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re: The math for buying a home no longer works, per WSJ
Posted on 12/20/23 at 9:19 am to Upperdecker
Posted on 12/20/23 at 9:19 am to Upperdecker
quote:
You shouldn’t, but you can. Some people only put down 3 or 5% even. Which jacks up their mortgage costs on a monthly basis so high with straight principal plus PMI that it takes them a long time to actually build equity
I followed this advice and didn't buy a house in 2019. Yeah I am bitter.
Obviously there are risks, but as long as you can afford the house and have a good stable job, it's not a big deal. Just go hard against the principle the first 5 years or so and you'll be better off than someone who put 20 down and paid the suggested payments.
This post was edited on 12/20/23 at 9:21 am
1
Posted on 12/20/23 at 9:43 am to Jcorye1
quote:
I followed this advice and didn't buy a house in 2019. Yeah I am bitter.
It was and still is sound advice. You were an unfortunate victim of circumstances. But to be fair, had you bought in 2019, you would have been extremely mad in 2021 when the rates were 2% lower than what you bought at
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