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Earlier quoted context omitted.
Agree. But also, those borrowers are soon-to-be owners.
And they'll be screwed when the market corrects and the value of the home they just bought drops significantly
Earlier quoted context omitted.
Agree. But also, those borrowers are soon-to-be owners.
And they'll be screwed when the market corrects and the value of the home they just bought drops significantly
It's hard to see any of those collapsing in the near term. Especially (2).
$1M is a $4000/m mortgage requiring a $12000/m income or $140k salary. That seems doable for some professions. If you are on the fence of buying a home, right now would be a good time to do it. Because they aren't getting cheaper and with this announcement they will almost certainly rise to meet this new, looser qualification.
It’s strange to me that the principal of the loan is the basis for the policy rather than the monthly payments. If interest rates hit a 30 year high to match our 30 year high in inflation, the share of Americans who can afford a million dollar loan will be a tiny tiny fraction of what it is now.
$1M is a $4000/m mortgage requiring a $12000/m income or $140k salary. That seems doable for some professions. If you are on the fence of buying a home, right now would be a good time to do it. Because they aren't getting cheaper and with this announcement they will almost certainly rise to meet this new, looser qualification.
Ridiculous and wrong. Shameful advice. I be curious know your age, income, and net worth to see how out of touch you are.
Do not take this advice and debt at this ratio.
- take home is gross income not net like taxes or health insurance. It also doesn’t factor in retirement even
- mortgage estimate is wrong
- does not factor property taxes
- Just open an affordability calculator or mortgage estimator. It would put you probably in high 500s
- doesn’t include debts
- If you only make 140k you probably don’t have 200k for a down payment or comment doesn’t include PMI
> a boon for borrowers No, it's a boon for owners.
Agree. But also, those borrowers are soon-to-be owners.
The demographic pyramid is inverting, interest rates have been falling but are now hitting 0, and the asset-owning bloc is falling below 50% of the electorate. Any one of these could stop the music, but all three are happening.
So much for the US being considered right wing. US residential mortgages represent one of the largest examples of socialism in action anywhere with nary a complaint from either US party.
$1M is a $4000/m mortgage requiring a $12000/m income or $140k salary. That seems doable for some professions. If you are on the fence of buying a home, right now would be a good time to do it. Because they aren't getting cheaper and with this announcement they will almost certainly rise to meet this new, looser qualification.
I remember thinking the same thing back in 2006 when I bought a home. The house lost 30% of it's value after two years. Turned out 2009 would have been a better time to buy.
'cept when it doesn't, of course!
So much for the US being considered right wing. US residential mortgages represent one of the largest examples of socialism in action anywhere with nary a complaint from either US party.