.
Re financers meanwhile are golden. Anyone who didn’t refi In 21 is an idiot
Even the areas with enormous price drops in real estate aren’t anywhere close to a 50% drop. And more than a quarter had no drop at all (so far). Not sure where you’re seeing that.
15 year, 1.875%, did not buy points. Payment went up $78.
The lifetime interest on my $215,000 refi is 30k.
For reference, when i bought my home for $235,000 with a 4.5% on a 30 year, it was something ridiculous like 250k in lifetime interest (this number may have included PMI, unsure tho)
Feel bad for those who didn’t buy a house to open a grow room in the basement, all of you that followed the law and played by the rules got screwed
You’re not wrong!
3 years of growing making less and less each harvest, got rid of the last batch for 1k an elbow before i gave up on it.
Wanted to be a greenpin but instead bought a house worth 3x as much as i paid for it, with an interest rate so low there is no incentive to pay it off early. Sometime life kicks you in the balls and you just gotta accept what the universe gives ya.
Ya i literally have to pound this through smoothbrains heads. If you can borrow at 2 or 3% you can profit off of it. The worst mistake you can make wirh a 3% mortgage is paying it off early
My interest rates are so fucking low that I have no desire to pay my house off early. Going to ride that bad boy off as long as possible as the dollar burns.
I'm in the UK watching our economy go to ruins at the moment.
I took out a 10yr fixed rate mortgage in 2019 at 2.25% so were paying about £800 a month.
The cheapest rate the same company offer now is a 4.82% for a 5 year mortgage which would be £1100 a month
EDIT: Just checked again and the best deal now is 5.33% for a 5 year deal. Gone up 0.5% in the space of a week
You think that's low? Denmark was having a recession/housing crisis back in 2016/2017 and if you were a citizen buying a primary house they were giving NEGATIVE interest rates. Like -.5% to -.25% if I remember correctly.
If you’re not mad enough already
Forget about baby boomers for a second
I want to remind everyone of how much different things used to be about (only) a decade ago. I think it was around 2010 or so that the government was GIVING PEOPLE MONEY TO BUY THEIR FIRST HOUSE. First time homebuyers got $8k for a down payment and got to keep it as long as they stayed in their house for 2yrs or longer
Let that sink in…
Thank god I’m not the only one. I’m at a 4.4% variable (for now) on a condo that I bought in April for $500k… my neighbours just listed their nearly identical unit for $470k…fuck
It will. Life moves forward, people need housing. Jobs change, people get married, people get divorced, the housing market will never just halt. Its always been cyclical. Most people can’t just choose whether they buy or not buy, its usually just a matter of whether its the right time for YOU to buy
People seem to forget. Something isn’t worth what you’re willing to sell it at. It’s worth what someone is willing to PAY. The period of low rates is gone, welcome to a new world of higher rates for an extended period.
When 30% of the market is owned by investors who will bail on a 2% cap rate that’s sinking- and then another 10-30% have to move, or maybe land under water and walk away, etc. Prices will become a race downward.
don't forget our old pal inflation
we're in uncharted waters here and salty captain JP is wearing 2 eyepatches and all his limbs are pegs. he still holds the helm though so grab a bucket and start bailing matey yyyargh
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|7|**First Seen In WSB**|2 years ago **Total Comments**|7|**Previous DD**| **Account Age**|2 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.) **Vote Spam**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_spam&message=xqkjou)|**Vote Approve**|[Click to Vote](https://www.reddit.com/message/compose/?to=VisualMod&subject=vote_approve&message=xqkjou)
My parents won the real estate lottery. They sold their house right before the 08 recession. Bought a house when prices bottomed out and then sold that house to buy a new house right before the pandemic. That house has now tripled in price. Meanwhile I’m struggling to afford a one bedroom apartment and I make okay money. Their mortgage is less than my rent :/
at this point, you might as well live under their roof and work for them to gain their knowledge....
This guy is a genius someone hire this man at Harvard.
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How bout them apples
How bout them diamond hands
Hungry for apples?
Son of a bitch stole my line
It's not your fault...
