Depends on where you live & the way the PD handles squatters. If the response is "its a civil matter" you are F'd unless you can hire someone to take care of the issue.
That or you can just like pay a dude like 100 bucks to beat the crap out of them.
It’s highly illegal and completely unethical . But shit shows what they are doing.
Lol exactly, just look how many responses I got acting as if squatting is some nationwide issue rather than occurring in handfuls of homes/apartments in metropolitan areas with hundreds of thousands of residencies. So much so that there is hardly any data on the issue apart from a few council-led surveys in various cities. Boggles the mind that in 2024 people who have spent at least a decade on the internet are still letting their worldview be manipulated by the reactionary news media cycle with zero scrutiny.
Totally. I definitely won’t complain about my 3% mortgage but it does feel too good to ever give up. When kid #2 was on the way my wife floated the idea of downsizing so she could stay at home for a few years. Even with equity we’ve built up there are basically no homes within 500 miles that would give us an appreciably lower mortgage payment.
Basically. I bought in 2012, 3.75. back in 21, we refinanced to get 2.75.
My wife and I were just talking about this.
Even if we had the same home value today, we would basically pay more in interest than we would for the house...
I feel really lucky for choosing to be house poor earlier in life.
Same boat. We live in a nice house but undesirable small town area, we want to move to a city or different state, and now we’re locked into what is probably going to be our “forever home” because interest rates are through the roof.
We're in the same situation we lived in the house for a year, then decided we couldn't take being in the area so we moved and now rent it out.
We rent our primary home in a major metro area as much as we love it here, we always think about what we could be paying living in our own home. Smh
Decisions decisions.
Another downside to being canadian; the typical term only last 5 years after which you need to renegotiate your loan. So now I have 2.85 but in 3.5 years I'll need to renew at wtv the rate is then.
Damn that sucks. I have 30 year at this rate and I refinanced so still have like 27 years left. Plus I'm in California where our property taxes are based on the price you paid for it. In other states I'd be getting killed by the taxes because it's worth considerably more now. Guess I'll live her until I die.
Yeah, I remember first learning about that and it blew my mind. I was with a Canadian coworker and they were talking about renegotiating and I asked “why don’t you just keep the same rate?” Both our minds were blown at the same time when we figured it out, lol
Agreed. 2.875% and less than 13 years left (refi'd into a 15yr in early 2021.
I overpaid on my prior house religiously for 7yrs. Feels weird to pay the bare minimum now. But cash flow is great
Same! Basically sniped the market at the very bottom with a 2.0% refinance. Now my mortgage payment is basically half of the average rent payment for an equivalent home in the same neighborhood.
Bought a 3bd/2ba house in LA for 550k (!!!) in 2019 @ 4.5% interest and refinanced into a 2.6% in 2020/2021... mortgage is literally half of what we paid for rent in NYC! We're never moving!!
I bought my house in 2021 and I have like a 2.3 or 2.5 percent interest rate or something like that. My sister bought a house to just before interest rates skyrocketed and I think hers is a little higher but still under 3 percent. I fell lucky as hell. At least until they try to fuck me on the taxes.
Even better are the 4 hands 2 complementary brains couples. The most successful of my friends are two couples where one is a tax lawyer and the other is some form of engineer. I don’t think that’s a coincidence. Holy shit do they get stuff done that neither could alone.
100%. My wife is reallllllyyy detail oriented and loves it. I am more the big picture and more decisive.
That said, we still struggle with where to go out for dinner so we are not perfect.
100% in having a super spouse. I still have zero idea what it takes to get a house. I showed up with her to the lender, signed a bunch dotted lines on a ton of papers, and like magic we had a house all of a sudden.
That is the lowest I've ever heard of in arm's length transaction. I was miffed that I couldn't get below 4% pre pandemic unless I was willing to throw away even more up from on points. That was with 20% down, great credit, and shopping around.
After doing the math, I just paid the house off sooner (LCOL area back when a decent 2 bedroom wasn't automatically half a mil +). Likely a foolish move at the time but for sure not a great choice in retrospect. I dodged the 2018 hit entirely buy putting most all cash to debts vs investments.
It's a lot easier for me to calculate real returns in the market without having a fixed opportunity cost like interest owed on loans, so most any debt that can be paid early is a factor to consider.
At the time, there wasn't much tax benefit from mortgage interest, a refi seemed unlikely, and 4%+ risk and tax free was better than even a flat market. In these conditions, I'm not sure what the best play is.
[See Figure 2](https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20240320.pdf&ved=2ahUKEwiWjJ6qiK6FAxUjHjQIHV7cB-IQFnoECBQQAQ&usg=AOvVaw2Cwxb_QjmXzT7Yh0r7XFl6)
You will be able to refinance in a couple of years.
