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re: Mortgage demand falls to lowest level in 22 years amid rising rates, slowing home sales
Posted on 6/9/22 at 8:51 am to go ta hell ole miss
Posted on 6/9/22 at 8:51 am to go ta hell ole miss
quote:
If I were closer to retirement I definitely would have wished I had put more toward paying even 2.5% mortgage v. investing it.
There's more nuance to it though you won't find it here. The mantra of "only pay the minimum on your mortgage and invest the rest" works for specifically couples who buy a home in their 20s and plan to stay in it for years.
This post was edited on 6/9/22 at 8:52 am
1
Posted on 6/9/22 at 8:53 am to PetroBabich
quote:Well thats just plain false on a number of ways based upon your statement
The mantra of "only pay the minimum on your mortgage and invest the rest" works for specifically couples who buy a home in their 20s and plan to stay in it for years.
Posted on 6/9/22 at 9:03 am to supadave3
quote:
You’re in a better spot than me. I sold my home in 2016 and have rented since. My rent has gone for $800 - $1600. Now, I’ve changed apartments and cities but the fact remains that I’m paying $1600 rent. I’m finally in a position to buy a home again but these prices are just out of my budget. Something has to change for me to be able to be a content homeowner again.
But is the 1,600 a small percentage of your income?
I'm renting right now, but I don't think I'm in a bad position.
1. My rent is less than 10% of my household income
2. My rent is less than 0.5% of the value of the home
3. We don't plan to be in this city but for another 1-2 more years and will be moving to a city that has a cost of living that is 40% less
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