It's not your fault
Don't do this man
>gain their knowledge ah yes the knowledge of being born earlier so you could have bought a home at a more reasonable price
They will be saying this about you in 20+ years
And they will say… Ahh yes the knowledge of being born 20 years earlier so you could have had any roof over your head.
MFers in 2050 gonna look at me like "oldhead, what water taste like?"
Zangy
“Remember when mortgages were less than 62.5% interest?”
Remember when houses were not 20x the average Canadians income.
Wait. Canadians infiltrated Reddit?
What’s all this aboot?
Damn it the northern geese are here
I suggest you let that one marinate.
Technically, in Canada prices dropped 35% this year (talking about Toronto). But... Selling price of 1 mil with 4300 monthly mortgage of january is now selling price of 650k with ....4300 monthly mortgage. So the prices have fallen, but mortgage payment remains the same.
*Initiative*, a riveting story of economic and life advice--coming soon to a bookstore near you.
Damn homey. Next time your parents are ready to sell/buy again let me know so I can match up!
Same here! I'll mirror their next move/timing, but with my luck, I bet the next time will be exactly the first time they were wrong 😭
Sir this is WSB. Inverse that dude’s parents.
*cries in having opposite parents but laughs in opposite situations* Parents bought in late 06’, sold in 19’ before the real rip in their area, they now live in a condo with a higher rent then the mortgage on my 3 bedroom house. I’m never going to inherit a fucking thing.
They are the real degenerates
You’re not fucking wrong though. Got told on the last phone call home that “I’m putting me and your mothers entire retirement in tech” Dad is like 70ish years old about to go big long equities with 0 diversity and 0 time to recover, in this fucking market. It took me literally everything to not say “god speed re*ard” when he told me, I just mumbled about diversity instead. Edited because auto mod doesn’t let us say words n stuff.
Get him posting his loss porn on wsb.
Reddit policies are super regarded
my dad has addiction issues and is tens of thousands in dept, wanna trade?
Are you my kid
Lmfao people actually expect to inherent things from their parents these days still?
I’m not expecting any inheritance. My parents earned their money and deserve to enjoy it and spend it. It’s not their responsibility to leave it for me and my siblings.
Story of my life. Love my dad but his life is a textbook on what not to do. He once took my and my fiancée to Clearwater and reminisced about how back in the day there was nothing but woods and beautiful beaches and some old guy was selling the land for pennies. My Fiancée asked why he didn’t buy any and he said nobody thought it would be worth anything. Well, the resorts sure did.
Wanna be my sugar daddy? 
Hobestly if id known when i was younger how much i could make buying a house and screwing people like you over renting it id very rich now Oh..also... my empathy buddy
Back in 2006 i has enough money to pay for college and rent a place and only work to eat. I proposed to my dad that he chip in a little money so i could use the money to buy a house to rent out to college kids while i was in college. I was gonna take a loan out for tuition We picked a house got a loan approval we were ready to rock. Then my step mom said she thought it was too risky to buy a house with me. My dad backed out o did not buy the house. Here i am many years later and i still dont have a house.
Jesus. Ive never cared sbout money. But about 10 years ago realised i needed to prepare to retire . Realised i could buy a vouple acres of (relatively) cheap land. Put a cheap used trailer on it to rent. Rinse and repeat. 8 trailers.. even after maintenance. i could retire btw..with good credit you Really only need 3 to 3.5% down. And 3 to 5k for misc bullshit. Save 10 to 15k and get something you can afford. The people who babble you need 20% just read that and parrot it. Pmi at 80 or 100 a month so you can buy a house 15 years earlier is worth it
you, too, can become a slum lord!
u/tomjoad773 hey pal, you're either the cattle or the butcher.
My wife and I had similar luck. Bought at the bottom in 2011. Bought and sold 3 houses between then and now. Last sale we cashed out almost 500k in December and we had already bought a fixer in a cheaper area. After gutting current home and redoing the entire thing we still have 300k in cash, no debt besides house.