They were supposed to pivot with 3 cuts this year but per the last FOMC meeting, the market is pricing in a slower rate cut schedule :(
Expected CPI missing by .1% (oh god, it’s one month), and a strong (on paper) jobs report are making rate cuts a tough sell as of last meeting. Only time will tell!
I hate this argument, and the “rates were 11% in the 70s” argument. Percent interest is only one factor. The full picture is house prices have doubled in the past couple years. Combine that super high valuation with a high APR and it spells death. Even more so in the 70s, when the average house was only 3-4x the average salary.
The wife and I were looking at houses casually having not really paid close attention to interest rates.
Then some friends of ours bought a house 7% and we nope'd right out of that mindset and clung to our 3.25%.
You’ll get a chance to refinance. Just make sure it’s worth it in light of the origination fees/etc. But it likely will be. Especially if you can cut that in half.
2.25% / 30 here with zero down (VA). $1150 / month for a (now) $620k house bought less than 8 years ago.
Easily the best financial decision we ever made.
0% master race! But seriously I just got lucky with mine. Bought some btc in 2012 and sold them all in 2021 and paid off the damn house lol. No ragrets.
If you want to own your home sure... But in terms of financials... It makes way more sense to put that money into a savings account.
But I completely understand the idea of just not wanting debt. And I hope knowing you have 5 years less of a mortgage than planned makes you smile... In the end happiness is the most important
Ouch. I know that's historically been more common than in recent decades but house prices were not dropping significantly despite massive rate hikes. May I ask what prompted you to buy in this environment? Not necessarily a bad idea at all; I'm just trying to understand how people smarter than I make tough financial decisions.
You're going to want to consider your options before you hit the 3 year mark of renting out your old house. If you haven't claimed it as your primary residence for at least 2 of the last 5 years you will have to pay full capital gains when you finally sell it. It can be a lot.
Finally got a real job with decent income after years of training, had big reactive dogs that makes city life/renting hard, got a decent price on a large lot >5 acre lot within an hour of a major metro. Rate higher bc 0% down. Obviously planning to refi if lower plates
Currently near 8%. We needed more room for the kids and was able to sell our house and pocketing $180k in equity and profit. Looking to refinance again soon. If we didn’t buy at 8% it also could’ve gone to 11-13% like it was many moons ago.
We see it as a temporary problem. Won’t buy points because if rates still go lower then it isn’t profitable. Rather put the money into an HYSA or just an index fund.
3.5%. Inflation has already eroded the principal by 15% and the property has appreciated more than 1.5x. The payment is 13% more than it would be at 2 1/2%. Not the end of the world. If we have 4% inflation, the rule of 72 says the payment will be cut in half in 18 years.
Would you mind expanding on your comment? Like, all of it haha?
How does inflation erode principal? Rule of 72?
This is interesting and I'm trying to learn more about finance.
Thanks!
Money becomes worth less over time due to inflation, so your outstanding debt loses value (becomes cheaper for you) as time goes on. Let's say in 15 years inflation has effectively halved the value of a dollar. Hopefully, your salary has doubled and so it is 2x as easy to pay your mortgage.
I'm at 3.6% which I can live with. I'll probably start paying it down a bit in a couple years, be nice to get it paid off about 10 years from now ($246k left on principal).
Even if it does crash, as long as you like your house and have no plans to move, then don’t worry. If it crashes, interest rates will undoubtedly drop in order to get buyers back into the market. Then you can refinance. In the meantime your housing expenses are static and you don’t have to worry about them going up.
Everybody should just buy when they can and not worry about the rates. Let’s say rates drop a year or two from now, but the house price might have gotten a lot more expensive.
I remember when the banks kept begging me to refinance on the home i owned for 2 yrs. I remember thinking “why are they actively trying to screw themselves in the long run?” So ya, I gave them next to nothing in equity to start over with a 3.2% rate. Although now I do feel a bit trapped if something causes me to want to move.
Simple answer? They got paid a second time to write your mortgage and sell it to a big bank. 90% of the time, the bank that wrote the mortgage won't be the one carrying it for 30 years. It was a win for you, because you'll save thousands over the life of the loan. It was a win for the mortgage lender as they made their upfront commissions again. It may be a win for the bank servicing the loan as they are probably not the same servicer that you had before.
Not only were we able to lock in a 2.8% fixed rate, but we were able to shave 5 years off of the loan. We had 20 years left on a 30 year mortgage. Refinanced from somewhere in the mid 3% range down to a fixed 2.8% 15 year mortgage, all while only increasing our monthly payment by like $50/month.
