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Scarlett
Participant[quote=patientrenter][quote=Scarlett]….In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. ….. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.[/quote]
Not to pick on you Scarlett, but here is a person who cannot pay the price of a home (at least, not the home they want), and yet wants to buy one. That our system allows that is nuts.[/quote]
What do you mean? Is it better to rent for the rest of my life? I don’t think so. Might as well pay the mortgage and own the house in the end. I really got tired of renting not-so-great places for 2500 a month, when that could be my mortgage. So if I can afford to rent, then I can afford to buy at this monthly payment, won’t you agree?
FYI – I am looking for a house price no more than 3x our gross income, with a debt to gross income ratio less than 30% and with 20% downpayment . So I don’t understand why you say I can’t pay for it or that I shouldn’t be “allowed” to buy it. Do you mean pay all cash???
If a couple of professionals with PhD degrees and successful careers cannot afford a house when they are in their forties and have finally 170K income, then, yeah, the system is nuts, I agree. When I grew up, people like us, at our age, were well settled in a decent house.
Participant[quote=patientrenter][quote=Scarlett]….In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. ….. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.[/quote]
Not to pick on you Scarlett, but here is a person who cannot pay the price of a home (at least, not the home they want), and yet wants to buy one. That our system allows that is nuts.[/quote]
What do you mean? Is it better to rent for the rest of my life? I don’t think so. Might as well pay the mortgage and own the house in the end. I really got tired of renting not-so-great places for 2500 a month, when that could be my mortgage. So if I can afford to rent, then I can afford to buy at this monthly payment, won’t you agree?
FYI – I am looking for a house price no more than 3x our gross income, with a debt to gross income ratio less than 30% and with 20% downpayment . So I don’t understand why you say I can’t pay for it or that I shouldn’t be “allowed” to buy it. Do you mean pay all cash???
If a couple of professionals with PhD degrees and successful careers cannot afford a house when they are in their forties and have finally 170K income, then, yeah, the system is nuts, I agree. When I grew up, people like us, at our age, were well settled in a decent house.
Participant[quote=patientrenter][quote=Scarlett]….In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. ….. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.[/quote]
Not to pick on you Scarlett, but here is a person who cannot pay the price of a home (at least, not the home they want), and yet wants to buy one. That our system allows that is nuts.[/quote]
What do you mean? Is it better to rent for the rest of my life? I don’t think so. Might as well pay the mortgage and own the house in the end. I really got tired of renting not-so-great places for 2500 a month, when that could be my mortgage. So if I can afford to rent, then I can afford to buy at this monthly payment, won’t you agree?
FYI – I am looking for a house price no more than 3x our gross income, with a debt to gross income ratio less than 30% and with 20% downpayment . So I don’t understand why you say I can’t pay for it or that I shouldn’t be “allowed” to buy it. Do you mean pay all cash???
If a couple of professionals with PhD degrees and successful careers cannot afford a house when they are in their forties and have finally 170K income, then, yeah, the system is nuts, I agree. When I grew up, people like us, at our age, were well settled in a decent house.
Participant[quote=patientrenter][quote=Scarlett]….In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. ….. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.[/quote]
Not to pick on you Scarlett, but here is a person who cannot pay the price of a home (at least, not the home they want), and yet wants to buy one. That our system allows that is nuts.[/quote]
What do you mean? Is it better to rent for the rest of my life? I don’t think so. Might as well pay the mortgage and own the house in the end. I really got tired of renting not-so-great places for 2500 a month, when that could be my mortgage. So if I can afford to rent, then I can afford to buy at this monthly payment, won’t you agree?
FYI – I am looking for a house price no more than 3x our gross income, with a debt to gross income ratio less than 30% and with 20% downpayment . So I don’t understand why you say I can’t pay for it or that I shouldn’t be “allowed” to buy it. Do you mean pay all cash???
If a couple of professionals with PhD degrees and successful careers cannot afford a house when they are in their forties and have finally 170K income, then, yeah, the system is nuts, I agree. When I grew up, people like us, at our age, were well settled in a decent house.
Participant[quote=patientrenter][quote=Scarlett]….In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. ….. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.[/quote]
Not to pick on you Scarlett, but here is a person who cannot pay the price of a home (at least, not the home they want), and yet wants to buy one. That our system allows that is nuts.[/quote]
What do you mean? Is it better to rent for the rest of my life? I don’t think so. Might as well pay the mortgage and own the house in the end. I really got tired of renting not-so-great places for 2500 a month, when that could be my mortgage. So if I can afford to rent, then I can afford to buy at this monthly payment, won’t you agree?
FYI – I am looking for a house price no more than 3x our gross income, with a debt to gross income ratio less than 30% and with 20% downpayment . So I don’t understand why you say I can’t pay for it or that I shouldn’t be “allowed” to buy it. Do you mean pay all cash???
If a couple of professionals with PhD degrees and successful careers cannot afford a house when they are in their forties and have finally 170K income, then, yeah, the system is nuts, I agree. When I grew up, people like us, at our age, were well settled in a decent house.
Participant[quote=SD Realtor]Scarlett yes I would say that if our international creditors continue to fund our debt then yes, rates will be kept artificially low. The secondary market for mortgages is essentially a socialized market backed by taxpayer money.
(…)Not sure if you lived here in the 1980s mortgages of 12% and higher were the NORM. If you have a big cashpile you are stoked. If you do not then you are screwed.