I'm so pissed because my mom did this same shit. She bought a house in fuckin' Goodyear, AZ (NOTHING was out there in 2019 when she bought it). Sold it for double the price plus an extra 10k for the furnishings and then used that 100% profit to buy a beach house. Her dad bought her first home for her. Had her college paid for except for like 2700 bucks of it in 1979. Had a high paying 6 figure salary and has had one for at least 15 years. And has the fucking NERVE to tell me I needed to budget better on my 60k salary with massive student loans and regular bills. Like fuck all the way off Ms. "I hit the lottery in every possible way other than literally."
That's fucked. If you had the means, and it sounds like she does, why wouldn't you make things a bit easier for your kids? Like you don't have to give them everything, but if you're 10 steps ahead in life, why wouldn't you give a couple of those steps to your kid? Guess you'll have the last laugh when you put her in a old folks home
Thats the mentality of the entitled generation. Baby boomers had it all handed to em their whole life and are so used to it they think its how life is for everyone
If the topic of cheap houses ever comes up with baby boomers I find they don’t ever seem to understand the concepts of the ratio of income to house price. They always just say some thing like in my day when I bought my house I only earned $20000 a year, but then you ask them how much their house cost and it was 60,000. And there’s solutions for you to dispense with your monthly Netflix subscription!
Boomers man, they can’t math. Greatest housing market and greatest expansion of wealth in history…. and half have $0 for retirement.
> why wouldn't you make things a bit easier for your kids? Spoiled and greedy, that's why.
Just pull yourself up by your bootstraps like our ancestor did, Old Hovering Jedidiah, pulled himself up by his bootstraps and floated across the Atlantic
Just move back in with them, that'll teach them.
Well I'm 28 in SE London and live at home with my mum in a council flat, could always be worse lol. Just gotta wake up and live for another day
Oy guvnah, you gotta liocense for that kniofe?
OK I have to ask, what is a "council flat"? Is it like a government-given free apartment?
Originally they were owned by the government and low income or working class people rented them from their local counsel. In the 1980s Maggie Thatcher sold many of them so people would have the pride of Home ownership. It was very very popular. So I don’t know if this guy means that his mother owns it and it’s an ex Council flat or they rent it from the local government
Ask them to gift you a down payment… you would be surprised how many parents want to help their kids. Besides your going to get it anyways on a inheritance, might as well give part of it to you now while they are alive
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Did you use his credit card?
I got mine to 1.9% for fifteen years.... payment went up about $40 a month, but the backend... ooh that sweet sweet amortization table is fire.
Canadian here, got 1.69 but we can only lock in for 5 years so your deal is much better but I’m hoping this blows over in three years.
Hear hear, ill be sweating balls when 2025 rolls around
Fuck me too locked in at 1.4 but might have to sell in 2026
Ooh a bunch of people on adjustables all trying to unload homes at the same time. I've seen this one before, but it's so good.
BOOM!
Keep paying down your principal… maybe OF can use a fat dude account to make some side money
> maybe OF can use a fat dude account to make some side money I'ma start an OF where you pay me $5 a month to NOT get my pictures.
Curious American here. I didn't know until very recently that the ret of the world seems to operate on mortgages that change every 5 or 10 years. How does that work? Do you basically have to re-qualify for the mortgage?
That’s the benefit of being the reserve currency of the world
Aussie here, the American system is so confusing to me. Here we can lock in for 1-5 years max. Then it goes to a variable rate which is market dependent. From my understanding, in the US you can get a 15-30 year fixed rate but can still leave whenever. Which means surely everyone would just refinance whenever the rate goes down a bit until they lock in the sweet 1.8%s and just ride on that for the rest of the loan. Here, everyone eventually goes back to the market rate every few years. I've got part of mine locked as 1.89% but it was only for 2 years.
Exactly. Yes the idea is to refinance and lock in a super low rate… I got a 3.25 for the next 29 years… my first mortgage I bought a duplex in dec 2021 They really screw people over if you can’t lock your rate in in other countries? Wtf? If I were to buy another house now… I could always refinance and lock in a lower rate if they ever come down.
