3 ms·

We have a great house with a 2.75% mortgage. It would be hard to leave now, because a similar house would be a much higher monthly mortgage. Stuck, but thankful

We have a great house with a 2.75% mortgage. It would be hard to leave now, because a similar house would be a much higher monthly mortgage. Stuck, but thankfully we really love it and not plan on leaving.

kitsunesoba 4y ago
I similarly bought about a year ago with a similar interest rate, closing just a month or two before rates started climbing. The house isn’t the most amazing thing out there, just a run of the mill mass built suburb house, but it’s such a huge upgrade over the apartments I had been living in and the payment is much lower than the rent I had been paying, and more importantly it’s mostly static (no increase to brace for impact for each year), so for now I’m pretty happy to be “stuck” with it.
- nativespecies 4y ago
  Same boat. Relocated last May for work, quality of life to a mid-tier city from a major hub and bought near top of local market. I miss where I was living, but my mortgage is cheaper than the rent I had been paying for the last decade in previous city. Plus - no annoying neighbors or sharing walls. I'm locked in at 2.8% and even though I don't love my city, I am not selling (as long as I can hold off). I know a half dozen people in my similar situation here, and none plan on selling. I do plan on leaving (probably within 5 years), but I will rent my place out, not sell, if the market doesn't improve even slightly and I need/want to live. I see nothing to gain rn by selling
JeremyNT 4y ago
I'm in the opposite boat. We had to move for work, and we bought a crappy house in a town I desperately want to leave as soon as possible. The housing market was going bonkers, so we now have a huge mortgage (but at a low rate). Now? The price of the house we bought is dropping, and the cost of buying any house anywhere else is effectively going up because of the rate increase. Putting aside my narrow self interest in the bubble being sustained so I can move without losing my shirt, I do hope that this causes actual home values to go down. A lot of first time buyers would have been really hard pressed to afford the down payment at the peak of the bubble, so it's good for them that things are correcting now.

kitsunesoba 4y ago

I similarly bought about a year ago with a similar interest rate, closing just a month or two before rates started climbing. The house isn’t the most amazing thing out there, just a run of the mill mass built suburb house, but it’s such a huge upgrade over the apartments I had been living in and the payment is much lower than the rent I had been paying, and more importantly it’s mostly static (no increase to brace for impact for each year), so for now I’m pretty happy to be “stuck” with it.

nativespecies 4y ago
Same boat. Relocated last May for work, quality of life to a mid-tier city from a major hub and bought near top of local market. I miss where I was living, but my mortgage is cheaper than the rent I had been paying for the last decade in previous city. Plus - no annoying neighbors or sharing walls. I'm locked in at 2.8% and even though I don't love my city, I am not selling (as long as I can hold off). I know a half dozen people in my similar situation here, and none plan on selling. I do plan on leaving (probably within 5 years), but I will rent my place out, not sell, if the market doesn't improve even slightly and I need/want to live. I see nothing to gain rn by selling

JeremyNT 4y ago

I'm in the opposite boat. We had to move for work, and we bought a crappy house in a town I desperately want to leave as soon as possible. The housing market was going bonkers, so we now have a huge mortgage (but at a low rate). Now? The price of the house we bought is dropping, and the cost of buying any house anywhere else is effectively going up because of the rate increase. Putting aside my narrow self interest in the bubble being sustained so I can move without losing my shirt, I do hope that this causes actual home values to go down. A lot of first time buyers would have been really hard pressed to afford the down payment at the peak of the bubble, so it's good for them that things are correcting now.