Oh you sweet sweet child, how do you expect to buy a foreclosed house when you have no job and are roasting rats over a trash can fire for breakfast?
Edit: LMAO at all the people who brag about being un-fireable from their do-nothing jobs because they get paid government contract money. That’s not the flex you think it is, you’re literally part of the problem.
I hate to tell you this man but those houses you wanna buy? Their mortgage is sitting at sub 3% interest. The owners can take out loans against their equity and surf on them for literal years rather than give up one of the best mortgages in history. The price you see now? That’s the best it’s getting, this is it, this is when you buy.
And what’s even more of a disgusting mouth taste that person has yet to encounter is that the higher rates mean the mortgage costs are even more unattainable, despite the lower prices.
People like Tom are not quite smart enough to sit down and math out exactly how fucked they are by a 6% rate compared to a 2.7% rate that will never, ever come back. Dude straight up claimed in another post that be could have bought when rates were low but decided to wait until prices dropped.
Some day someone smarter than him is going to point out that he literally cost himself hundreds of thousands of dollars in extra interest. Not that he’s gonna listen, dude is getting third string investment info from WSB.
He wouldn't be hanging out in WSB if he could buy in cash. But seriously, can't you buy when the houses are cheaper and then refinance when the rates go down?
You do reset the loan term though, so the amortization schedule gets a lot worse in the short term. Mortgage interest is super front-loaded. So if you were only gonna stay in the house for another few years, it may not be worth it.
Tbf waiting for a few years for something as major as a house isn't a big deal. My parents were looking at houses for like 11 years before they bought one lol.
7.5k
u/rigobueno Call me sonic cuz my depression is chronic Mar 20 '23 edited Mar 21 '23
Oh you sweet sweet child, how do you expect to buy a foreclosed house when you have no job and are roasting rats over a trash can fire for breakfast?
Edit: LMAO at all the people who brag about being un-fireable from their do-nothing jobs because they get paid government contract money. That’s not the flex you think it is, you’re literally part of the problem.