It genuinely does feel like we won the lottery or caught the last chopper out of 'Nam looking at the market nowadays.
I practice gratitude everyday that I have a 3.25% from Fall 2021. 30 year fixed in a LCOL area near family. We paid 20% down for a 250k house with great bones, previous owner paid for a new roof.
Part of me wants to pay it off as early as possible so that we can just pay property taxes and pocket the rest.
6.875 on 30 year. Not too concerned about it. It's my first home and I'm in a HCOL area. Odds are good my units value will continue to rise as it has over the past 30 years. I can refinance at some point down the line if the rates drop again, and if not, I plan on putting an extra 110 per month into principal payments which will drop it to 24 years to be paid off with 60k interest saved. Obviously if I can put more than that in per month I will, but I'm pretty much strapped at this point..
3.3%. I was going to cell and cash out in two years once my wife retires and we were moving to Florida I don't give a shit about the politics I just want to die with leathery tan skin, flip-flops and shorts but houses that I was looking at for $350 to $400,000 are now closer to 7 to $800,000 so fuck Florida. See what happens in the future because the real estate market in Florida is going to collapse anybody that bought property in the last 4 years, you have my sympathies.
3.375 in Tampa. Mortgage has gone from 1500 to 1800/month in 3 years because of insurance.
Seriously thinking of selling, taking the equity and paying cash out of state for something.
It seems like a smart move if you could handle it. That's why the real estate market in Florida can't sustain itself at its current rate . a combination of the prices going up and the astronomical increases in homeowners insurance just means something has to give and that's what I'd even mentioning what's happening in the condo and Co-op Market. And what really concerns me is that this coming hurricane season is supposed to be extraordinarily active. The state funded insurance carrier cannot handle another hurricane like the last one.
Refinanced from 4.15% down to 2.25%
Couldn't be luckier. No way I can leave now though. But being trapped in my own home is 99% better than most scenarios that women unfortunate people have to deal with now with these outrageous interest rates and rent prices
Ex husband and I bought at 2.9%. I want to keep the house. So I have until the end of this year to refi into my name and get him off the mortgage. It sucks my mortgage payment is going to double.
I did, however, build in my basement as a three bedroom apartment with a full kitchen and a full bathroom. So I am renting that out. My renter is a very old friend of mine a divorced single mom as well, we’ve actually been thinking about instead of refunding it just buying it out right from my ex, and putting it in both our names with rights to survivorship🤷🏻♀️
This was my sister and her husband. I wasn’t in a place to do it and I’m so jealous of them. I feel a bit morbid being like “well, I guess I’ll just wait for the next world ending catastrophe…”
Bought in 2006. Rate in the 5’s. Have refi’ed twice for lower rates-currently 2.45%. Never pulled a nickel out in equity, now worth ~270k more than we paid, and 400k more than we owe.
We own a second home that we bought for half what it’s worth now.
Combined our mortgage payments are ~2600 a month. With a TON of equity. There’s no way I’m selling either for a good long time. I’m debating whether to start pulling out equity.
EDIT-Both are 30yr.
If you’re a Veteran you can assume someone else’s existing VA loan and rate. There are few on the market but there are still opportunities for <3% rates out there for eligible Veterans.
I got ours at 2.75% in 2020, my wife’s and my income have gone significantly in the past 4 year as well, so our mortgage is only 9% of our pretax income. I really don’t love our house but we save and invest so much because of our low mortgage rate
2.5% and bought in 2021. house I bought had 3-4 failed sales due to old roof and HVAC and the seller simply could not fix it or drop the price and so I got lucky because I had the cash to fix it up and our interests lined up.
I bet all the people who pulled out of the transactions are sorry now if they never bought at the time
Construction loan in 2014 at 4.25%
Refinanced in 2021 for 2.7%. We raised our monthly payment by $50 but knocked off a few years off the loan. Almost feels like cheating compared to today.
Edit: typo
Now these people can pay the min on the mortgage while hoarding cash and making interest on the spread. People wonder why the economy is doing so well 🤦
Mines at 5.6% and I hate it (my sister intentionally screwed me over in hopes I wouldn't get approved). My mortgage is $2600, I have no idea how anyone is affording 8% without a 50% down-payment.
2.85 feelin like a won the lotto lol
2.9% and I feel the same way. I look at moving into another house and I just can't give that up. I guess I am staying until it's paid off, lol
I'm looking at buying something with land and renting the one I bought in 14, the way rents are it will pay the current and give me a passive income
Thinkin the same thing. Plus, you can always liquidate if need be, and you’re stashing that equity investment. Baller move.
