/biz/ - Business & Finance

Wait are mortgages really that cheap per month?

Only need a $7k downpayment?

>>19596205
theyll do anything to get you to sign the long term contract

>>19596205
Depends where you live. Here in Leafland, I live in Durham region. Most of our houses JUST hit the 500k threshold, but if you go deep Oshawa, you can find some ~250k shitholes. If you keep going north, the houses get nicer, and the price drops.

>>19596205
Yeah, the problem is area. In my city, to live anywhere decent without druggies or thugs, houses start at double that.

>>19596205
Sort of, you can a house with 3.5% down, so for 200k that comes out to about 7k. There are also closing costs to factor in though, although you can get some or all covered by the seller. The mortgage with taxes/insurance does come out to about $1200 a month BUT you will need mortgage insurance if you are using that low of a down payment which will bring you to about $1350-$1400 range. Still worth over renting IMO

>>19596155
I'm a NEET/ "self-employed" and can't get a mortgage despite having a $800k+ net worth. My bank advisor said they didn't want to lend me ANY money (not even $25k). And they said other banks wouldn't be willing to lend money to me either..
I don't want to tie up my entire net worth in an apartment (yes, that's how expensive my city is. A good apartment costs $500k+). I thought about asking my mom to get a mortgage in her name, but I don't want her to feel uncomfortable desu.. I know she would say yes even if she doesn't want to do it.

>>19596296
PMI is factored in :)

>don't hit me bro; the place i live in - i OWN it, not rent it!
>oh ok..

what are you even fuckin arguing, i have no idea.

>>19596534
What should I do, bros? Just keep renting like a good goy?

>>19596561
>don't hit me bro; the place i live in - i OWN it, not rent it!

ohh poor rentcuck.... has been living in his concrete cage for so long he doesnt even know what a regular neighborhood looks like

>>19596155
Here's the deal, my wife and I have 120k saved up between the two of us. We have access to the VA home loan, and shes 100% disabled which means in Texas we dont pay property tax. In my head there is no reason not to buy a house, the problem is getting approved for a loan. She makes 3k a month in disability, i make 3.5k in unemployment and GI Bill going to college. So our verifiable income is only 36k a year. We have no debt, but looking online it says most lenders would only approve a loan of 3x your take home, being around 100k. Were currently renting a place right now paying 800 a month, and with the amount of savings we have we can almost buy off the houses around here in full(they range from 140k-200k). But i would rather not blow our savings load if i can avoid it. Whats the move here guys? I wont be buying till around February of next year, but i would like to get some advice from more knowledgeable anons then myself so i can prepare.

>>19596603
form some bullshit LLC and pay yourself so it looks like you're employed

>>19596645
I dont know where you live but... there's no such thing as a flat/house that can only be used for renting

Ok, I suppose if I go past two houses, and one has a family of 5, the other has 5 unrelated college students, I can deduce the family is probably the owner of their house, while the students probably rent.

But I get the impression that you have this impression
house == owning
flat == renting
which is hilarious

>you live in an area where decent houses can be bought for $120,000
that still isn't true
you cant find a blighted shitpile in the worst, opposite end of the metro and equate that you cumguzzling faggot

This is a dumb post. You're forgetting maintenance fees, yearly taxes, home owner association fees and strata fees. This shit adds up not to mention the capital lost by not investing. Plus you are more risk exposed with a mortgage if you need money the bank will never give you a mortgage payment back but you can always take money out of the market. That added liquidity is very valuable. Finally areas where houses are shit cheap are often the most exposed to corrections because they don't have price anchors like school catchments, consistent jobs not to mention boomerville USA literally dying off.

>>19596765
>what's the next move here?
easiest thing would be getting any sort of job

do you live in fucking nebraska or something?
median house price in sydney is over $1 Mil, there's no way you're getting something under 500k unless you're living out in some shitty western sydney shithole like blacktown, otherwise you'd have to go 70 kilometers down south at which point you might as well live in fucking wollongong
and you need a 20% downpayment otherwise you're spending another $300-$500 a month on mortgage insurance

>>19596925
what are you even going on about you absolute nutter?

