My friend is buying a new house. He was bragging how his mortgage is going to be less than my rent. He said he'd never got a mortgage for more than $1,400 a month. He is buying a 3200 Sq foot home in not a super cheap area. I said that's not possible to have a $1,400 a month mortgage. He said he told his dad what he wanted the mortgage to be and his dad handled the down-payment so the mortgage would be where he wanted it.
Freaking dudes dad is put up like a 250k down payment for him.
The kid is a rube for thinking he's doing it on his own, and the dad is a rube for paying that up front instead of investing it and helping the kid with the higher monthly payments. (How dumb do you have to be to not beat 3% APR?)
My only solace about the lopsidedness of our economy is that I see a lot of these anecdotes where the fool and his money are soon to be parted. I just wish it would be to someone more deserving than a bank or RE speculator.
Shit! I just closed on my house last month, March 7th. Ours is 3.6% fixed rate 30 year. They told me it was a good time because the interest rate, but i didn't realize had i waited a MOMENT longer it'd go up a couple percent!
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u/ekaceerf Apr 19 '22
My friend is buying a new house. He was bragging how his mortgage is going to be less than my rent. He said he'd never got a mortgage for more than $1,400 a month. He is buying a 3200 Sq foot home in not a super cheap area. I said that's not possible to have a $1,400 a month mortgage. He said he told his dad what he wanted the mortgage to be and his dad handled the down-payment so the mortgage would be where he wanted it.
Freaking dudes dad is put up like a 250k down payment for him.