(…)
Keep your eyes open whatever you do.[/quote]
I am aware of those things. In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. I am 40, have kids and would like to buy a home that I can afford the payment sooner than later. Renting where we like is not that much cheaper either. Not at the bottom, I know. Not the most secure financial state, I know that too. But life goes by fast, and it’d be nice to have a nice home. If I’d be 10 yrs younger and sans kids, I’d continue renting another 10 years if needed, and accumulating cash. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.Participant[quote=SD Realtor]Scarlett yes I would say that if our international creditors continue to fund our debt then yes, rates will be kept artificially low. The secondary market for mortgages is essentially a socialized market backed by taxpayer money.
(…)Not sure if you lived here in the 1980s mortgages of 12% and higher were the NORM. If you have a big cashpile you are stoked. If you do not then you are screwed.
(…)
Keep your eyes open whatever you do.[/quote]
I am aware of those things. In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. I am 40, have kids and would like to buy a home that I can afford the payment sooner than later. Renting where we like is not that much cheaper either. Not at the bottom, I know. Not the most secure financial state, I know that too. But life goes by fast, and it’d be nice to have a nice home. If I’d be 10 yrs younger and sans kids, I’d continue renting another 10 years if needed, and accumulating cash. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.Participant[quote=SD Realtor]Scarlett yes I would say that if our international creditors continue to fund our debt then yes, rates will be kept artificially low. The secondary market for mortgages is essentially a socialized market backed by taxpayer money.
(…)Not sure if you lived here in the 1980s mortgages of 12% and higher were the NORM. If you have a big cashpile you are stoked. If you do not then you are screwed.
(…)
Keep your eyes open whatever you do.[/quote]
I am aware of those things. In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. I am 40, have kids and would like to buy a home that I can afford the payment sooner than later. Renting where we like is not that much cheaper either. Not at the bottom, I know. Not the most secure financial state, I know that too. But life goes by fast, and it’d be nice to have a nice home. If I’d be 10 yrs younger and sans kids, I’d continue renting another 10 years if needed, and accumulating cash. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.Participant[quote=SD Realtor]Scarlett yes I would say that if our international creditors continue to fund our debt then yes, rates will be kept artificially low. The secondary market for mortgages is essentially a socialized market backed by taxpayer money.
(…)Not sure if you lived here in the 1980s mortgages of 12% and higher were the NORM. If you have a big cashpile you are stoked. If you do not then you are screwed.
(…)
Keep your eyes open whatever you do.[/quote]
I am aware of those things. In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. I am 40, have kids and would like to buy a home that I can afford the payment sooner than later. Renting where we like is not that much cheaper either. Not at the bottom, I know. Not the most secure financial state, I know that too. But life goes by fast, and it’d be nice to have a nice home. If I’d be 10 yrs younger and sans kids, I’d continue renting another 10 years if needed, and accumulating cash. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.Participant[quote=SD Realtor]Scarlett yes I would say that if our international creditors continue to fund our debt then yes, rates will be kept artificially low. The secondary market for mortgages is essentially a socialized market backed by taxpayer money.
(…)Not sure if you lived here in the 1980s mortgages of 12% and higher were the NORM. If you have a big cashpile you are stoked. If you do not then you are screwed.
(…)
Keep your eyes open whatever you do.[/quote]
I am aware of those things. In my case, I don’t have a big pile of cash at all, just enough for a 20% downpayment. I am 40, have kids and would like to buy a home that I can afford the payment sooner than later. Renting where we like is not that much cheaper either. Not at the bottom, I know. Not the most secure financial state, I know that too. But life goes by fast, and it’d be nice to have a nice home. If I’d be 10 yrs younger and sans kids, I’d continue renting another 10 years if needed, and accumulating cash. But realistically, with kids, for us is very hard to save money at a significant rate (other than for college/retirement), so our downpayment won’t increase substantially in the next couple of years. That’s why I *might* buy in the next year or so while rates are low.ParticipantI agree with you
[quote=Arraya]There is NO recovery next year. We should be in for the largest economic contraction for at least hundred years and it will be global.[/quote]I believe that IS the most likely scenario but in this case – what do you think would happen to the rates and the house prices in the next FEW years? I would think they’d keep the rates low, no more than 1-2% increase in the next FEW years, and the prices might fall a little. Any other thoughts for THIS scenario?
ParticipantI agree with you
[quote=Arraya]There is NO recovery next year. We should be in for the largest economic contraction for at least hundred years and it will be global.[/quote]I believe that IS the most likely scenario but in this case – what do you think would happen to the rates and the house prices in the next FEW years? I would think they’d keep the rates low, no more than 1-2% increase in the next FEW years, and the prices might fall a little. Any other thoughts for THIS scenario?
ParticipantI agree with you
[quote=Arraya]There is NO recovery next year. We should be in for the largest economic contraction for at least hundred years and it will be global.[/quote]I believe that IS the most likely scenario but in this case – what do you think would happen to the rates and the house prices in the next FEW years? I would think they’d keep the rates low, no more than 1-2% increase in the next FEW years, and the prices might fall a little. Any other thoughts for THIS scenario?
ParticipantI agree with you
[quote=Arraya]There is NO recovery next year. We should be in for the largest economic contraction for at least hundred years and it will be global.[/quote]I believe that IS the most likely scenario but in this case – what do you think would happen to the rates and the house prices in the next FEW years? I would think they’d keep the rates low, no more than 1-2% increase in the next FEW years, and the prices might fall a little. Any other thoughts for THIS scenario?
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