I am planning to get my first home, where I am hoping to live for many years. This is the main reason why the math works, even with the valuation at this absurd level.
When we started to look for homes one year ago, we were planning to go for a starters place. However, who wants to buy a home now with the perspective of reselling in 5 years for a bigger place? Going for a more desirable and larger place now seems a reasonable call, *if* I continue to have liquidity to cover one-year of expenses and cash flow during the length of the mortgage. I don’t want to become mortgage poor! Please challenge my assumptions on this, there may be something I am leaving out of the picture.
Some clarity on the numbers. I’d be looking for a property in the 550-600 range, with the hope of putting 20 to 25 % down and be able to lower my monthly payment 6-16 months from closing. As a side note, we are looking in the CM / RB / RP / Poway area with small to no HOA. Good luck to us!
I had extensively read about HLS posts in the past, and now how detail oriented he/she is. He/she will be hearing soon form me.
For the folks in the forum, what does a “creative scenario” entail? I would be super interested in understanding if I would qualify for a recast payment with the same rate.