It's not just the mortgage man, it's home insurance, property taxes, utilities etc.

Otherwise I completely agree with you.

>>19598109
Then abolish your central bank and make your government stop artificially insulating the housing market.

Also let people build new houses.

>>19598347
Single biggest problem in the US. Nobody will build affordable housing. Not even like Section 8. Like 250k cookie cutter homes. Everything’s gotta look straight out of HGTV

>>19598455
They can't because the government doesn't allow them to, also the central bank inflates that housing market making it unprofitable to build cheap houses

>>19596155
>saving for a down payment
that's it right there though. anyone sensible is in the waiting process of saving and hoping for prices to come down. posters like you and all the other similar threads just like to shit on people while they're doing their best to save.

>>19598735
Housing prices are going to come crashing down soon, I would wait until then

>>19597758
>maintenance fees
negligible, learn to turn a wrench
>yearly taxes
learn to read, dumbass
>home owner association fees and strata fees
pftthahaha what? are you 12?
>capital lost by not investing
that $7,000 down payment?
lulz, even at 10% ROI, the amount you build in equity is more than that after 30 years on a $200,000 house
>if you need money the bank will never give you a mortgage payment back
I'll take cash-out re-fi for $100 Alex. lmao you are incredibly ignorant to this subject

>Finally areas where houses are shit cheap are often the most exposed to corrections because they don't have price anchors like school catchments, consistent jobs not to mention boomerville USA literally dying off.
wrong again, retard. homes which were $300,000+ were hit the hardest in 2009.

if a $150,000 house loses 10% of its value, whoopity fucking doo, $15,000 temporarily gone

if a $500,000 houses drops 10%, not so funny (i hope you can do math, I'm absolutely doubting this right now)

get BTFO you prepubescent retard

>>19598735
so I account for this in my OP yet you still come in here to bitch about it? lol wow.

>>19598295
learn to read you absolute moron>>19596155
>reminder: a $200,000 house will cost ~$1,200 a month which includes taxes/insurance/interest with a down payment of only $7,000

>>19598109
>kangodollars and USD are the same
wow this is some next level retardation

>>19596534
Go to other banks you fucking sperg

Imagine buying a house at the top of the fucking market instead of putting your down payment into the bottom of the Bitcoin market in 5 months time lel

Just imagine OP sat there holding some boomers bags in his negative equity shitbox that needs a new roof for 10k while I'm gonna be riding my way to the moon and getting my landlord to tend to all my maintenance like the little faggot he is, earning 8% on his investment while I literally make 1000% off of his back

Eat my table crumbs

If you can find a linear market with good demographics it’s a good stable investment. The problem is usually linear markets also have shit wages. So some retard like OP and who makes this thread every other day feels wealthy because he saved $7k for a 5% down payment.

>>19596155

>>19599046
>durrrr imagine buying stocks when they're at an all time high
literal cognitive dissonance, you are actually mentally ill I hope you know

What is the process of buying a house? What is the first step? I could afford a downpayment of like 12-15k USD but I don't even know how to go about doing that.

>>19596155
She‘s hot. What’s her name?

>>19596155
he fell for the equity meme lol i love foreverpoors thinking they will move themselves up by owning one or two properties ctfu

>>19598882
you must be albanian or something only slavs fetishize real property like fucking cavemen. enjoy your 'investment' LMAO

>>19600038
>>19600091
lol get a look at this salty rentcuck

>>19596155
>taking out a loan because you're too stupid to accumulate enough wealth to buy out right

you're no better than a renter

fuck shoveling and fuck mowing grass.
i'll take my based condominium playpen with my based minority neighbors blasting rap music at 2 am okay, pal?

>>19600116
no im upper class retard ive never paid rent in my life loser ahahahahahahahaha my family only has 6-7 houses bc real estate is lunch money

>>19600141
>rentcuck doesnt understand opportunity cost

hey dipfuck, guess what? over the course of 30 years, you will pay about $170,000 in interest on a $200,000 loan

if you were to put down 20,000 and invest the other $180,000 @ a modest 7% ROI, after 30 years you'd have close to $1,400,000 haahahahahahhahaha

stay absolutely retarded you dumb piece of garbage

>>19600184
>my family
hahahahaha fuck your family

>>19596155
What if I move often? Selling a house is a hassle

>>19600279
Be honest with yourself ant? Are you really in any position to be handing out 170k to some jew in an office cubicle at the bank when you cant even afford to buy a house out right?