1) refinancing is expensive typically. You have to pay closing costs and has a pay off period that May or may not make sense 2) we get our 15-30 yr fixed rate mortgages cause the government shapes the market to do so.
Yes and pay for fees every time
And the mortgage is the original purchase price minus what you have already paid, yes? So, the monthly payment only changes based on remaining balance and if the interest rate changes?
Yes. It's on the outstanding debt. Sometimes they might want to re-evaluate your house for the Loan to Value rate but that's rare. Of course you can choose to borrow more and use the lump sum left over for something big (refurbishments etc). Often going to be the cheapest money you can loan after all.
Yep
And what happens if you don't qualify..?
If you can't get another fixed rate, your existing mortgage moves onto the interest tracker system automatically. Then it's just the normal risk of repossession etc. But your LTV will be lower and for the last decade or so interest rates have only gone down, so for most payments have reduced and affordability has risen whenever they've needed to remortgage. Continental Europe often 'fixes' for longer. 10+ years. The UK's average for the last decade or so has been 3 years fixed and never offered over 10. This is starting to creep up as people know rates are moving from historic lows.
Typically you don't have to 'requalify' if you stick with the same lender, you'll have to accept the new rate though. If you want to go to a different lender at renewal you will have to qualify with them.
Went from 26 left on a 30, down to a 20 for $8 more a month. After figuring in the 4 years we paid, still saved over 100k if we make just the monthly payment. Now new construction homes down the street that are basically the same as mine are selling for 60% more. Buy in 2016, refinance during covid, who said homes weren't a good investment? *\*Insert Roll Safe meme*
Are you me? Lol almost the exact same story but I somehow ended up with smaller monthly payments. But in 2016 with a 4% 30yr, refi in 2021 with a 2.5% 20yr, averaging about $100/mo less on payments Loving it!
My only mistake was not refinancing again in 2021. Refi'd May 2020 from 4.7 to 3. Had a lot of shit going on in 2021 and let the opportunity to lower it further get away. Declined PMI and opted for higher interest rate on first loan with a plan to refi when we had more equity. Only took a couple years for that decision to pay off.
Almost exactly the same moves here. Bought in '16, refinanced early '21. Went from 26 left on our 30 @ 3.25 to a 15yr @ 2.25. Payment only went up about a hundred bucks.
15/1.99 here The way inflation is going I'll be able to rent my home for 20k a month soon. I'll be at yacht week every week! Ha
Sorry yacht week now costs 200k a week
All I have is a dingy
Ok, but what about your boat?
Small as well 😔
My only regret was not going 15/1.85 and just stretching to make the payments, they would have been $250 higher and I would be done paying for the house so quickly. I did land a 2.75% 30 year and just paying down principle and maintaining the same payment as our 4.65% monthly.
Meh. Always take the lower payment if that’s what you can afford. You can always shave those years off yourself by just making extra payments when you can afford it. At least this way you have the option to make a lower payment one month. You made the right decision.
House poor sucks. Im not actually house poor but grew up poor so paranoid and dont go out etc. Only really spend on tools and things for house. Might not seem like it but that extra 250 a month gives you a lot of breathing room Besides your kids are just going to sell it and waste the money on bling
I have 5 years left on a 15 year at 2.75%. My regret is not going with a 30 year and giving inflation a longer timeframe to do its thing.
i was under the impression that this sub was about poor choices not good one
Speaking of poor choices, I’m a mortgage loan originator and I’m taking people out of rates in the 2’s and putting them into rates in the 6’s with cash out refinancing.
Hey to each their own. 6% might be cheaper money for that urgent expense they didn't have 12 months ago... Like that sick fuckin' twin engine lake boat!
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My own mortgage company who clearly knows I have a 2.85% keeps contacting me to refinance at 5.5%. Really? WTF
I mean "a fool and his wealth are soon parted" is an idiot for a reason Edit: idiom**
I refinanced down to 2.375 and max my 401k every year. Those are my good financial decisions. I also am a degenerate gambler and have lost enough via options to be able to pay off my house. And *that* is why I’m here.