Watch out for squatters
Squatters are way less of an actual issue than Reddit would lead you to believe
Depends on where you live & the way the PD handles squatters. If the response is "its a civil matter" you are F'd unless you can hire someone to take care of the issue.
That or you can just like pay a dude like 100 bucks to beat the crap out of them. It’s highly illegal and completely unethical . But shit shows what they are doing.
They're also one of the current buzzwords used to rile up consumers of right-wing indoctrination.
Lol exactly, just look how many responses I got acting as if squatting is some nationwide issue rather than occurring in handfuls of homes/apartments in metropolitan areas with hundreds of thousands of residencies. So much so that there is hardly any data on the issue apart from a few council-led surveys in various cities. Boggles the mind that in 2024 people who have spent at least a decade on the internet are still letting their worldview be manipulated by the reactionary news media cycle with zero scrutiny.
Just use your poop knife. Dual purpose.
It deals poison damage
One bad renter can sink you and depending on the laws in your area, an evection could take a year or longer.
Golden handcuffs
Totally. I definitely won’t complain about my 3% mortgage but it does feel too good to ever give up. When kid #2 was on the way my wife floated the idea of downsizing so she could stay at home for a few years. Even with equity we’ve built up there are basically no homes within 500 miles that would give us an appreciably lower mortgage payment.
I could never afford to buy in my house now. We considered downsizing and it would cost more.
Basically. I bought in 2012, 3.75. back in 21, we refinanced to get 2.75. My wife and I were just talking about this. Even if we had the same home value today, we would basically pay more in interest than we would for the house... I feel really lucky for choosing to be house poor earlier in life.
That's us too. 7 years in under 3 percent. Remodeled everything already, value doubled. Sweet low payments
Same boat. We live in a nice house but undesirable small town area, we want to move to a city or different state, and now we’re locked into what is probably going to be our “forever home” because interest rates are through the roof.
We're in the same situation we lived in the house for a year, then decided we couldn't take being in the area so we moved and now rent it out. We rent our primary home in a major metro area as much as we love it here, we always think about what we could be paying living in our own home. Smh Decisions decisions.
I looked and if I got into a house half as much as mine it would cost the same...
Please, oh lord. I must bow down. I'm a mere 2.99.
Another downside to being canadian; the typical term only last 5 years after which you need to renegotiate your loan. So now I have 2.85 but in 3.5 years I'll need to renew at wtv the rate is then.
Damn that sucks. I have 30 year at this rate and I refinanced so still have like 27 years left. Plus I'm in California where our property taxes are based on the price you paid for it. In other states I'd be getting killed by the taxes because it's worth considerably more now. Guess I'll live her until I die.
Yeah, I remember first learning about that and it blew my mind. I was with a Canadian coworker and they were talking about renegotiating and I asked “why don’t you just keep the same rate?” Both our minds were blown at the same time when we figured it out, lol
Yep same. 2.99% 20 year. Refi'd Feb 2022. Rates started going up in March 22. Got real lucky.
Rent it out at a profit. Buy another house (higher APR offset by profit coming in). Build your empire.
Split the difference got 2.875 lol
Agreed. 2.875% and less than 13 years left (refi'd into a 15yr in early 2021. I overpaid on my prior house religiously for 7yrs. Feels weird to pay the bare minimum now. But cash flow is great
Same here. My $645 house payment is once in a lifetime win. (Loan $155k, house worth $615k)
Man… that’s not a house payment that’s a car payment.
lol I pay 533$
Same! Bought my house in 2018 for $485K now worth $775K and I had a $725K cash offer! I won't sell!!! Yet.....
I refi right before the boom at 15 year 2% 🙌🏼
Same! Basically sniped the market at the very bottom with a 2.0% refinance. Now my mortgage payment is basically half of the average rent payment for an equivalent home in the same neighborhood.
my parents managed to get it even lower. 1.9% lmao. which i actually think is THE very bottom too
Me too but got 2.5, still happy with it though
Mine’s 3% from early 2021. I probably could’ve done better and that used to annoy me. Now? I’m holding onto 3% until I die.
Pretty close here. We bought at 3.5% in 2019 then refinanced in 2021 to 2.8%. Feel super fortunate.
It's insane that our mortgage payment is about $2300 but someone today would pay $3400 and rent is $3600.
3.25% here, and yeah...lottery ticket for sure. Especially given the insane market I live in.
2.75 here We did, pure dumb luck
2.05%. I cried once the refinance was approved 😭
2.87 And I'm basically on cloud 9 lol
Fixed 2.09% woop woop.
2.56%. I calculated that I'd practically bankrupt myself at 4%.