Some people were born to be poor I guess.

>>19600167
suit yourself, I have higher living standards and am not a lazy pussy

>>19600299
get back to work and put on your mask LOLLLL

>>19600359
>"heh, I'll show those jews. I'll take a 1.2 milion dollar loss just so those banking jews don't get any of my money heh that'll show them"

>>19598882
Strata fees are ~400 a month where I live but that's widely atypical so we can ignore that. You're distorting the math on renting vs owning. Using my apartment for example.

If I rented I would pay roughly 2000 a month for where I live while if I bought it would be about 700,000 before taxes and fees. 700,000 will be worth twice that in 8-9 years while the apartment would likely only go up %20-40 percent. 12*2000*9 = 216k saved from not paying rent and a home value increase of 30% =210k. so even if I ignore repair costs, strata fees etc im still down 300k in a normal market. It simple does not make sense to own a home as an investment. I would argue however that owning a home as a place to live and build a family has value.

Maybe where you reside in rural Arkansas the numbers come out differently but here the math does not add up.

>>19600364
kek of course you're a NEET

young enough to not have a job and talks about his family. is also on 4chan as a teenager pftthahaha wow. you're 100% a loser irl

>>19600394
>I'll show those jews, by taking a loan from them

>>19600415
>Canada
leave me thread dumbass this is obviously an American topic

>>19600432
I'm not the one who wants to "get back at the jews", dumb fuck

lmao @ your inability to follow 3 posts. you have room temp IQ

>>19600460
>you have room temp IQ

t.guy whos too poor to afford a house out right

>>19600417
dude the longer you think youre going to 'make it' the more money u give me have fun with that

>>19600505
outright is one word

Imagine holding her down under the water until she starts to panic and you have to push harder.

>>19600516
k go ahead and ask your psyche to up your lithium dose my dude

>>19600550

is the housing shill STILL at it? fucking hell man just let it go already

>>19596155
Imagine holding her head under the water and having to hold it harder and harder as she starts to panic.

>>19601614
I beat you to it, faggot >>19600550

>>19600440
>leave me thread

ay

>>19596155
Not an amerimutt, but what happens if you lose your job and can't keep paying the bank?

>>19600550
>her
>>19601614
>her

>>19596534
>>19596603
Move to the suburbs retard. You can buy a nice brand new 2500 sq ft house in a white neighborhood for less than $300k in the midwest or the south.

>>19596534
Cash out and buy a house in cash stoopid. It’s not like you’ll be losing money. That value is retained in your house and will appreciate.

Buying into housing today is literally buying into an 80+ yr top. Housing is a liability, not an asset and property owners ultimately get the rope during times of crisis.

Newsflash: times arent getting better anytime soon.

>>19596884
This is how you do it.

>>19600415
>700,000 will be worth twice that in 8-9 years
lmao

>>19599945
Imigine having a slut that looks like this for the cost of ramen and poppers. Lol. Jk that's gay.

>>19602093
what happens if you lose your job and cant pay your rent? what kind of stupid question is this and why are you so dumb that you think this scenario only applies to home owners.

home owners can do a little something called a "cash-out re-finance". go ahead and do some googling between diaper changes

bonus round: homeowners can be over 6 months behind on a mortgage payment before an eviction ever happens, rentcucks get kicked out after a single month L O L

>>19602475
relax you seething autist I was just asking a question I'm not defending rentcucks or anything
as for your question they can freeload for months until the state kicks them out and couch surf until they get a job without having to worry about losing the initial investment

>>19596246
>If you keep going north, the houses get nicer, and the price drops.
Can you recommend a comfy place with very nice houses that fit your description?

