Housing market

[Rabbuk]

I got dibs on being the guy chained up to the front of the Tatra T815 playing a guitar that shoots fire.

You're the first person I'm targeting for gasoline and beef jerky. I don't actually remember any of the plot of the movie since I was very stoned but I feel like there was a gas shortage and a bunch of guys in leather chaps that weren't in the village people.

 

[twincyties]

You're paying for it somewhere.

Probably true. Although the rate buydown may be worth it to the builder. They can’t afford to hold inventory and often have commercial financing to pay off quickly after homes are built.

 

[Gunnerclone]

You're the first person I'm targeting for gasoline and beef jerky. I don't actually remember any of the plot of the movie since I was very stoned but I feel like there was a gas shortage and a bunch of guys in leather chaps that weren't in the village people.

This is now a Mad Max thread.

 

[Sigmapolis]

Ride eternal, shiny and chrome!

 

[madguy30]

You're the first person I'm targeting for gasoline and beef jerky. I don't actually remember any of the plot of the movie since I was very stoned but I feel like there was a gas shortage and a bunch of guys in leather chaps that weren't in the village people.

Wasn't that Waterworld too?

 

[BCClone]

If we gotta be a mad max film, I pick the last one. The women were much hotter.

 

[rpcyclone2013]

How much does this even save? Even with 30 year loans most of your first payment is interest with very little principle. You're saving something like $100 a month on a $300,000 mortgage by extending that out another 10 years. This is getting into predatory lending territory.

A 30 year 300,000 mortgage would have a 1,799 payment compared to 1,651 for a 40 year loan per the google machine.

 

[KnappShack]

A 30 year 300,000 mortgage would have a 1,799 payment compared to 1,651 for a 40 year loan per the google machine.

Back in the day when my company was running with the fo-ty the payment was very close to the 30. The 40 had a higher interest rate which wiped out most of the savings.

Bring back the 125% HELOCs!

 

[mynameisjonas]

A 30 year 300,000 mortgage would have a 1,799 payment compared to 1,651 for a 40 year loan per the google machine.

You’re not taking into account of the interest rate on a 40 year mortgage is at least a half a percent higher than on a 30 year mortgage, so you maybe save $50/ month.

taking a 40 year mortgage is truly a stupid financial move for a borrower, but I would also add, any lender that’s trying to push this on their borrowers should immediately be someone never to do business with.

 

[brianhos]

This is still the funniest chart on the Internet.

View attachment 103646

That must have been ******* awful.

Yeah my first mortgage after college was 9%, and my parents told me how insanely cheap that was.

 

[clonebb]

Worth repeating. This 100% Now add in all the high end pieces that we can't possibly live without (granite, hard wood floors, high end appliances, etc)

Granite is out, quartz is in. LVP is replacing hardwood floors. Get with the times.

 

[KnappShack]

Granite is out, quartz is in. LVP is replacing hardwood floors. Get with the times.

Putting down LVP now.

How in the bloody hell is LVP replacing hardwood?!? This will be like Beaverdale homes when a new buyer would pull up the pink carpet and hope the wood was still good.

We'll look back on this and shake our heads. In the meantime I'm writing a fat check to cover wood floors. Son of a

 

[Sigmapolis]

Engineered wood is an insult both to wood and engineers.

 

[cyphoon]

How much does this even save?

30 year loan on $200k at 6.0% would be a payment of $1,199.10
40 year at 6.5% would be $1,170.91.

So it saves a whopping $19 or so per month if the 40 year comes with a half point interest rate penalty.

With no rate penalty, the 40 year payment drops to around $1100 for a monthly savings of about $100. It really comes down to how much lenders penalize the longer term loan.

H

 

[twincyties]

Longer term will almost certainly come with a higher rate because it’s more internet rate risk for the investor.

Agree with points above about it being such a small savings. And amortization comes slower so those who sell 5-10 years down the line will have less equity.

So it doesn’t do much to make things more affordable and doesn’t help to build wealth. It’s a really stupid idea.

 

[drmwevr08]

Engineered wood is an insult both to wood and engineers.

You can't insult engineers.

 

[Dr.bannedman]

Engineered wood is an insult both to wood and engineers.

tell that to the pharma companys bud

 

[Clonehomer]

Engineered wood is an insult both to wood and engineers.

Engineered wood is just a marketing term for plywood.

 

[BigBake]

Granite is out, quartz is in. LVP is replacing hardwood floors. Get with the times.

I'm still rocking a granite look a like laminate in my kitchen if that tells you anything.

 

[drmwevr08]

I can't afford a house anyway but I hate granite. Especially the stuff in my current house that hides the gunk.