$5K mortgage just like that
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Only part I got a problem with is the property taxes cause the math is the math when comes to mortgages. But, Imagine owning a house free and clear and still having to pay a $1000 a month to keep it.
Bitch must have a credit rating in the 350 range.
Property taxes are usually 1% of the purchase price. CAP if she ain't willing to show the breakdown. Wall Street apes be full shit a lot of times.
15 year Mortgage. 30 year and she would pay half of that.
This mortgage shit is a scam and I don't know why people keep falling in the trap getting em.
If you gotta get a morgage for a house then you can't afford it because as soon as you hit a rough patch and can't pay that mortgage, you lose the house being put out on the street.
Best advice would to live in an apartment and save and invest your money to be able to buy a house with cash or some grants to cover the rest or move in with your parents temporary until you can get the house you want.
Damn shame people putting themselves in debt taking out loans and car note for shit they can't afford.
Nah, she would still pay $4000 a month. Half the interest? Yeah, but not the payment.
Shorti took the 15 yr. I mean....
Come on man. You know most people don't have enough money to buy stuff straight up. If there no such thing as a loan, most people wouldnt own a house or car. Hell.....furniture or appliances eitherThis mortgage shit is a scam and I don't know why people keep falling in the trap getting em.
If you gotta get a morgage for a house then you can't afford it because as soon as you hit a rough patch and can't pay that mortgage, you lose the house being put out on the street.
Best advice would to live in an apartment and save and invest your money to be able to buy a house with cash or some grants to cover the rest or move in with your parents temporary until you can get the house you want.
Damn shame people putting themselves in debt taking out loans and car note for shit they can't afford.
Nobody's falling for a scam, most of us have no choice
How she told you her interest rate. It is actually low.
She is doing a 15 year mortgage.
She needs to do a 30 year and then pay extra payments.
She might be ok and the shit will double.
But the price of all other houses will do.
So when she sells she gonna have find a place to live still.
I'm talking about people buying these half and quarter million dollar homes that would take years to pay off with that mortgage especially with the rates continuing to increase. But hey, more power to anyone who decides to take out a loan..Come on man. You know most people don't have enough money to buy stuff straight up. If there no such thing as a loan, most people wouldnt own a house or car. Hell.....furniture or appliances either
Nobody's falling for a scam, most of us have no choice
But that living the American dream was indeed a scam....
depends on where it is. Friend of mine sold her house in Oakland for $850K in 2014, today that house is $2M+. Nothing crazy, 2000 sq ft but a great neighborhood.
My house since covid has been appreciating at 13% per year. So 653,000*1.13^15 would mean in 15 years her house would be worth 4million.
She will pay 15*12*5,000 900K. So she will be a millionaire in 15 years just by paying her mortgage.
That is nothing.
That is a California price for one the most exclusive/famous places to live on earth with great weather and decent wages.
Come see the housing prices in Canada....a country with bad wages, worse weather, and unmitigated immigration that drove housing prices through the roof.
No names areas well outside of Toronto (Canada's NYC) are costing $1 million +
Imagine places in New Jersey and even further out costing the same as NYC.
And we don't want to talk about Vancouver.......
That is a California price for one the most exclusive/famous places to live on earth with great weather and decent wages.
Come see the housing prices in Canada....a country with bad wages, worse weather, and unmitigated immigration that drove housing prices through the roof.
No names areas well outside of Toronto (Canada's NYC) are costing $1 million +
Imagine places in New Jersey and even further out costing the same as NYC.
And we don't want to talk about Vancouver.......
I bought in 2020. Value is up 33%. My rental property I just increased the rent by, guess what? 33%. Real estate is a cold game. Don't be out in the cold.
But the same money you’re paying in rent could be going to a mortgage, owning something. That’s the point vs rentingThis mortgage shit is a scam and I don't know why people keep falling in the trap getting em.
If you gotta get a morgage for a house then you can't afford it because as soon as you hit a rough patch and can't pay that mortgage, you lose the house being put out on the street.
Best advice would to live in an apartment and save and invest your money to be able to buy a house with cash or some grants to cover the rest or move in with your parents temporary until you can get the house you want.
