The hidden cost of buying a house #house #money #finance

[clintflippo]

Do NOT let someone convince to buy a house before your ready... if you have any other debt at all, and if you dont have a 3-6 month expenses emergency fund with the new mortgage... you are not ready... i nearly broke myself because i was not ready.

[definitelydonger]

Buying down your rate is done in “points”. A point is a quarter of a percent. Each point buy down costs 1% of the mortgage. The house would have to be 250k to buy a single point at 2500. She certainly did not buy down her rate to 6.5 with $2500 lol

[nbrikha]

2k a month into a mortgage? NAH. Put 2k into a high yield savings account and live on the streets. That way in 15 years, you'll have 1.3 million dollars and you'll be 10 lbs lighter because you lost your foot to a rat

[travellingslim]

I know life happens and plans can change, but I see way too many people buying houses just to move somewhere else in a year or two and not realizing all the interest is frontloaded. If you don't know that basic fact of all mortgages, you might want to do more homework before buying a house.

[txcavi]

He said you could be stacking that money, BUT you STILL have to have a place to stay. Most apartments are Mortgage notes. 2100, 2200 a month. That's a HOUSE payment. How are you gonna stack money when you still have to pay for a place to live.

[ahazen]

I sat on the sideline for three years waiting for the market to come down. Until federal law bans hedge funds from purchasing investment property, or at least taxes the shit out of residential property that isn't lived in, the market will not change. I pay an outrage interest rate, but I have my foot in the door pricewise. Good luck producing a down payment when the prices spike.

[Emj]

You took a 30 year loan.. you expect to pay off $20k in a year?

[blight]

Bro said could’ve been stacking that m money like the 2k a month is extra. That’s rent bro. It’s gonna get spent either way might as well get equity out of it

[lightneko]

Buying is still better than renting if done properly, and don't ever let people say otherwise.

[George-xrnx]

So pay rent? Lol you have to live somewhere