Im bowing out

[Irrelevant]

I’m never paying that price due to making extra payments.

With rates the last decade it doesn't pay to make extra payments, you can easily get more bang for you buck by investing that extra.

My current rate is 2.87, I'll never refi, I'll never make an extra payment.

it's free money, you'll make more in equity than you'll lose in interest (yes I recognize all the assumptions made with that comment, no need to point them all out).

 

[Deleted member 28227]

With rates the last decade it doesn't pay to make extra payments, you can easily get more bang for you buck by investing that extra.

My current rate is 2.87, I'll never refi, I'll never make an extra payment.

it's free money, you'll make more in equity than you'll lose in interest (yes I recognize all the assumptions made with that comment, no need to point them all out).

Actually I think your point kinda dove tails into mine which is that finance isn’t static. Your assumptions hold true to the variables at the point in time, and your actions will change as the variables change.

 

[Irrelevant]

Actually I think your point kinda dove tails into mine which is that finance isn’t static. Your assumptions hold true to the variables at the point in time, and your actions will change as the variables change.

sure, but to lock yourself into a higher rate at the beginning in hopes of refi-ing later is a

 

[ignorethefringes]

sure, but to lock yourself into a higher rate at the beginning in hopes of refi-ing later is a

Don't worry man, you'll get it all sorted out during the modification negotiations after the market crashes!
*wink*

 

[Irrelevant]

sure, but to lock yourself into a higher rate at the beginning in hopes of refi-ing later is a

There's a generation over 8%

 

[Deleted member 28227]

sure, but to lock yourself into a higher rate at the beginning in hopes of refi-ing later is a

The only alternative is renting, which sometimes is a better option, especially if you’re going to move a lot short term.

But if you are planning on living somewhere for 10 years, what do the rates matter? Is it better to rent and pay someone else’s mortgage waiting for the rate to change?

 

[Nick87]

The only alternative is renting, which sometimes is a better option, especially if you’re going to move a lot short term.

But if you are planning on living somewhere for 10 years, what do the rates matter? Is it better to rent and pay someone else’s mortgage waiting for the rate to change?

Depends how much your paying for rent probably.

 

[Irrelevant]

The only alternative is renting, which sometimes is a better option, especially if you’re going to move a lot short term.

But if you are planning on living somewhere for 10 years, what do the rates matter? Is it better to rent and pay someone else’s mortgage waiting for the rate to change?

It may not, but you'd want to look at if you're loosing more money in the interest rate to equity equation than the cost savings of renting vs owning, then make some guesstimate on how those may change in the future.

All this this is mind masturbation, especially in the rural west (though it is likely true in the other parts as well), there is only so many properites out there. Only so much land to buy in places you want to live. Sometimes you have no choice in the matter and simply have to buy when the property you want is for sale. There are less than 20 total parcels I'd consider living on as an upgrade to where we are (and I don't love where we live 4 months of the year). I can't be picky about upgrading, I'll have to pay whatever the bank and seller are offering.

 

[Nick87]

The fed is going to be tapering off the bonds at the same time as raising rates too correct? I hope some of these people who have been buying aren't planning on upgrading in a couple more years. Higher interest rates coming and an economy that has pretty much has only one place to go from here.

 

[TOGIE]

The fed is going to be tapering off the bonds at the same time as raising rates too correct? I hope some of these people who have been buying aren't planning on upgrading in a couple more years. Higher interest rates coming and an economy that has pretty much has only one place to go from here.

my post #4 of this thread.

 

[Irrelevant]

my post #4 of this thread.

I can't afford to buy my 1,700 sq ft house anymore given the current market.

 

[SAJ-99]

@SAJ-99 did you pay that house on a 15 or 30 and did you make all the payments per the schedule or did you pay if off early.

Paid it off early.

 

[SAJ-99]

The only alternative is renting, which sometimes is a better option, especially if you’re going to move a lot short term.

But if you are planning on living somewhere for 10 years, what do the rates matter? Is it better to rent and pay someone else’s mortgage waiting for the rate to change?

If you move 17 times it is ALWAYS better to rent.

 

[Mudranger1]

If you move 17 times it is ALWAYS better to rent.

I'll chime in just for a change of people on this thread lol...probably not true if it's been the last 10-12 years

 

[SAJ-99]

I'll chime in just for a change of people on this thread lol...probably not true if it's been the last 10-12 years

Maybe. But only because 2012 was the bottom in RE prices from a huge selloff and the last two years have been insane in price moves. The key was 17 times. There are high transaction costs in selling a home, 3-6% in realtor fees plus all the other stuff you have to pay to fix last minute because a buyer doesn't want to deal with it. Add to that all the maintenance cost in owning the home. So you may be correct in this case, but I would still bet against it.

 

[BigHornRam]

New home construction is starting to unravel.

Inventory of New Houses Piles Up to Highest since 2008. Sales & Prices Drop. Stocks of Homebuilders Swoon | Wolf Street

 

[Nick87]

New home construction is starting to unravel.

Inventory of New Houses Piles Up to Highest since 2008. Sales & Prices Drop. Stocks of Homebuilders Swoon | Wolf Street

My brother works in excavating same as me. He works for a much larger mass grading company, all of there work this year is residential.

 

[Pucky Freak]

I keep a poster on my wall of a hand-drawn graph charting my cumulative mortgage interest over the life of the loan. I update it monthly. I want to see and feel the cost of borrowing money. Helps me stay motivated to pay it off early. Just 2 years left. As it sits today, I’m on track to pay 9% of the home’s value in interest.

The dream property my wife and I passed on this fall would have been about $145k in interest over the life of the loan. The monthly payment was affordable. Not bad for a dream property, really. Wife and I decided we preferred the intangible of no mortgage payment past 40.

As @wllm1313 points out, the total amount of interest on a 30-year loan is theoretical, as there’s about a 99% chance you’d refi, move, die, or early pay off before then. Even so, the longer you live under that arrangement, the less theoretical it is. I’d rather pay myself rent over pay the bank.

 

[Deleted member 28227]

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[Irrelevant]

New home construction is starting to unravel.

Inventory of New Houses Piles Up to Highest since 2008. Sales & Prices Drop. Stocks of Homebuilders Swoon | Wolf Street

But what is the delay in our highly desirable locations? 2 years?