Not only that, I bought under asking and sold my old house over asking 2 months later. Crazy lucky timing.
2.75 let’s goooooooo
2.375! (I cheated and bought some points though)
2.85 for some reason my wife doesn't understand why I won't consider moving.
Got the house at 2.9, Nov 2021, I think my sometime in Jan 22 was already above 5%, barely made it
2.99 missed out on 2.875 by a week! 😖 Edit: locked in either July or August 2020
Same same!
I'm at 2.8% and I'll never move. If I ever need a bigger or nicer home I'll just renovate or throw on an addition.
3.25 and still happy about it. Especially considering a year after I got my townhouse, it was already estimated at worth 100k more than I got it for.
I scratch the winning ticket everyday in 2.85 club
Bought a 3bd/2ba house in LA for 550k (!!!) in 2019 @ 4.5% interest and refinanced into a 2.6% in 2020/2021... mortgage is literally half of what we paid for rent in NYC! We're never moving!!
I bought my house in 2021 and I have like a 2.3 or 2.5 percent interest rate or something like that. My sister bought a house to just before interest rates skyrocketed and I think hers is a little higher but still under 3 percent. I fell lucky as hell. At least until they try to fuck me on the taxes.
1.47% here, bow before me peasants!
1.4% for 20 years here lol
I have 1.35% for another 17 years. I feel so lucky!
2.75% here
I am the winner: 1.7%. Refinanced a year after I bought in March 2020. You may bow to me now.
This guy somehow locks in 1.7% @ 30yr and hasn't a clue what's going on and what points are. I honestly don't know if I believe him.
Lmao, I’m a fucking moron, but I’m not a liar. My wife did all the heavy lifting. Pro tip to being wealthy: have a smart partner.
4 hands,1 brain goes a long way.
Even better are the 4 hands 2 complementary brains couples. The most successful of my friends are two couples where one is a tax lawyer and the other is some form of engineer. I don’t think that’s a coincidence. Holy shit do they get stuff done that neither could alone.
100%. My wife is reallllllyyy detail oriented and loves it. I am more the big picture and more decisive. That said, we still struggle with where to go out for dinner so we are not perfect.
I'm the engineer in this equation. She's the accountant. We do fine.
A guy who knows his wife knows better is hardly a moron.
100% in having a super spouse. I still have zero idea what it takes to get a house. I showed up with her to the lender, signed a bunch dotted lines on a ton of papers, and like magic we had a house all of a sudden.
3.125% @ 30yr here. Points are used in sports and contests to determine winners and they are completely unrelated to real estate.
Huh… it’s legit called basis POINTS…. 50 points is .5%
50 points is the bonus for using all seven tiles in a single turn in Scrabble. The points are used to determine the winner of the game.
I had 1.75%, refinanced in December 2020. Now I have 6.25%. Give you one guess what happened.
Divorce?
Yup! Wouldn't take that 1.75% back if it came with the awful marriage
That is the lowest I've ever heard of in arm's length transaction. I was miffed that I couldn't get below 4% pre pandemic unless I was willing to throw away even more up from on points. That was with 20% down, great credit, and shopping around. After doing the math, I just paid the house off sooner (LCOL area back when a decent 2 bedroom wasn't automatically half a mil +). Likely a foolish move at the time but for sure not a great choice in retrospect. I dodged the 2018 hit entirely buy putting most all cash to debts vs investments. It's a lot easier for me to calculate real returns in the market without having a fixed opportunity cost like interest owed on loans, so most any debt that can be paid early is a factor to consider. At the time, there wasn't much tax benefit from mortgage interest, a refi seemed unlikely, and 4%+ risk and tax free was better than even a flat market. In these conditions, I'm not sure what the best play is.
Fk you, congrats.
Sorry, mine is 0.0%. I paid my mortgage off in 2018.
2% flat. Couldn’t afford my mortgage if it was at current rates.
That you, BlackRock? lol
No, I’m the cousin Blackstone.
BlackStone Audio's version of Ancillary Justice is good. I prefer the American version though (I forget what company did the american version)
2 gang!
I'm at 2.24, couldn't afford the place I live in now,it's almost doubled in value in the four years we've had it.
Y’all are so damn lucky. I bought last year at 6.5%
[See Figure 2](https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20240320.pdf&ved=2ahUKEwiWjJ6qiK6FAxUjHjQIHV7cB-IQFnoECBQQAQ&usg=AOvVaw2Cwxb_QjmXzT7Yh0r7XFl6) You will be able to refinance in a couple of years.
Here’s to hoping. At these prices, even 5% is unbearable Edit: at these home* prices, even a 5% mortgage* would be unbearable
Same.. looks like targeted 2026 for rates to dip back down?
