Mortgage rates back to 7%

[1thouwow]

at least you amerikkkans can buy a house

Where u from where u can’t buy a house?

 

[JoseLuisGotcha]

Asking if now would be a good time to get a 5 year ARM. That could possibly save some money. Figure interest rates can’t go up any more…..can they?

Don't get an ARM unless you have efficient cash reserves cause shyt can go left just as easily a go right. These loans are for seasoned buys and people that flip homes cause they will get rid of it before the loan balloons.

If you're pockets ain't heavy stay away and get you a fixed loan especially if you're waiting things out cause at least you can properly budget

 

[Conjiggle]

Asking if now would be a good time to get a 5 year ARM. That could possibly save some money. Figure interest rates can’t go up any more…..can they?

Typically you always want to go with a fixed rate loan. If rates go down, cool, you can refinance. If rates go up, cool, you are already locked in at a lower rate.

What you don’t want is to get a 5 year adjustable rate and then when it is time to refi your only option is to refi into a higher interest rate.

An ARM usually works best for a buyer that is only planning to hold the property for a short period of time. So for them it makes sense to take the gamble for a lower rate.

 

[Ohnoits]

I've been hearing this but I don't get it. The 2008 crash was due to banks with bad products and giving homes to people who couldn't afford them. Now, people are buying what they could afford so I don't understand where the crash will come from.

There are also not enough houses to go around so costs will remain high.

 

[MikelArteta]

Where u from where u can’t buy a house?

Toronto

 

[Ohnoits]

Shiiiiiiiiiiit. You’ll EASILY find folks paying $2500 here in NYC in 90-100 year old buildings

EASILY.

some of these coveted brownstones look like a damn movie set for a live action version of a Scooby Doo. Stairs and doors creaking and shít. Floors so trash that it sounds like your upstairs neighbor has autism by the amount of steps you hear. If you breathe youll hear something rattle.

This shyt is rigged.

You want a modern apt that wasn’t built when Archduke Ferdinand was killed then you gon pay $3500+

Dapped for Archduke of Ferdinand reference

 

[1thouwow]

Toronto

That’s why u don’t like black women? And how the hell u become a staff member

 

[MikelArteta]

That’s why u don’t like black women? And how the hell u become a staff member

 

[Remote]

Toronto

Problem for you is

1) Most Canadians live and work in like 3 cities in the whole damn country. Options are limited realistically.

2) You’re black. So you’re limited to like 2 of those 3 cities because rural and suburban Canada is just as racist as Mississippi and Alabama and shyt.

I thought you said you had a house in Jamaica tho.

 

[MikelArteta]

Problem for you is

1) Most Canadians live and work in like 3 cities in the whole damn country. Options are limited realistically.

2) You’re black. So you’re limited to like 2 of those 3 cities because rural and suburban Canada is just as racist as Mississippi and Alabama and shyt.

I thought you said you had a house in Jamaica tho.

Yeah I had.....
Just the land is left now

Jamaica is a wicked ass nation

Today I woke up to my family home in Jamaica being burned to the ground down by some fakkit. My grandma and grandpa built that house (rest their soul) and are buried on that land. And now everything is gone, all the photos, the heirlooms all their belongings everything. One dinky ass fire...

www.thecoli.com

 

[beenz]

It's not going anywhere. Do these people realize that interest rates hit 11% in the 80s? Yes COL wages have not kept up - but you know the issue is now demand. There are not enough houses for the number of people to buy. There was no building during the recession years.

Now, in a decade some of the population will continue to die off, but the largest generation in the US ever is buying homes now. All I can say is, save your money, move to an affordable area for you and buy a home.

OK, but when rates were 11% in the 80's, a house was like 50K. so it's still not comparable to a 400K house in 2023 with a 7% rate. it's not even close. that price of a house puts you at a monthly payment of only $476

on top of that, when mortgage rates were 11% in the 80's, savings rates were also at like 8-9%, which meant that just by putting your money in a high yield savings account or CD, you're making a hefty return each year, which quickly allows people to save for a down payment.

 

[Ohnoits]

I hate the fact that they dictate all these rules like house color, they dictate landscaping and the WOAT is they can give you tickets for any infraction at will and eventually put a lien on your shyt if you don't comply. None of these things are appealing.

also, we have an extremely robust park district. there's tennis courts and an indoor pool 3 blocks away. 4 separate playgrounds. 2 are 1/2 away and one i2 blocks away, while the other is 3 blocks away.

Our HOA is only like 60 dollars a month and covers landscaping/trash pick up and has very little rules like - don't park a car on your lawn and don't paint your house a crazy color like purple or something, which I don't disagree with. I liked our HOA so I didn't mind going with it and I don't want neighbors parking their cars on the lawn.

 

[Sunalmighty]

Yeah in Atlanta

Ok so I'm in Snellville.

Question, how does this property tax credit work that Gov Kemp signed into law back in March?

Who qualifies and when will it be applied?

 

[beenz]

at least you amerikkkans can buy a house

you can move to detroit and afford a house there

that's not too far from toronto.

 

[Ohnoits]

OK, but when rates were 11% in the 80's, a house was like 50K. so it's still not comparable to a 400K house in 2023 with a 7% rate. it's not even close. that price of a house puts you at a monthly payment of only $476

on top of that, when mortgage rates were 11% in the 80's, savings rates were also at like 8-9%, which meant that just by putting your money in a high yield savings account or CD, you're making a hefty return each year, which quickly allows people to save for a down payment.

Yea that's why I also mentioned COL /wages (or thought I did).

It still doesn't change the fact that the only option is to move away to a lower cost area if you can't afford it. The housing surplus isn't going to go up any time soon. There just aren't enough homes for the number of people who want them.