This Mortgage Is Scary! (Part 2)

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[edruffing]

We did the balloon morrgage thing in 2007. It worked out great for me. The trap was realized and followed mt own payoff schedule and knocked it out very quickly.

[TheOpinionator]

I worked for a company that used them as their prime lender, visited the headquarters and everything. Something about the way Mat runs his business is so shady.

[poqltbw]

Move in with family and help them with bills and groceries

[hemmoau]

I think you're blaming the wrong thing. Low-deposit mortgages can of course carry more risk, but most of the companies offering them only do it on select properties in select locations to avoid people going upside-down. The issue with mortgage stress/mortgage prisoners is that thise people overborrowed when rates were at 2% (doesnt matter whether it was 500k for a 550k house or 500k for a 1M house) and they maxed out their borrowing at a rate that was obviously the lowest we'd see for decades.

[pdxmusl]

Part of our problem is we all want a 3000+sqft mansion. And we thumb our noses at smaller. When i was first starting out i thought it would be ridiculous for me to own a home because i don't need that much space. Ive gotten over that and embraced the stupidity of owning a giagantic home for no other reason than because they seriously dont make them smaller.

I hoped the tiny home movement would catch on more but it hasn't. But if there were like a 200-500sqft house that was nice in a nice area. I would have snatched something like that up earlier.

[mrjack]

It’s starting to become realistic to buy a small piece of land and put a $50k tiny home on it, buy a solar generator.

[mrjack]

I know people who paid off their home decades ago, only to be priced out of it because of taxes and insurance. At least if Democrats stay in, I expect them to start forgiving home loans next.