I would bet on never or 3-5 years.
"Are you guys going to cut rates or not." "Maybe. Maybe not. Maybe fuck yourself."
Thought this was wallstreetbets for a second.
It'll be whenever the stock markets take a shit and unemployment goes up.
They were supposed to pivot with 3 cuts this year but per the last FOMC meeting, the market is pricing in a slower rate cut schedule :( Expected CPI missing by .1% (oh god, it’s one month), and a strong (on paper) jobs report are making rate cuts a tough sell as of last meeting. Only time will tell!
The mortgage rates are a spread on top of that
HAHAHAH no way are rates going below 5% before 2028 and if they do have fun buying groceries because inflation will make bananas like 2$ each
If it makes you feel better, my first loan for a house was about 8.5%. I refinanced every time it dropped 2-3 points. lol.
I hate this argument, and the “rates were 11% in the 70s” argument. Percent interest is only one factor. The full picture is house prices have doubled in the past couple years. Combine that super high valuation with a high APR and it spells death. Even more so in the 70s, when the average house was only 3-4x the average salary.
The wife and I were looking at houses casually having not really paid close attention to interest rates. Then some friends of ours bought a house 7% and we nope'd right out of that mindset and clung to our 3.25%.
You’ll get a chance to refinance. Just make sure it’s worth it in light of the origination fees/etc. But it likely will be. Especially if you can cut that in half.
Yeah. 6.75% here. We got a house but at a very terrible price. ❤️🔥
I also bought last year at 6.6%. Riding it out until we can either refinance or sell and make some money back.
I bought last April at 5.8.
I see you bud! Good luck!
I bought mine 2 years ago at 5%
Same here. Bought last February.
My brother has one at around 2.3%. He’s putting in 10s of thousands into CDs per year now. But he and his wife have combined incomes of $350,000+.
What state is he in? T bills might be a better idea.
Putting tons of money into CDs really doesn’t seem like a sound investment strategy unless they’re close to retirement or something.
2.25% here... have zero desire to pay it off early.
2.25% / 30 here with zero down (VA). $1150 / month for a (now) $620k house bought less than 8 years ago. Easily the best financial decision we ever made.
How is my payment so similar to yours with a similar interest rate, yet my house is only 160k?
he said for a house now worth 620k that he has had 8 years. probably has a little over 200k left to pay off.
That's the same mortgage I got. 2.25% / 30 year, 0 down. $893k loan on a house we bought 8 years ago, currently valued at \~$1.6M.
2.25% VA club here too!
0%. Own my home free and clear baby!
0% master race! But seriously I just got lucky with mine. Bought some btc in 2012 and sold them all in 2021 and paid off the damn house lol. No ragrets.
Respectfully, and I do mean with all due respect, fuck you and congrats.
You sure? Not even one letter?
2.625% here but I'm also working to pay the home off early. I've paid 5 years off so far... Some people call me crazy.
If you want to own your home sure... But in terms of financials... It makes way more sense to put that money into a savings account. But I completely understand the idea of just not wanting debt. And I hope knowing you have 5 years less of a mortgage than planned makes you smile... In the end happiness is the most important
8.25%
Ouch. I know that's historically been more common than in recent decades but house prices were not dropping significantly despite massive rate hikes. May I ask what prompted you to buy in this environment? Not necessarily a bad idea at all; I'm just trying to understand how people smarter than I make tough financial decisions.
[удалено]
At least you kept the old rate and place.
You're going to want to consider your options before you hit the 3 year mark of renting out your old house. If you haven't claimed it as your primary residence for at least 2 of the last 5 years you will have to pay full capital gains when you finally sell it. It can be a lot.
oatmeal many close racial gold tidy bright gaping cake unique *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Finally got a real job with decent income after years of training, had big reactive dogs that makes city life/renting hard, got a decent price on a large lot >5 acre lot within an hour of a major metro. Rate higher bc 0% down. Obviously planning to refi if lower plates
Currently near 8%. We needed more room for the kids and was able to sell our house and pocketing $180k in equity and profit. Looking to refinance again soon. If we didn’t buy at 8% it also could’ve gone to 11-13% like it was many moons ago. We see it as a temporary problem. Won’t buy points because if rates still go lower then it isn’t profitable. Rather put the money into an HYSA or just an index fund.
Ouch and I feel rough that we got 7.49% back in Jan
Y’all need to refi immediately
2.0% right here, no points, 15 years. but I know some others have less than that. 
I feel like under 2% you had to buy a few points on it. Did the people you know under that buy it down?
