Not only is it the height of mediocrity, when you think about it, in principle, any loan/mortgage is a personal financial setback. You are drastically (for them) overpaying for a commodity. But hey, people want to feel special, it is a natural human need. Most people are incapable of achieving anything of true substance, so therefore you have all these different "celebrations" of mediocrity within society.
Pretty ordinary thing for someone to mention. Probably added a joke about not even knowing what escrow is.
Bra-ket wrote:
Lol didn't realize this was from 3 years ago - it still stands. Anyone still poasting on fb in 2017 is trashy.
.
Irony defined: Someone posting on this forum calling posting on FB "trashy".
I don't know who brags about carrying a mortgage. Most view it as a necessary evil. I don't entirely agree with Dave Ramsey on a number of issues, including religion, but his focus on saving and eschewing debt in general caused me to be very motivated to take out a 15 year mortgage and then pay it off in ten years. Of course, realtors pushed me to buy a McMansion rather than the nice 5 bedroom home I have, but when I go to sleep at night it feels no different than I would feel in a mansion. Yes, I get the notion that I could have taken out a 30 mortgage and invested the savings. but Ramsey's point is that most - not all - can become reasonably well off by simply getting rid of debt. Made sense to me because if health problems visit the perspective changes. I am fairly decent at investments (not great by any means), and I still don't regret paying off the mortgage. It does give a peace of mind to have no housing costs other than property taxes and utilities. Plus with no debt whatsoever now I can just focus on saving and investing. So I would be surprised if many brag about carrying a mortgage, and not surprised at all of those who express relief at paying it in full or making real progress to get there.
rhythm of the night wrote:
IL born and raised wrote:
Not everyone can secure a mortgage loan. Do you know how many people in this country have bad credit, too low of income, or unstable income, or no down payment? Get outside of your bubble where everyone earns 100k in their job and has a perfect credit score.
For some people it is a huge dream and accomplishment to be able to borrow money for a mortgage and own a home.
Yes it is an individual thing, a personal accomplishment but nothing noteworthy to greater society. I wouldn't want the weight on my back of knowing I'd be in trouble if I lost my job in the next 20 years with a mortgage going.
What gets me is people who get a mortgage and act as if they're better than everyone or better than those without a house because like we have established here, it is really nothing to boast about other than from a personal standpoint.
Society will try to stigmatize those not falling into the mortgage/marriage/9-5 trap. They want to drag others into their misery. I do not own a house but I have the money to buy a few OUTRIGHT. I am hassled by these mortgage sheep asking when I'll get a wife and house all the time. I will congratulate anyone who buys a house outright especially anyone who waits a long time and is stigmatized by mortgage sheep for not going with the flow and getting a mortgage and spouse at a relatively young age. It is the hamster wheel trap of misery which the government wants people doing to maintain the flow of the economy, society and most importantly (for them) the control possessed by the government.
Agree with this. I'm in the mortgage industry and am trying to get back out. Crappy pay doing income verification remotely (we verify salary, start date, current employment status all day and nothing else; it's a dead-end job) and some of the tactics these companies do to pre-approve people with sketchy backgrounds, credit histories, lack of savings, etc. is chilling.
rogermortimer wrote:
I don't know who brags about carrying a mortgage. Most view it as a necessary evil. I don't entirely agree with Dave Ramsey on a number of issues, including religion, but his focus on saving and eschewing debt in general caused me to be very motivated to take out a 15 year mortgage and then pay it off in ten years. Of course, realtors pushed me to buy a McMansion rather than the nice 5 bedroom home I have, but when I go to sleep at night it feels no different than I would feel in a mansion. Yes, I get the notion that I could have taken out a 30 mortgage and invested the savings. but Ramsey's point is that most - not all - can become reasonably well off by simply getting rid of debt. Made sense to me because if health problems visit the perspective changes. I am fairly decent at investments (not great by any means), and I still don't regret paying off the mortgage. It does give a peace of mind to have no housing costs other than property taxes and utilities. Plus with no debt whatsoever now I can just focus on saving and investing. So I would be surprised if many brag about carrying a mortgage, and not surprised at all of those who express relief at paying it in full or making real progress to get there.
