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I dunno; maybe so they could afford to buy a house? This current inflated real estate market is a ridiculous bubble that needs to burst.
Perhaps people have reason to be unhappy, but when folks like you propose that a market crash would be a good thing, I begin to wonder if you are young enough not to have been here for 2008--2012.
It is difficult to recognize another reason for such ignorance.
If, as it may seem, you never heard of The Great Recession, it was a time that was terribly painful for millions of people who had huge amounts of equity and out-of-pocket wealth destroyed.
I dunno; maybe so they could afford to buy a house? This current inflated real estate market is a ridiculous bubble that needs to burst.
Possibly. But on the flip side, if they are looking to upgrade and have to sell to buy it might be a wash.
Some of it is jealousy based. Some people just miserable because they don’t and can’t have what others have. Either a house at all, or a bigger fancier something or other.
Just had a house sell in two weeks. The market is fire!
Yup. Mine sold in less than two weeks for $20k over asking. Closed on it this past Monday and am moved to my new temporary place until I can close on the house we are under contract on.
People get transferred, or a house in their kids idea school district becomes available. There are many reasons why people are still buying. I have no reason to budge from my 2.99% mortgage, but some do.
Later, they will be able to refinance.
This is absolutely not true, or at least terrible advice. Refinancing isn't as simple as filling out some paperwork. You have to meet certain requirements and have cash and equity, just to lower your rate 1? maybe 2 points?
Most of the time refi costs about 2-4% of the loan value. If you're in this situation, you probably don't have cash and you probably don't have equity.
I'm sick of the real estate cheerleaders acting like refinancing is a viable option. Don't buy a house you cannot afford. For most of us that means not buying right now.
Last refi I did was super easy, but obviously it will not be an option for everyone.
Just reconfirmed the info they had on hand, rolled in the closing costs into the loan, literally took me less than an hour of my time.
But YES, you do need to compare your savings versus the costs of a refi, and know where the break even point is. For people who have little equity, it may be a problem, or it may not be.
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Last refi I did was super easy, but obviously it will not be an option for everyone.
Just reconfirmed the info they had on hand, rolled in the closing costs into the loan, literally took me less than an hour of my time.
But YES, you do need to compare your savings versus the costs of a refi, and know where the break even point is. For people who have little equity, it may be a problem, or it may not be.
Pretty much everyone today, buying at these prices and rates will have little to zero equity. Therefore, they can't refi.
Also, depending on what kind of refi you do, you may be signing up for another 30 year loan.
Now, if your refinancing a 30 year to a 15 year, sure. But almost nobody can do that. We're being told to go ahead and buy the house we cannot afford, and refinance back down to 3% in a couple of years. If you think the bank will let you do that for free, you're dreaming ha. They've got you locked in for 30 years at 7% and they're getting rich off you. To buy that down to 3,4, or 5% will cost a lot.
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