[Onateag]

All insightful comments, thank you.

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.

[Onateag]

My post was not clear at all.

Next time I will refrain from typing from my cell phone while attempting to provide some hints of background into it. (Yes, very hidden in the post were my concerns about buying with such unfavorable valuation. The math adds up when you look at the prospect of renting for the next 5+ years at $2100 month a 90 sqft 2bdr).

flu and millennial got it right. The goal of this would be to split the loan amount into two loans, with one that I will be paying off in the short term.

My biggest concern is that I am absolutely unfamiliar with HELOC (home equity loans). How can I access this kind of loan without having any equity? Probably the name is misleading.

Is there an alternative approach to split the mortgage into a 30-year and a whatever makes sense load that would be payed off in less than 2 years?

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