Bought my first home right at the end of low interest rates. I wasn’t planning on staying but I can’t afford to move now.
Yeah just to refinance my current mortgage with the current interest rates would raise my monthly expenses the cost of renting an apartment.
Any reason why you can’t rent out your current home and rent something else where you want to move to?
That way you could keep building equity with your low interest rates and sell when it makes more sense.
I know that requires being a landlord, but the current market also seems to require some creativity.
Sold high, bought low. New house went up 150k in 10 months. Refinanced at 2.7 and locked it in. It’s our forever home so I’m feeling pretty good about it. We took the profit from the last house and paid off all our debt and invested the rest into the new place.
This is to the letter what we did! Congratulations!
Stole the place.
We bought at what I thought was the peak, was sure we were overpaying, and mortgage as high as we can manage when tax & insurance figured in.
Since then, prices in the neighborhood have doubled, and houses are being torn down and replaced with two homes on the same lot, enormous houses small yards. Always crazy expensive ones.
I don’t like any of this. Don’t think it makes sense. The utility of a house can’t be more than the prevailing wage in an area can pay, so we’d all be better off with lower housing prices. Sure, our house is valued at 2x what we initially paid (we have since made improvements so maybe even more) but it does nothing for us. Same house. They are way over valued here.
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You were extremely lucky with that interest. Congrats! What are you both planning/doing for retirement now? Are you going to try to max your contributions to make up for cashing out?
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Wife and I bought Nov 2021. Locked in at 3.25%. Bought a good house in a decent neighborhood. Feel great about it.
Bought mine in March of 2020. Equity on my house is now like $150k and my interest is 3%. Dont want to move but need a bigger house now.
I bought in Feb 2022 and holy shit did I sneak in at the end.
Bought in 2017 but refinanced in 2021 or early 2022 down to low 2%. Basically extended the mortgage by 4 years but God damn an i glad I did that.
Relieved, honestly. I feel terrible for my friends that are still in the hunt
Pretty darn good. 2% interest rate locked in for 20 years. Sure we overpaid market value and the house lost a little value this year but we are ahead in our mortgage and we are fine with how much we paid for it.
Even if you paid too much, it’s still going to appreciate further. Just a slightly longer wait, maybe. And property is supposed to be a long game.
It’s technically our second place and it’s bigger, newer, but needs a bit of updating.
It’s not everything we wanted and between closing costs, moving costs, the exhaustion of moving and adjusting to the move I don’t think we’re going to do it again before we’re priced out of the thing we want.
We were hedging against either a bigger market correction or a bigger price explosion. Instead we just got weird global stress and fatigue.
I live in an apartment of broken dreams
Sold our first starter house to fund our dream home that fits us all at a low fixed 30-year rate. Pretty darn fantastic.
We built in 2018, and refinanced twice in twelve months over the course of the pandemic. We’re on a 15-year now with payments only slightly higher than our original 30-yr payments were, which makes me feel like everything is completely arbitrary.
But in any case, I’m glad we like the house. There’s no way we could ever move, in this economy.
