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Honestly I wondered how the younger couple that bought my parents home managed it. He's some sort of floor manager at a Walmart and she's right now a stay at home mom to infant twins. The were renters, so didn't sell a property to have cash. I do wish them well, but I don't know that in the same situation I would have committed to what they did with his presumed income level.
 
mikephillips said:
Honestly I wondered how the younger couple that bought my parents home managed it. He's some sort of floor manager at a Walmart and she's right now a stay at home mom to infant twins. The were renters, so didn't sell a property to have cash. I do wish them well, but I don't know that in the same situation I would have committed to what they did with his presumed income level.
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Might have had family help.
 
I have to assume they have the finances in order otherwise they wouldn't have been approved for the loan. And I hope one day years from now when their kids are selling they can look back at it as a fun place to have grown up.
 
Mike - I'm hoping you're right. But one of the causes of the 2008 housing market crash, was mortgages issued to buyers with little or no credit, who could barely squeeze the payments from their income. See "Subprime mortgages". Lenders didn't care, as they'd sell the mortgages in bundles, at a discount to the highest bidder.
 
I just read that average 30 year mortgage rates have broken above 5 per cent. Conventional wisdom says this should cool the market.
Bob
 
NutmegCT said:
Mike - I'm hoping you're right. But one of the causes of the 2008 housing market crash, was mortgages issued to buyers with little or no credit, who could barely squeeze the payments from their income. See "Subprime mortgages". Lenders didn't care, as they'd sell the mortgages in bundles, at a discount to the highest bidder.
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Yea I know, and I hope for this young couple that isn't the case as they seem like nice folks. I know when I bought my place 30 years ago now that my personal rule was a decent down payment, and to not finance the max I qualified for. I didn't want to be one of those who hoped to make the mortgage payment each month. The real estate agent was a little peeved as he kept telling me I could qualify for up to 3 times what I was comfortable with.
 
Yep - many real estate agents and brokers get commissions from the mortgage companies.

Ya can't win!
 
The "folks" that just bought my house took out a million$ loan.
Haven't really figured why as they sold their house in a very nice neighborhood in Bethesda Md. I'm sure they made more than enough to put more down on ours but with rates low they are probably using their sell money for something else
Imagine what the loan payments are on 1 mil a month
 
Don's thought on the payment prompted a quick search. At 4% for 30 years, the monthly payment would be about 4500.00. Astonishing.
Bob
 
Where live a million dollars would set you up for life.
 
Funny thing, across the road from my parents former home a retired teacher built a new place about 2 years ago this summer. Big place, stone exterior and two stories. She is retired, around 70yo, and will winter from Sept through May in Arizona where she spent her teaching career. She has hired some guy to live in the basement area during that time to watch the place, clean up inside and out as necessary while she's in Arizona. I've been told by several locals that worked the construction that she has around $1m tied up in it. Obviously if true, I under estimated what you can get teaching...
 
what you can get teaching ...

or marrying, or inheriting, etc.
 
She didn't inherit much. Never married and when her parents were both gone her two younger brothers, both surgeons, cleaned out the family home and accounts and basically dared her and the oldest brother who taught college to try to get shares. Was a small town big deal scandal since the doctors made no secret they felt they were better than everyone else in their family and the community as a whole. Couse maybe in Arizona she found someone rich to entertain who left a pile...
 
She is enough older than me that when I was still living there as a teen I can't say I knew her. Who knows, maybe she found some good stuff to invest in while teaching in Arizona. Even though, not sure I'm build a home that expensive for use just 3 months of the year, money an issue or not...
 
She either has a second source of income from something or Arizona teachers make approximately 3x as much as Oklahoma teachers do.

I can confidently, and without a hint of bitterness, say that I will never be able to afford a million dollar home and quite frankly I wouldn't want to live someplace where that's what homes cost.
 
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Yea, my personal home is no where near a million, although the recent bubble has made it worth twice what I originally paid according to the taxing authorities. But I like it and the mortgage is only a few months from over and done. Which BTW leads the mortgage company to every week send me stuff about what a great thing it would be for me to refinance of another 10-15 years. Why they could cut my payments by $200...
 
Sounds familiar ... my mortgage company sends me letters every month, encouraging me to "cash out" the increased value (?) of my home. But that would add to my monthly payments, so why bother!?

Shades of 2007-2008. The light at the end of the tunnel, is a locomotive racing toward me.
 
I received an unsolicited letter yesterday from a local real-estate company suggesting I list my house with them because of the higher selling prices. The letter went on to say that I could use the cash to put a large downpayment on the house I "really want" and take advantage of the lower interest rates. What a bunch of :poop:, these real estate people are just trolling for commission bucks.
First of all I happen to like my house and second interest rates are beginning to move up. I finished paying for my house last year and I see no reason to sell.
 
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