Mortgage= Mort(death) + Gage(pledge) 30 yrs/ 360 months of front-loaded Interest Payments is INSANE

[Traveler]

they never tell you the total amount you end up paying for that house. It’s a simple calculation but I think most don’t even want to think about it. Add in taxes and maintenance and you’re paying for that house twice.

You can tell who never owned a property and had a mortgage. All of that info was in my loan documents, I know exectly how much I pay each year and how much is interest and how much the bank makes off my loan. You have to literally not read your loan docs. If you don't that's on you for being an idiot.

 

[the bossman]

wait for prices to come back down,

when? we've been hearing this non stop since Covid over 3 years ago now

Interesting discussion but it's a hard see. The mortgage game is much of a scam as the rent game. Renting constantly goes up because a few folks determine the "market rate." Crazy, you have areas with little economic development, no upgrades to the apartment/complex and rent still goes up.

your rent will always go up while your mortgage will always stay the same they said..

ask'em if it's still the same after that new insurance policy premium and property tax assessment hit

 

[Greenhornet]

when? we've been hearing this non stop since Covid over 3 years ago now



your rent will always go up while your mortgage will always stay the same they said..

ask'em if it's still the same after that new insurance policy premium and property tax assessment hit

I dont mean come back down in the sense of 10 or 15 years ago
I mean in terms of being realistic and reading the ebb and flow of market
jumping in and out can only be when you think you are ready

if you see this being the bottom of the curve... then you'd have to go with your instinct

the problem is, if people keep comparing circumstance to past or future
they will always have something to brag or complain about

its easy to say "I jumped in late and 10 years ago was better"
just like its easy in hindsight, to say "I jumped in today and 10 years from now will be worse"

there's gotta be a real approach to when the time is right for you
people play both sides and complain, or brag ... depending on who's in the conversation

lowkey the answer is: if you have questions or bad feeling then its already time to move on
when someone is ready, then they are already in and have what they need to move forward

 

[BaldingSoHard]

So basically I got mine so fukk y'all?


The American way

I mean...

There's not much I can do to change the disposition of anyone other than myself.

 

[IIVI]

LevEl uP yOur skIlLs



Read the replies as well. These are real engineers talking about it. That's not even considering the student loan debt to pay off.

If it's that bad for somebody who goes to five years of college and can do math/physics/STEM better than 90% of the other fields then yes, we have a problem.

Sure it's a HCOL area, but if a Mechanical Engineer can't live in such an area then most people there are probably struggling more than they need to at this point.

Extremely common. I've had recruiters on the coasts hang up on me when I tell them what the COL adjusted salary I would need is.

Even if you are going on a decade of work experience: if you want a job, you'll get one; if you want a good paying job, it's always a big challenge.

I'm an engineer and I tell every school kid that wants to listen to not follow engineering, the reward is not proportional to the effort it requires from you (mainly due to low salaries and worse than that, a low salary ceiling that you hit very very fast).

I tell them to do software or something medicine related instead.

Companies have been bytching that there are not enough STEM workers for years, yet something ridiculous like half the engineering graduates will not end up working in the profession.

And still, just with the ones that remain, getting an interview when you don't have 5yrs experience in the exact same things the company does is challenging enough, let alone a good quality job. You can have 20-30-50 interviews before something better comes along.

It's not surprising though that a company with a focus on Mechanical Engineering isn't corrupt. A lot of those companies push outright products that make mankind more shytty, so treating their engineers the way they do isn't surprising. The common factor along all industries no matter if you're high knowledge work or not - shytty people still run the show and hold all the money.

Anyways, like others have said in that thread, these big cities will be approaching Detroit status if this keeps up and young people going to be moving away.
A bunch of older people going to be out there desolate and lonely.

 

[sayyestothis]

Lending someone you don't know hundreds of thousand dollars is INSANE. of course it's fair interest is front loaded. Lol

 

[UncleTomFord15]

Typical right-wing bootstrap BS from the 00s

What do you suppose we do to get out of this situation? Wait on the same government that put us in this situation, to help us?

 

[Wild self]

What do you suppose we do to get out of this situation? Wait on the same government that put us in this situation, to help us?

Start gun clapping at people that put out predatory loans and anyone that artificially increases COL for their selfish benefit. We gotta learn from the French and Brazilians on how to push back against price gouging.

If you gotta be Tony Stark level of intelligence to live a basic lifestyle, it means the system is broken

 

[Stuntone]

broke boi babble


u 2 old 2 not have shyt on lock already.

My house has been paid for 3 years now. I want to get a 2nd home.


What's having things on lock mean to you? And you think you will be having things on lock at 40?


I love how optimistic you young fools are. I don't you'll have the option not work, to take the whole summer off or half a year off. 2 of my vehicle are paid off bruh.

Sounds like a post coming from someone who can't afford a house in their area

You don't have to pay for 30 years, you can pay extra and get it done earlier

I had house in DC. Sold it, bought a home in Louisiana. Now I don't have to work.

This time off, and watching everyone scramble for housing, has made me realize how rig the game is.

My girl wants me to move to Dallas, buy a house and live the American dream. She's still in the matrix.

She's crazy, my house is small and not in the best area, but it's paid off. I don't have to work, take trips, take a year off of work and chill. Im not trading this life in for a nicer house and 30 years of servitude.

Lending someone you don't know hundreds of thousand dollars is INSANE. of course it's fair interest is front loaded. Lol

Not really. You're first years of payments are almost all interest. You miss a few payments and they your house and resale it.

 

[voiture]

I have always said, anyone who gets a house passed down has won a lottery in life.

 

[Stuntone]

I have always said, anyone who gets a house passed down has won a lottery in life.

Nothing but the truth.

My Grandparents and their siblings all own homes and passed them down. We have floater homes in Louisiana, pretty much whoever needs a place to stay, moves in.

Imagine getting passed down a brownstone in NYC or DC.

 

[Heafcliffe]

Mortgage at 2.875% (less than inflation) with a payment less than area median rent...
401(k) up 17% this year...

Got my 6th interview tomorrow for a tech company that should double my income...

This.

Our stats are similar, b.

Good luck in the interview...

 

[Field Marshall Bradley]

Be the one in your lineage to sacrifice it all so your seeds will have a paid off house when they are of age.

Somebody has to do it.

Real Talk

 

[feelosofer]

You can always rent an apartment or live in a room if you are trying to reduce your overhead.

 

[GreenGhxst]

@Stuntone

How old are you breh?