Mortgage rates back to 7%

[beenz]

My nikka, what you bought? A 2 family shoe box?? Where the fukk you live that your mortgage so low?

5 BR/ 3 BA, yard and furnished basement. bought this crib in 2015

3% rate keeps that payment low. TBH, when I first moved in, I was paying almost $1600 at a higher rate, but I refinanced 2 years ago, which dropped me down, and I got a property tax exemption, which halved my property taxes. that dropped me to like $1172. now it's back at like $1420, cuz of the property tax increase. I reached 20% equity, which also drops me from paying PMI (mortgate insurance which is another monthly fee). Now I'm at around 48% equity.

I also keep an eye on my house insurance, cuz they like to spike the prices every couple years, and when they do, I shop around til I find something better. in summary, the ways to keep your housing payment lower is to:

• get 20% equity so you're no longer paying PMI
• refinance to a lower interest rate if possible
• property tax exemptions
• shop for the best homeowners insurance deals

 

[Sunalmighty]

5 BR/ 3 BA, yard and furnished basement. bought this crib in 2015

3% rate keeps that payment low. TBH, when I first moved in, I was paying almost $1600 at a higher rate, but I refinanced 2 years ago, which dropped me down, and I got a property tax exemption, which halved my property taxes. that dropped me to like $1172. now it's back at like $1420, cuz of the property tax increase.

Cheap man where you live at?

 

[beenz]

Cheap man where you live at?

chicago

 

[Remote]

Banking should be a public utility. That's the underlying issue

Could you elaborate please?

 

[dora_da_destroyer]

a big problem is people watch these shows and see Instagram and tiktok with young couples in balling homes and feel they gotta buy something comparable off the bat

Your first home is your starter home not your forever home! and either can't buy or are house poor. Go buy a house in a more undesirable area or buy the ugliest house in the best area. Either way it will be more affordable to put in sweat equity with improvements and then rent out or refi. First crib is a stepping stone for your dream crib

Plenty of areas selling affordable homes, just gotta put some love into it and there are loans where the construction costs are built into the loan

uhh...this used to be true when people bought homes at 21-28, now you're lucky to buy a home by 35, many first time buyers are pushing or over 40, at that point, you're past buying a starter home. secondly, there aren't many starter homes anymore - new builders don't make starter homes and boomers/gen x all went in on that rich dad/poor dad shyt and still own their starter homes and rent them out, so they're not on the market for 20-30-somethings to buy

 

[Schadenfreude]

You need to invest in a Ring camera to protect yourself from all those junkies sleeping around in your State.



Rumor has it those aren't Ohio residents, but sick folks from Michigan. But frankly I could not confirm the information since the source was @smitty22 and he's mildly biased.

You really want Smitty and Regular P to start catching strays in this thread?

 

[Sunalmighty]

uhh...this used to be true when people bought homes at 21-28, now you're lucky to buy a home by 35, many first time buyers are pushing or over 40, at that point, you're past buying a starter home. secondly, there aren't many starter homes anymore - new builders don't make starter homes and boomers/gen x all went in on that rich dad/poor dad shyt and still own their starter homes and rent them out, so they're not on the market for 20-30-somethings to buy

word what market that dude looking . shyt done changed man i bought my first home at 29 but i couldnt IMAGINE trying to buy a crib right now that shyt would be impossible.

 

[MaxBundles]

5 BR/ 3 BA, yard and furnished basement. bought this crib in 2015

3% rate keeps that payment low. TBH, when I first moved in, I was paying almost $1600 at a higher rate, but I refinanced 2 years ago, which dropped me down, and I got a property tax exemption, which halved my property taxes. that dropped me to like $1172. now it's back at like $1420, cuz of the property tax increase. I reached 20% equity, which also drops me from paying PMI (mortgate insurance which is another monthly fee). Now I'm at around 48% equity.

I also keep an eye on my house insurance, cuz they like to spike the prices every couple years, and when they do, I shop around til I find something better. in summary, the ways to keep your housing payment lower is to:

• get 20% equity so you're no longer paying PMI
• refinance to a lower interest rate if possible
• property tax exemptions
• shop for the best homeowners insurance deals

Appreciate the info. I'm new to homeownership and in my 1st year, the value of my house shot up which increased my property tax which increased my mortgage more than $800!

I was beyond fukking pissed. I gotta look into property tax exemptions

 

[sayyestothis]

Wifey and I bought our first home after the recession and had a 6.25% 30 yr fha loan. Townhouse was like 225k and payments were like 1700. We made maybe 75k total between us. Point is we did it. We had banged up barely running Cars. We didn't go on vacations. We didn't decide to have kids yet. 5 yrs down the road we accumulated equity. Sold it, got a better loan and rate and bought a 550k home. Couldn't of done it without the first.


Point is buy assets that appreciate and sacrifice other stuff until u can level up.

 

[jadillac]

In the process of planning a move next year out to San Diego and seriously considering renting over buying with the ridiculously high rates.

Current homeowner, but going back to renting at that lower rate isn’t sounding half bad right about now.

I looked a few days ago in SD and there's literally no houses under $500k. Only 5-6 condos available at that rate.

 

[jadillac]

Appreciate the info. I'm new to homeownership and in my 1st year, the value of my house shot up which increased my property tax which increased my mortgage more than $800!

I was beyond fukking pissed. I gotta look into property tax exemptions

You can file a protest with your county on your prop tx. May knock it down slightly.

But I feel like they are falsely over inflating these values to rip ppl off in prop taxes.

