Mortgage rates back to 7%

[Contrefaire]

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.

Thing is there's actually more than enough houses for people to buy. In fact, there's a housing surplus. It's just that it doesn't benefit banks/investors to capitulate and call it for what it is so the numbers get fudged and the stats go from literal, physical older already built SFHs to some so-called shortage of "new homes being built".

In almost every major city in America there are currently hundreds if not THOUSANDS of homes sitting vacant right now and this is an undeniable fact. We are at a point in this country where we could theoretically house every single homeless person and STILL have plenty room to accommodate working homebuyers Yet they've somehow convinced you otherwise.

 

[Rekkapryde]

Money well spent.

Goat Noise Cancelling

Gave my oldest son the 5s for Christmas. nikka keeps em around his neck 24/7

 

[Remote]

Thing is there's actually more than enough houses for people to buy. In fact, there's a housing surplus. It's just that it doesn't benefit banks/investors to capitulate and call it for what it is so the numbers get fudged and the stats go from literal, physical older already built SFHs to some so-called shortage of "new homes being built".

In almost every major city in America there are currently hundreds if not THOUSANDS of homes sitting vacant right now and this is an undeniable fact. We are at a point in this country where we could theoretically house every single homeless person and STILL have plenty room to accommodate working homebuyers Yet they've somehow convinced you otherwise.

 

[Afro]

fukk china. you can't even own land there. the gov't owns all the land. their style of home ownership over there is all ass backwards. I would NEVER want to live there and try to acquire real estate.

Because of property tax, you don't "own" the land here either

 

[BornStar]

I got hit upside the head last year because the house got assessed and my property taxes took my mortgage from 1320 to 1950.

Is that a ARM loan or something how did that happened on a fixed rate?

this is the million dollar question though.. when?

I feel like I've been hearing 'housing prices are gonna crash' literally every month since the start of covid 3 years ago

I've been hearing it's going to crash since 2016-2018 no one you / we know knows but I have heard 2026 it should happen if your willing to hold out.. I say buy when and what you can afford.

 

[King Sun]

Oh and brehs don't feel bad for me thank God i had saving and both my wife and I make decent money to afford the increase. I can only image how this can

Is that a ARM loan or something how did that happened on a fixed rate?

I've been hearing it's going to crash since 2016-2018 no one you / we know knows but I have heard 2026 it should happen if your willing to hold out.. I say buy when and what you can afford.

No im on a fixed rate tis the increased property taxes that I have to put back in escrow because the mortgage company paid for the difference/

 

[BornStar]

Going down is much different than a crash. Folks out here thinking it will be worse than 2008 and shyt. Not remotely close to happening. A dip isn’t the same as what you, others in here, and these YouTube bozos been talking about for years. That ship has sailed. Will it cycle into a dip? No question. Thinking you can get into a house for 2008 levels? Gonna be waiting on that

Wait brehs think they can get a house into a house at 2008 levels???


And @King Sun imagine people that got that new bill and can't afford it ... I wonder what the foreclosure market will look like in the next 3 years

 

[Remote]

Is that a ARM loan or something how did that happened on a fixed rate?

I've been hearing it's going to crash since 2016-2018 no one you / we know knows but I have heard 2026 it should happen if your willing to hold out.. I say buy when and what you can afford.

It was going to crash in 2021 but people in here wanna act ignorant of the dirty tricks that stalled it.

 

[Remote]

Apologies if this is too personal a question,

But since some coli brehs have gotten fantastic interest rates on their homes, I'm curious what kind of credit scores you guys had at the time.

I understand that situations have changed and many variables are involved. I am just curious.

 

[beenz]

Apologies if this is too personal a question,

But since some coli brehs have gotten fantastic interest rates on their homes, I'm curious what kind of credit scores you guys had at the time.

I understand that situations have changed and many variables are involved. I am just curious.

when I first got this house, my credit was in the low 700's. that was 2015. in 2015, when I refinanced in 2021, it was like 750. now, I'm at like 825.

 

[Dipsey Doo]

So it looks like I’m about to cop my first house.

It’ll be a sacrifice, but it’ll be well worth it.

If you can afford to get into a home, go ahead and do so. Trying to time the market is a fools errand.

I’m going to miss paying 1500 for my two bedroom apartment in East Atlanta

 

[King Sun]

Apologies if this is too personal a question,

But since some coli brehs have gotten fantastic interest rates on their homes, I'm curious what kind of credit scores you guys had at the time.

I understand that situations have changed and many variables are involved. I am just curious.

TBH you can slide with a 600 FICO score but the key is to not have high balances on your credit cars when you apply. Your Debt to income ratio matters more to the banks. I got a 3.2 in 2020 with a 680 fico

Edit: not sure i made it clear but that high note is only for this year to put the different back into escrow but still my notce is going to be 1500 vs my og 1350 in dec.

 

[Mister_DoItNice]

Apologies if this is too personal a question,

But since some coli brehs have gotten fantastic interest rates on their homes, I'm curious what kind of credit scores you guys had at the time.

I understand that situations have changed and many variables are involved. I am just curious.

When I got my 2.5 in 2021 my score was 814.

 

[Remote]

Some really fiscally responsible brehs in here.

There should be a financial education thread on the coli.
There probably is one, but I'm sure it's buried somewhere....under all the PAWG threads

 

[the bossman]

Is that a ARM loan or something how did that happened on a fixed rate?

People ain't really telling the whole story when they say your mortgage payment stays the same forever.

Your principal and interest will always stay the same but the escrow can easily increase due to increases in your annual property taxes and your home insurance.

My policy went way up last year. Even shopping around all of em were like "due to supply chain and increase in materials bla bla"