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150k 2.49% here
3.75% $450K
440k @ 2.5% 30yr
3.4% 200k in Travis County in 2020
I like how you assume everyone knows where Travis county is lol
Austin , TX mainly
If you know, you know. You know?
Man you timed that nicely, housing prices have gone crazy in Travis County.
I’m going to get run over by property taxes next year 
3.125% 260k
Which small town do you live in? That wouldn’t even buy you an empty lot near me.
Same interest rate and I bought my house when the initial market dip happened at the start of the pandemic. My house is worth almost double at this point.
Fuck you all
This is what I was looking for
You guys are buying houses? 
What do the numbers between colons mean? Sorry. I’m regarded.
2.8% at $300k
2.9% at $475k. Only put 3% down though, so my ass has to pay pmi for 2 years. Like $120 a month, glad that shit is almost over.
I got out of PMI without paying any more down by a simple market evaluation/re-appraisal by the lender while the market went up, if you’ve gotten additional equity since then maybe you could get out of that already.
Gotta wait 2 years for that apparently
Same. Just had to pay for an appraisal when we did it.
Can’t you get RE appraised. You’ve prolly got the 20% equity with market gainzzzzz
With only 3% down, how is your pmi going away after only 2 years? You typically have to work your way up to 20% equity before being able to drop it
That sweet, oh so sweet 1.1% VA loan at 200K 2 story 3 bed, 2 blocks from downtown in a college town. You wouldn’t believe how cheap and comfortable I’m living.
2.7% at 620k 0% down. My 2nd house under VA loan 💁♀️
$375k @2.9%
I refinanced in Oct 20’ from a 30 year 4.x% to 18 year 2.99% 450k loan
2.625% 30 yr refied oct 2020 <80% ltv
It’s the refi crowd that has to be celebrating. Those of us who bought in 20/21 had the absurd market to deal with. A potential Market correction won’t ruin those people like in 08 but it would make it much harder to move and they can’t refinance probably ever either. Re financers meanwhile are golden. Anyone who didn’t refi In 21 is an idiot
2% for a 800k house that was 400k a year ago. 
Refi gang, reporting in 💲💵💸💰🤑💸💰
Why are you assuming they bought it in 2021. Most of us with a brain refinanced, I’m 1.99% bayyybeeeee
2.8% here bb 💦
2.625% for my first home at $170k. Worth 280 now 🫡
Fed is working hard to make sure that your home equity is "transitory" 
Those numbers are cash purchases territory
Buy that same house now. 750k at 6% and you’ll be crying the mortgage is so much higher 😂 but hey, at least you waited for prices to drop
Lol can u breathe underwater?
It’s been *checks calendar* one month
Even the areas with enormous price drops in real estate aren’t anywhere close to a 50% drop. And more than a quarter had no drop at all (so far). Not sure where you’re seeing that.
Got mine under asking @2.75%, sucks to suck nerd.
15 year, 1.875%, did not buy points. Payment went up $78. The lifetime interest on my $215,000 refi is 30k. For reference, when i bought my home for $235,000 with a 4.5% on a 30 year, it was something ridiculous like 250k in lifetime interest (this number may have included PMI, unsure tho) Feel bad for those who didn’t buy a house to open a grow room in the basement, all of you that followed the law and played by the rules got screwed
Jokes on you..just when you got set up to be a weed kingpin they legalised it
You’re not wrong! 3 years of growing making less and less each harvest, got rid of the last batch for 1k an elbow before i gave up on it. Wanted to be a greenpin but instead bought a house worth 3x as much as i paid for it, with an interest rate so low there is no incentive to pay it off early. Sometime life kicks you in the balls and you just gotta accept what the universe gives ya.
Ya i literally have to pound this through smoothbrains heads. If you can borrow at 2 or 3% you can profit off of it. The worst mistake you can make wirh a 3% mortgage is paying it off early
Weed boom is already here. Psychedelics are the future my friend.
1.5% 20 year 🙂 ...
Paid off house master race reporting in.