Damn shame people putting themselves in debt taking out loans and car note for shit they can't afford.
Worst advice ever man.This mortgage shit is a scam and I don't know why people keep falling in the trap getting em.
If you gotta get a morgage for a house then you can't afford it because as soon as you hit a rough patch and can't pay that mortgage, you lose the house being put out on the street.
Best advice would to live in an apartment and save and invest your money to be able to buy a house with cash or some grants to cover the rest or move in with your parents temporary until you can get the house you want.
Damn shame people putting themselves in debt taking out loans and car note for shit they can't afford.
Owning a house builds equity.
Depending on the situation, in her case, in these times yeah its madness.
But the simple fact of me paying someone else's mortgage in an apt or me owning what I have building equity and selling for a profit when I'm ready to bounce, yeah. Did it twice before and with my current home I'm up double.
Previous home bought for $150k and sold for $425k.
Buying a home is smart and sound, but in these times with the rates, insurance and prices of homes its all inflated.
I wouldnt of done a 15yr but dont know her pockets.
Many just aren't buying period. I got an email from Zillow showing in my area 136 homes for sale last month. How many sold are ONE.
No one is buying only because they cant afford it. My mortgage is less than a 1bdrm in my area and I have a 5bdrm 3400sq ft home with theater room.
When you buy, you lock in that price, which fluctuates with your taxes yearly, but at the time may seem like much, but 10 yrs down or even 7, apartment prices will go up, your mortgage will stay pretty much the same for your 20-30 yrs (if you drop an extra hundred a month, to cut down your principal)
:::two cents:::
People are so stupid and can’t do simple math. Owning is always the way to go but obviously you have to try to buy low.
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I mean understood, but people have lost their house because they haven't finish paying the mortgage which is why I said they can't afford it. People want these new built homes that are 10x the price vs ready made built home with the cost being lower depending on the neighborhood they choose to reside in. Also, with the way things are now, people aren't buying homes like they used to nor can they afford and trump is taking away programs that help people become a first time homeowner.
To each their own, but I disagree that buying a house is the right way to go unless a person situation is different along with them having a good job then I can understand a person buying a house or taking on a mortgage but I'm talking about people who don't have a good job not being able to afford a nice home taking out a mortgage for it the same way people do when they buy a new car knowing they can't afford it with the job they have but would rather get a car note which would be another bill they have to deal with when they could get a used car saving their money to get a new car when they're ready.
The famous saying was always "Don't Sell Grandma's House" but I understand most people aren't fortunate to have a house left for them to stay if something was to happen to their family.
But you made great point and thanks for sharing your point of view!
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It's crazy people want these big homes to take on these crazy ass mortgages to prove a point....
Damn, your friend should've hold onto that house a lil longer to get that 2mil.
It's crazy people want these big homes to take on these crazy ass mortgages to prove a point....
3 bed is small and probably no basement.
Right, most of them homes with those crazy ass prices don't have a basement nor garage...
Thank you, because no way a average joe should be buying a $500 or $600k home when they aren't making six figures.
My parents got married in the 70s. Bought the house I grew up in around 1982 or '83 for approx' $127,500. They got divorced in the mid-90s. Mom ended up selling the place in 2001 for around $310 - 318k.
The new owners resold it at a loss in 2004 for under $198k.
The couple that bought it in 2004 have held onto it and it's assessed at 1,800,000 as of this past year (3 bed, 2 bath house).
* Small world ... my dad was at a medical appt last week and made small talk with a couple in the waiting room. Older couple. Asked them how they far they travelled for the appt that morning. They mentioned not too far (under 25 mins). Mentioned the neighborhood they lived in. Dad was like - "Oh ... I used to live over there." Asked them which block ... they mentioned it ... he was like whoa ... and they noted the address ... they were the owners of the house!
They told him to give them a call anytime he wanted to stop by and see the house. He'd last seen the interior nearly 30 years ago.
Thanks for this story.
Cool story!
I hope your dad takes their offer to check out the house he used to live in.
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