I own a small vacant lot that was worth $17k last year, now this year it's suddenly worth $50k. And course that increase comes with higher taxes. It's a scam bc if you sell it you probably won't get that amount

 

[Sunalmighty]

Appreciate the info. I'm new to homeownership and in my 1st year, the value of my house shot up which increased my property tax which increased my mortgage more than $800!

I was beyond fukking pissed. I gotta look into property tax exemptions

god damn nikka where the hell u live at TEXAS?

 

[Eternal Tecate]

Could you elaborate please?

Classical economists going back to Adam Smith and David Ricardo debated how to make an economy as productive as possible. Their most important conclusion was that unearned income, or rents, (rentier was the word they used) was the biggest detriment to productive manufacturing. The biggest and most obvious of these are land rent and interest. Interest payments are Inherently unproductive because the work energy is not recycled back into the economy. Interest payments are Inherently parasitic because they sap money out of the general public and into private hands. I picture a person operating on 70% of their blood while 30% is let out into a bag. Obviously the person isn't going to be operating at full capacity. Interest payments are how banks make money and therefore it's in their self interest to maximize them. But as they do that they sap the population of their discretionary income, hurting business across the board, increasing stress, decreasing free time. Basically decreasing overall health.

Apply that logic to every (physically) unproductive industry and you see how far the problem spreads. Spotify fee, Grubhub fee, parking fee, overdraft fee, broker fee. Intellectual Property fee. Pharmaceutical pill that costs $1 to produce but sells for $200 bc of patents. America's most valuable businesses are valuable because of intellectual property rent charges. Patents give them a monopoly over ideas and allow for the charge of a fee.

Patents are not productive. They are Inherently limiting. Their owners do nothing but slow the process of innovation by putting up a toll. They prevent faster spread of useful information that can be used to improve physical reality.

America and their allies' (the "Golden Billion") economies are 70-80% service economy based, and we act as little more than leeches on the rest of the world, the banks and finance (FIRE Sector) being the biggest of all, and the primary maintainers of the current economic order. First this all needs to be understood by the majority of people, and then we can move forward. China has already figured this out and that's why they've grown at the rate they have.

 

[sayyestothis]

Classical economists going back to Adam Smith and David Ricardo debated how to make an economy as productive as possible. Their most important conclusion was that unearned income, or rents, (rentier was the word they used) was the biggest detriment to productive manufacturing. The biggest and most obvious of these are land rent and interest. Interest payments are Inherently unproductive because the work energy is not recycled back into the economy. Interest payments are Inherently parasitic because they sap money out of the general public and into private hands. I picture a person operating on 70% of their blood while 30% is let out into a bag. Obviously the person isn't going to be operating at full capacity. Interest payments are how banks make money and therefore it's in their self interest to maximize them. But as they do that they sap the population of their discretionary income, hurting business across the board, increasing stress, decreasing free time. Basically decreasing overall health.

Apply that logic to every (physically) unproductive industry and you see how far the problem spreads. Spotify fee, Grubhub fee, parking fee, overdraft fee, broker fee. Intellectual Property fee. Pharmaceutical pill that costs $1 to produce but sells for $200 bc of patents. America's most valuable businesses are valuable because of intellectual property rent charges. Patents give them a monopoly over ideas and allow for the charge of a fee.

Patents are not productive. They are Inherently limiting. Their owners do nothing but slow the process of innovation by putting up a toll. They prevent faster spread of useful information that can be used to improve physical reality.

America and their allies' (the "Golden Billion") economies are 70-80% service economy based, and we act as little more than leeches on the rest of the world, the banks and finance (FIRE Sector) being the biggest of all, and the primary maintainers of the current economic order. First this all needs to be understood by the majority of people, and then we can move forward. China has already figured this out and that's why they've grown at the rate they have.

Lot of shyt said but china's grown the way they've grown bc they are a dictatorship breh.

 

[Remote]

Classical economists going back to Adam Smith and David Ricardo debated how to make an economy as productive as possible. Their most important conclusion was that unearned income, or rents, (rentier was the word they used) was the biggest detriment to productive manufacturing. The biggest and most obvious of these are land rent and interest. Interest payments are Inherently unproductive because the work energy is not recycled back into the economy. Interest payments are Inherently parasitic because they sap money out of the general public and into private hands. I picture a person operating on 70% of their blood while 30% is let out into a bag. Obviously the person isn't going to be operating at full capacity. Interest payments are how banks make money and therefore it's in their self interest to maximize them. But as they do that they sap the population of their discretionary income, hurting business across the board, increasing stress, decreasing free time. Basically decreasing overall health.

Apply that logic to every (physically) unproductive industry and you see how far the problem spreads. Spotify fee, Grubhub fee, parking fee, overdraft fee, broker fee. Intellectual Property fee. Pharmaceutical pill that costs $1 to produce but sells for $200 bc of patents. America's most valuable businesses are valuable because of intellectual property rent charges. Patents give them a monopoly over ideas and allow for the charge of a fee.

Patents are not productive. They are Inherently limiting. Their owners do nothing but slow the process of innovation by putting up a toll. They prevent faster spread of useful information that can be used to improve physical reality.

America and their allies' (the "Golden Billion") economies are 70-80% service economy based, and we act as little more than leeches on the rest of the world, the banks and finance (FIRE Sector) being the biggest of all, and the primary maintainers of the current economic order. First this all needs to be understood by the majority of people, and then we can move forward. China has already figured this out and that's why they've grown at the rate they have.

Interesting.

How do you think banking would function as a public utility?