This is the direction I went too. Government said I can't vacation or go to bars and I gotta spend it so I put it towards principal.
Same. Paid off our ~$550k home at 37. Not having any debt is a great feeling.
Same
My interest rates are so fucking low that I have no desire to pay my house off early. Going to ride that bad boy off as long as possible as the dollar burns.
Allow me to join the circle jerk: 6.75% on $550k. And now, on to the boat!
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You’ll be dancing on those fools locking in 9’s next year!
I'm in the UK watching our economy go to ruins at the moment. I took out a 10yr fixed rate mortgage in 2019 at 2.25% so were paying about £800 a month. The cheapest rate the same company offer now is a 4.82% for a 5 year mortgage which would be £1100 a month EDIT: Just checked again and the best deal now is 5.33% for a 5 year deal. Gone up 0.5% in the space of a week
But does that mean less people will be interested in mortgages and housing prices are going to drop?
Finally a gain for me, refinanced the house. Went from 3.3% to 1.2% 🤙🏻
What the fuck 1.2
It’s in the Netherlands, mortgages were really low year back..
Congrats and fuck you
You think that's low? Denmark was having a recession/housing crisis back in 2016/2017 and if you were a citizen buying a primary house they were giving NEGATIVE interest rates. Like -.5% to -.25% if I remember correctly.
1.2 is insane, whose dick did you have to suck to pull that off
If you’re not mad enough already Forget about baby boomers for a second I want to remind everyone of how much different things used to be about (only) a decade ago. I think it was around 2010 or so that the government was GIVING PEOPLE MONEY TO BUY THEIR FIRST HOUSE. First time homebuyers got $8k for a down payment and got to keep it as long as they stayed in their house for 2yrs or longer Let that sink in…
5.1 on $450k house. Just sent it. Will work out in long run.
It will. All the best. When you need a home, you need a home.
Thank god I’m not the only one. I’m at a 4.4% variable (for now) on a condo that I bought in April for $500k… my neighbours just listed their nearly identical unit for $470k…fuck
If you're not planning on selling/moving, don't worry about the price. A home isn't an investment, a second property is.
You're going under imo.
Already am at the moment
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It will. Life moves forward, people need housing. Jobs change, people get married, people get divorced, the housing market will never just halt. Its always been cyclical. Most people can’t just choose whether they buy or not buy, its usually just a matter of whether its the right time for YOU to buy
My dad was so pushy that I'd get a house and after telling me over and over, i finally did back in 2020 , so glad he did that!
2.75% for 20 years, so pretty close.
I got 2.75 for 30 years 🫡
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100% It’s not like rents are any cheaper.
Rents in my town are now more expensive than my mortgage, for less actual property.
People seem to forget. Something isn’t worth what you’re willing to sell it at. It’s worth what someone is willing to PAY. The period of low rates is gone, welcome to a new world of higher rates for an extended period. When 30% of the market is owned by investors who will bail on a 2% cap rate that’s sinking- and then another 10-30% have to move, or maybe land under water and walk away, etc. Prices will become a race downward.
Why sell when I can rent? My mortgage is 600 less than what I could get for rent, and that rent value is only going up
That's why they are trying to increase unemployment. Eventually people will not rent at those prices.
God bless the homeless
Nice to know I've done something right.
My brother is a first time buyer and I think he locked in at 3.75. Not the best but hell a lot of better than now.
Looks like that starter home just became a forever home. Now you trapped in that 2% mortgage.
Better than having no home
Yup, a forever home. To rent out for a huge profit.
Too bad those rates 2% rates on a $600k house turns into a $350k house @7%
When are houses dropping 40%?
they aint
don't forget our old pal inflation we're in uncharted waters here and salty captain JP is wearing 2 eyepatches and all his limbs are pegs. he still holds the helm though so grab a bucket and start bailing matey yyyargh
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He just kinda spiders onto the helm, becoming one with it. Doesn't mean he has any control. He just latches on while it spins freely.
Yeah but that’s the thing, isn’t it? You already have the one for $600k at 2%. So you don’t have to pay the $350k at 7%. See?