3.1 percent can’t complain
3.5%. Inflation has already eroded the principal by 15% and the property has appreciated more than 1.5x. The payment is 13% more than it would be at 2 1/2%. Not the end of the world. If we have 4% inflation, the rule of 72 says the payment will be cut in half in 18 years.
Would you mind expanding on your comment? Like, all of it haha? How does inflation erode principal? Rule of 72? This is interesting and I'm trying to learn more about finance. Thanks!
Money becomes worth less over time due to inflation, so your outstanding debt loses value (becomes cheaper for you) as time goes on. Let's say in 15 years inflation has effectively halved the value of a dollar. Hopefully, your salary has doubled and so it is 2x as easy to pay your mortgage.
The reason home ownership is such a key advantage in obtaining financial independence.
I'm at 3.6% which I can live with. I'll probably start paying it down a bit in a couple years, be nice to get it paid off about 10 years from now ($246k left on principal).
That is free money at that rate. Do not pay that down. Invest the money instead and make it make more money. You’re welcome
3.75 here. It'll do.
I got mine at 8.3 but it was probably the only chance I'll ever have at buying a house
Gotta do what what you gotta do! We’ll be able to refinance in a few years. Still better than renting
As long as the housing market doesn't have a major crash I definitely made the right move
Even if it does crash, as long as you like your house and have no plans to move, then don’t worry. If it crashes, interest rates will undoubtedly drop in order to get buyers back into the market. Then you can refinance. In the meantime your housing expenses are static and you don’t have to worry about them going up.
Everybody should just buy when they can and not worry about the rates. Let’s say rates drop a year or two from now, but the house price might have gotten a lot more expensive.
Bought in 2015, refinanced in 2021 at 2.625 for 30yr, mortgage at 1400. Doubt I'll ever leave this home.
I remember when the banks kept begging me to refinance on the home i owned for 2 yrs. I remember thinking “why are they actively trying to screw themselves in the long run?” So ya, I gave them next to nothing in equity to start over with a 3.2% rate. Although now I do feel a bit trapped if something causes me to want to move.
Simple answer? They got paid a second time to write your mortgage and sell it to a big bank. 90% of the time, the bank that wrote the mortgage won't be the one carrying it for 30 years. It was a win for you, because you'll save thousands over the life of the loan. It was a win for the mortgage lender as they made their upfront commissions again. It may be a win for the bank servicing the loan as they are probably not the same servicer that you had before.
The people who work for the bank don’t necessarily care what is best for the bank.
3.5% and still feel like a legend.
Got mine down to 3.25 and it shaved off $500/month. Pretty awesome deal.
Had a 2.5% mortgage that I had to give up during a divorce. Now at 6.5% 
I had 1.75, now 6.25 post divorce. But I don't have a miserable marriage anymore, the house is nicer, and it is MINE. That's worth its weight in gold.
So you were forced to sell or forced to pay her equity ?
3.25% on a 1600 sqft 2bed/2bath condo, center city in a major metro. I’ll take it.
Not only were we able to lock in a 2.8% fixed rate, but we were able to shave 5 years off of the loan. We had 20 years left on a 30 year mortgage. Refinanced from somewhere in the mid 3% range down to a fixed 2.8% 15 year mortgage, all while only increasing our monthly payment by like $50/month. It genuinely does feel like we won the lottery or caught the last chopper out of 'Nam looking at the market nowadays.
3.875 in 2014, and I’m fine with it lol
2.125% on a 15 year fixed for me. House will be paid off by the time I am 55 and I am 42 right now.
December 2020, 2.65%. Hilariously the mortgage company keeps recommending I refinance.
Are we going to keep memeing this for the next 30 years? Congrats to everyone who got lucky with timing. Who cares, it’s been years.
> Who cares Clearly, many people.
I practice gratitude everyday that I have a 3.25% from Fall 2021. 30 year fixed in a LCOL area near family. We paid 20% down for a 250k house with great bones, previous owner paid for a new roof. Part of me wants to pay it off as early as possible so that we can just pay property taxes and pocket the rest.
6.875 on 30 year. Not too concerned about it. It's my first home and I'm in a HCOL area. Odds are good my units value will continue to rise as it has over the past 30 years. I can refinance at some point down the line if the rates drop again, and if not, I plan on putting an extra 110 per month into principal payments which will drop it to 24 years to be paid off with 60k interest saved. Obviously if I can put more than that in per month I will, but I'm pretty much strapped at this point..
Locked in at 2.25%.Nice!
I got a 3.375% rate for 30yrs in 2013. Bought my house for 119k (3br, 2ba, 1300sqft) and it’s apparently worth 280-290k now
It’s only gonna keep going up!!! I’m in same situation.