I feel the same way about car payments. Never, ever again. I'll buy $5000 beaters and fix them up like the old days. No high POS interest rates that go up (the credit unions are at least 3% or so, rather than dealership financing at 9.9%). For example, Germain Toyota of Columbus, for instance.
I do want to buy a house and I don't have any debt right now. I'd rather buy a small house, fix it up, live in it a few years, pay it off, and then maybe go to a bigger one. But I'd never buy a McMansion even if I could afford it.
This post was removed.
Banks actually are unlikely to issue you a mortgage if you have substantial existing debt. So no, not just anybody can do it.
But I do agree it's not exactly an "accomplishment". Securing an income where you can afford it is a greater accomplishment, but using your money on something in itself, not so much.
Having moved several times while in the military and after, we've bought and rented and bought and rented several times. As long as you stick to something you can afford you usually come out ahead by buying. At this point I've been out for a while and we're 10 years into a 30 year mortgage. We could just pay it off, but the interest rate is 3-point something percent so we'll keep that debt for 20 more years. In the long run money we've invested beats that return by a lot.
Well, I wouldn’t say I bragged, especially since I was paying a high interest rate (plus mortgage insurance) about 20 years ago. Of course, I will brag that I’ve since paid off that mortgage and my home is worth 15 times the value.
Im bragging that I don’t own a mortgage. All paid off. Happy to retire early with no loans. Most people buy homes they can’t afford just to brag how big the houses are
Duke Trujillo (haha yo super serial) wrote:
Even if I made a cash offer for my home to win it in a bidding war of course I’m going to finance it. At these rates would be stupid not to...
But I’m still not gonna go bragging about it on Facebook
+1
This dude gets it
Not everyone can afford to buy a house! You have to be able to put down 3% on most and more on some depending on the loan. Plus closing costs and other things. If you make 35k a year and have some debt you may only qualify for a 60-70k loan. It’s not easy for everyone. But if you are in your 40s and don’t have your sh t together enough to have a house you have been making poor financial decisions for awhile.
For most people maybe. I have several million in the market already. I paid my house off because I already have too much in the market. Having another $1M in the market would be silly.
Owning a mortgagee isn't totally for everyone considering most banks in USA have huge requirements and credit scores of minimum 750. Me and my husband have decently good jobs working as baristas in an great coffee shop in LA for over 4 years now and still managed to get refused from all the applications through almost all the possible banks in our area. We decided to look elsewhere so we came across kertaluotto.com , they provide amazing costumer support and very fast responds either to any questions or loan application.
highhoppingworm wrote:
Other people’s happiness really seems to piss you off. I feel sorry for you.
For many folks saving up for a down payment and buying a home is part of the American dream. Now if we are talking about a 5% down ARM on mortgage at the upper end of someone’s budget then ya that is dumb and not something to be particularly “proud” of.
Anyone that put 5% down on an ARM mortgage 3-30 years ago is sitting pretty right now.
Even if it was at the upper end of their budget at the time.
They are probably making more now and and have a lower mortgage payment than most.
I don’t know what makes you think they were dumb.
Well, taking a loan, especially a property loan, is always a risk. Some people are just too stupid, and they don't think about plans or the proper solution if they will lose their job or face other difficulties. Before taking a loan, you should understand the risks at the main point. Personally, I took three loans of property. You can find the proposition here I already paid two of them, and I will finish the deal in half of the year. Finally, I will have three duplex complexes that I will rent and have a good profit. https://www.loanshoppers.net/non-qm-loans/1099-mortgage/
I think the key is to have a good salary. If both partners are at 55k or more, that's 110k gross and now you can have a decent 200-250k house in Columbus. Things break, taxes, other expenses.
If you're at 38-40k per person, that's not enough to buy a house.
A lot of people on LRC are probably Gen Xers (those born between '64 and '81) who make 65k or more without blinking, so a lot of them have their houses paid off by now.
This post was removed.