Homes appreciate at 4% per year since they started keeping records in the 1950's. People like to argue that it is not rue but it is because you are not comparing apples to apples. There will always be high years and low years, but the number is correct.
Most people stuck with mortgage up to their neck because of "low interest" have over extended themselves so much that even a small interest increase can bury them.
In a beast financial system you will lose no matter what. You try to save up to put a good deposit and get better mortage terms? Inflation eats away your savings.
You get low deposit mortgage? The terms destroy you when the winds change even a little bit.
Mortgage is not the problem. Beast financial system is the problem.
When your house is on fire, you may feel uncomfortably hot in the beginning. Its like arguing about how you got yourself cool in the past. You gotta get out of that burning house.
When interest rates are high using an FHA loan is often times the best way to go. You can use a 3% down payment and when rates go down you can do a Streamline FHA Refinance to lower rate without having to requalify for the loan. When interest rates go down property values rise so you may be able to refinance into a conventional with no mortgage insurance. Home sales are very slow in the vast majority of the country, so sellers are happy to contribute to the buyer's closing costs. Total out of pocket for the purchase can be below 5% in total.
2019 I got mine for 2.9..
Yup! Locked ours in at 2.3% because we knew what was coming.
We bought at 4% and a year and a half later refinanced at 3.375% and were able to drop mortgage insurance due to a huge rise in property value.
Highest in history? I think my 13 3/4% ARM (1981) which ended up at 17 3/4 before I was able to refi, was the highest in history.
I used an 9.75% FHA 15 year fixed in 1986 to get a rate lower than 10% since the conventional 15 year was 10.25% and conventional 30 year was 12%.
The only thing is homes are way more expensive now, so even if interest is lower its on a number way higher than in the 80s.
Homes appreciate at 4% per year since they started keeping records in the 1950's. People like to argue that it is not rue but it is because you are not comparing apples to apples. There will always be high years and low years, but the number is correct.
When rates go down prices will go up.
Most people stuck with mortgage up to their neck because of "low interest" have over extended themselves so much that even a small interest increase can bury them.
In a beast financial system you will lose no matter what. You try to save up to put a good deposit and get better mortage terms? Inflation eats away your savings.
You get low deposit mortgage? The terms destroy you when the winds change even a little bit.
Mortgage is not the problem. Beast financial system is the problem.
When your house is on fire, you may feel uncomfortably hot in the beginning. Its like arguing about how you got yourself cool in the past. You gotta get out of that burning house.
If you want to own a home, I would be happy to explain how we did it in the past.
Please do. An issue we will soon be addressing
When interest rates are high using an FHA loan is often times the best way to go. You can use a 3% down payment and when rates go down you can do a Streamline FHA Refinance to lower rate without having to requalify for the loan. When interest rates go down property values rise so you may be able to refinance into a conventional with no mortgage insurance. Home sales are very slow in the vast majority of the country, so sellers are happy to contribute to the buyer's closing costs. Total out of pocket for the purchase can be below 5% in total.