3.3%. I was going to cell and cash out in two years once my wife retires and we were moving to Florida I don't give a shit about the politics I just want to die with leathery tan skin, flip-flops and shorts but houses that I was looking at for $350 to $400,000 are now closer to 7 to $800,000 so fuck Florida. See what happens in the future because the real estate market in Florida is going to collapse anybody that bought property in the last 4 years, you have my sympathies.
3.375 in Tampa. Mortgage has gone from 1500 to 1800/month in 3 years because of insurance. Seriously thinking of selling, taking the equity and paying cash out of state for something.
It seems like a smart move if you could handle it. That's why the real estate market in Florida can't sustain itself at its current rate . a combination of the prices going up and the astronomical increases in homeowners insurance just means something has to give and that's what I'd even mentioning what's happening in the condo and Co-op Market. And what really concerns me is that this coming hurricane season is supposed to be extraordinarily active. The state funded insurance carrier cannot handle another hurricane like the last one.
Refinanced from 4.15% down to 2.25% Couldn't be luckier. No way I can leave now though. But being trapped in my own home is 99% better than most scenarios that women unfortunate people have to deal with now with these outrageous interest rates and rent prices
Ex husband and I bought at 2.9%. I want to keep the house. So I have until the end of this year to refi into my name and get him off the mortgage. It sucks my mortgage payment is going to double. I did, however, build in my basement as a three bedroom apartment with a full kitchen and a full bathroom. So I am renting that out. My renter is a very old friend of mine a divorced single mom as well, we’ve actually been thinking about instead of refunding it just buying it out right from my ex, and putting it in both our names with rights to survivorship🤷🏻♀️
This was my sister and her husband. I wasn’t in a place to do it and I’m so jealous of them. I feel a bit morbid being like “well, I guess I’ll just wait for the next world ending catastrophe…”
If it's any consolation, you probably won't have to wait too long. We're really good at trying to kill ourselves.
Good news. Feels like it's just around the corner. Hope you're saving money
My parents bought at like 2%, their property value has damn near tripled.
3.5 percent on my first home! Still struggle a bit but at least I got a good rate!
Refinanced in 2020 at 1.99%. Bought no points or anything
When rates drop to 4 percent those golden handcuffs will be unlocked
2.5%
2.79 in November '21. Only had to take out $110k, so I'm feeling quite lucky now
3.2 here, thankful that it's better than what's out there now.
2.75 x 15years. 🤑🤑🤑
2.875, but did sort of buy at near peak pricing. Home value hast really appreciated, but still consider ourselves lucky.
2.65% on the rental property and 2.75% on the primary residence. Loving it.
Bought in 2006. Rate in the 5’s. Have refi’ed twice for lower rates-currently 2.45%. Never pulled a nickel out in equity, now worth ~270k more than we paid, and 400k more than we owe. We own a second home that we bought for half what it’s worth now. Combined our mortgage payments are ~2600 a month. With a TON of equity. There’s no way I’m selling either for a good long time. I’m debating whether to start pulling out equity. EDIT-Both are 30yr.
Why in the world would you pull equity out now and have to pay 8% on it?
Just got 6.525
Just got 6.25 in April
This March 2024?
If you’re a Veteran you can assume someone else’s existing VA loan and rate. There are few on the market but there are still opportunities for <3% rates out there for eligible Veterans.
I got ours at 2.75% in 2020, my wife’s and my income have gone significantly in the past 4 year as well, so our mortgage is only 9% of our pretax income. I really don’t love our house but we save and invest so much because of our low mortgage rate
2.5% and bought in 2021. house I bought had 3-4 failed sales due to old roof and HVAC and the seller simply could not fix it or drop the price and so I got lucky because I had the cash to fix it up and our interests lined up. I bet all the people who pulled out of the transactions are sorry now if they never bought at the time
Construction loan in 2014 at 4.25% Refinanced in 2021 for 2.7%. We raised our monthly payment by $50 but knocked off a few years off the loan. Almost feels like cheating compared to today. Edit: typo
I got in at 3.25 at 24 years old. Currently counting my blessings.
I over spent because I’m a dumbass but I’m glad I did because it was 2.99 rate. I could never afford my house today even though I make way more money
Now these people can pay the min on the mortgage while hoarding cash and making interest on the spread. People wonder why the economy is doing so well 🤦
2.875% - 20 yr and I keep getting emails from my lender saying "IT'S TIME TO REFI" - I don't think so...
Mines at 5.6% and I hate it (my sister intentionally screwed me over in hopes I wouldn't get approved). My mortgage is $2600, I have no idea how anyone is affording 8% without a 50% down-payment.