>>19600279
What do if the the Jews raise your interest rate to 20%+

>>19602693
jfc what is with you retarded rentcucks? ever heard of a fixed rate mortgage?

i see why you people rent, you're so completely unaware of every aspect of home ownership

at least you're good at whatever gay little video game you dump hundreds of hours into hahahahaha

>>19602872
You have to renew every 5 years or so, so what if Interest rates are 20% plus upon renewal?

>>19603047
wrong, dumbass.

That's a cat!

>>19596155
>double lip bite

>>19596155
>a $200,000 house
lol where the fuck do those exist

oh right, the middle of fuckin nowhere flyover states

>>19596765
look at getting a VLB loan, it's a loan for veterans that live in Texas. Maybe they would look at your situation differently. There also might be other financing options open to you if you're below 80% or 60% of the income for your area, like a boostrap loan. Granted, with that option you have to build most of the house yourself or with volunteered help.
https://s3.glo.texas.gov/vlb/loans/home-loans/
https://static.kaplanlearn.com/assets/22/e7/Texas_Chapter11_TexasFinancing_Programs.pdf

>>19603962
>muh flyover
yeah, get dabbed on you stupid minority.
enjoy your piss river streets full of biological debris and actual human shit

>>19604671
50k entrance fee to live in their 'golf community' plus thousands a year in membership fees. This isnt under 200k

>>19604671
wow that's a deal. HOA is a bit high though.

>>19596155
>Imagine not putting 20% down on a house to avoid PMI.

>>19604703
imagine being so braindead that you will literally make shit up to defend your retarded decision to remain a rentcuck opposed to actually doing a little bit of research

you're an absolute loser my dude

>>19604671
>get stuck in an HOA community with retired Karens with nothing better to do than harp on you
>areas not dominated by minorities are dominated by decrepit boomers
>still in Florida
Fuck me I'd rather be in a flyover state than that shithole.

>>19604784
this turbo brainlet's argument has been that it's better to put the bare minimum down so that you can leverage the maximum amount possible

even though by that same argument you can just live with your parents and invest everything anyway

>>19604784
*farts*

equity built each month is more than I pay in PMI. makes absolutely no sense continuing to piss away money on rent in order to save up 20% for a down payment.

not that I expect a rentcuck to be able to process this

>>19604833
>would rather live 8 inches away from dozens of feral niggers in a concrete box than have a few old people scattered literal acres away from your front door

of course you would. pigs love mud

>>19596155
every one knows that is a boy right?

>>19604840
>even though by that same argument you can just live with your parents

lmao @ that even being an option for you, holy fucking virgin

>>19596155
This. Buying and owning your own plot of land is what makes a man and is the real capitalist dream, fuck land-kike slumlords.

ohhhhhhh rentcucckkkk

are the neighbors being noisy tonight? I sure hope not :^) we need to be well rested so you can do a good job at work and pay Mr Landlord.

>Did You Know?

30% of interest paid on mortgages is tax deductible!

>>19596765
Try Navy federal for loan the only let veterans and family in .

>>19596205
Yes and niggers can spray paint all over your precious home and sell crack outside. And there's nothing you can do about it.

>>19596155
ok anon. so what do you do if youcant get a homeloan and dont have the cash to buy outright?

>>19604887
neato show me the vids and pics where belle reveals her penis and proves its a guy. oh wait those dont exist. nice try tranny

>>19605409
>petrified rentcuck brainwashed into thinking niggers exist everywhere outside of his 500 sq ft ghetto shitbox

hahahaha there should seriously be re-integration camps for traumatized rentcucks when they finally can afford to move to the suburbs

>>19605441
if your credit is below 620...... please stay in your apartment. people with low credit are irresponsible scum

>>19605480
hah yeah totally won't happen to you bud

>>19605505
i cant remember the last time i saw a feral nigger walking outside my house

i cant imagine sharing a roof with dozens of them lmao

>>19599945
I came here to post this.

>>19596155
OP is right. Average net worth of a renter is less than $4k. Average net worth of a home owner is around $200k.

>>19596205
If you put down 20% which is sort of standard you get a better deal and with credit and things it can be expected. Still pretty accurate. Can probably get it cheaper.

>>19605765