If you recently bought a house for $500k+

amother

Sun, Jul 23 2023, 1:07 pm

How much is your gross income?
How much did you put down? (Did you have help for the down payment?)
What interest rate did you get?
How much are you monthly payments?
ETA what was the purchase price?

And while we’re at it- how many kids do you have and pay tuition for?

what area did you buy in?

amother

Babypink

Sun, Jul 23 2023, 1:15 pm

amother OP wrote:

How much is your gross income?
How much did you put down? (Did you have help for the down payment?)
What interest rate did you get?
How much are you monthly payments?

And while we’re at it- how many kids do you have and pay tuition for?

what area did you buy in?

Idk if it helps.
Just under 500k
20% down + closing costs
2.75% interest
30yr mortgage
Mortgage + insurance + property tax $3300
S Florida

This was not long ago. Late 2021

Tuition is:
10k for preschool
14k for elementary

amother

Sun, Jul 23 2023, 1:18 pm

amother Babypink wrote:

Lol no not helpful. I’m talking recent. When the interest rates weren’t in the 2s and 3s and 4s….

I’m very interested to hear how ppl are doing it.

amother

Tulip

Sun, Jul 23 2023, 1:20 pm

amother Babypink wrote:

It’s good you bought then. Interest rates are now more than double of that.
(I didn’t buy then. 😕)

amother

Outerspace

Sun, Jul 23 2023, 1:21 pm

Bought in 2020 pre Covid in Jackson for 560k

Income is about 150k
20% down plus closing costs (about 10-15k maybe)
3.25% interest
Monthly mortgage is a little under $3,000/month

4 kids, tuition is about 20k (not all are in school, one is in playgroup, one stays home with me)

We know how lucky we are! Our house is now worth over a million

Cheiny

Sun, Jul 23 2023, 1:25 pm

amother OP wrote:

Lol no not helpful. I’m talking recent. When the interest rates weren’t in the 2s and 3s and 4s….

I’m very interested to hear how ppl are doing it.

Many people are having a very hard time now qualifying for a mortgage. The bank standards are very tight and difficult.

Many people are opting to pay cash (obviously if they’re able to).

amother

Chicory

Sun, Jul 23 2023, 1:27 pm

Cheiny wrote:

Many people are having a very hard time now qualifying for a mortgage. The bank standards are very tight and difficult.

Many people are opting to pay cash (obviously if they’re able to).

I work in a mortgage office. People are buying every day and people are qualifying every day. Just everything costs more than a cost just a year ago. Every has to comes in the market is a bidding war and people are still desperate to buy.

Getting a mortgages pretty similar to what it was before except you have to make more money now so you can qualify for a bigger loan because rates are higher...

Cheiny

Sun, Jul 23 2023, 1:31 pm

amother Chicory wrote:

That’s not what I’m hearing from people. Numerous have been turned down.

amother

Chicory

Sun, Jul 23 2023, 1:35 pm

Cheiny wrote:

That’s not what I’m hearing from people. Numerous have been turned down.

We are closing loans everyday. Many many ppl are buying and wayyyyy more are just waiting for a house. I'm sure that there are ppl who are turned down as house prices shot up and rates so it's more expensive and you can't find cheaper housing (at least in our market) but ppl are definitely buying and qualifying....

amother

Ballota

Sun, Jul 23 2023, 1:35 pm

How much is your gross income?
Not enough
How much did you put down?
Too much 20%
(Did you have help for the down payment?)
Yes
What interest rate did you get?
Not good
How much are you monthly payments?
Too much
ETA what was the purchase price?
$780,000
And while we’re at it- how many kids do you have and pay tuition for?
1 that I currently pay for plus I'm still waiting for DOE reimbursement for $80,000 that I paid for sn ds 2 years ago.
what area did you buy in?
Marine Park

amother

Rainbow

Sun, Jul 23 2023, 1:40 pm

Being a homeowner is becoming a luxury for the wealthy. I don’t know what to do. I wish I’d been born a few years earlier so I’d have had a chance to buy a house before rates shot up like this.

Housing prices aren’t even going down because there’s a dearth of homes for sale because everyone’s holding onto their 2% interest rates and not selling.

amother

Stone

Sun, Jul 23 2023, 1:44 pm

amother Rainbow wrote:

I wish that I had purchased two years ago. So so mad at myself. I’m sure I’m not the only one. I thought we couldn’t pull of the mortgage but now we REALLY can’t and don’t know if we ever will be able to since house prices went up 200,000 in any area we are interested in and mortgage rates are insane also.

My husband wanted to go for it and I said no and I am beyond upset with myself. Every day.

amother

Tulip

Sun, Jul 23 2023, 1:47 pm

amother Rainbow wrote:

But renting is also becoming a luxury for the wealthy; because the people buying homes to rent out, are paying a lot more for them; and therefore charging more rent. (Or they bought the houses a long time ago for cheap, but are still increasing the rent now to match other high rents in their area.)
Basically, living in any home at this point is either a luxury for the wealthy; or something you need to be really low-income to afford; because then you can get help from the government. But I know there’s also a long waiting list for that…

amother

Sapphire

Sun, Jul 23 2023, 1:57 pm

Cheiny wrote:

Many people are having a very hard time now qualifying for a mortgage. The bank standards are very tight and difficult.

Many people are opting to pay cash (obviously if they’re able to).

Banks went crazy! We hv over 800k income & are looking for a loan that's like 1/4 that and the crazy questions I'm getting...

amother

Ginger

Sun, Jul 23 2023, 2:00 pm

amother Stone wrote:

Don't be. Anything in hindsight was bashert.

amother

Chicory

Sun, Jul 23 2023, 2:07 pm

amother Sapphire wrote:

Banks went crazy! We hv over 800k income & are looking for a loan that's like 1/4 that and the crazy questions I'm getting...

Welcome to the world of mortgages... The banks have been asking crazy questions for years. It's nothing new...

amother

Cherry

Sun, Jul 23 2023, 2:07 pm

I am really hoping housing prices crashes, they build another cheap prospect vines type of development without allowing investors to buy, or that people move to more affordable surrounding towns.

Most importantly, Mashiach should come.

amother

Dodgerblue

Sun, Jul 23 2023, 2:08 pm

I don't really understand how higher interest rates will cool off the housing market. More buyers, prices go up. More sellers, prices go down. Basic economics.

But with interest rates surging there should be fewer buyers as the same loan amount is now more expensive, but there should also be fewer sellers. Those who bought or refinanced when rates were low will be very reluctant to sell and give up their 2.5% rate and start a new loan at 7.5%.

Can anyone explain how high interest rates are supposed to cool off the housing market?