I went from an apartment that cost ~$1250/mo. To a mortgage that costs ~$4300/mo. Just got the “privilege” of owning a home (and paying for all repairs myself).
I can only afford this because of the people I’m sharing that cost with. We’re all on the deed, and we all have a stake, and claim to, the house. Four of us.
My payment didn’t really change.
The only way we could get to the point of a down payment is that one of the four of us has been saving for something like this since they were in highschool. Because of their effort, we had enough for a down payment.
And I’m lucky to be in this position.
What a fucking crock of shit.
Despite all of this, I’m hoping the market takes a dive so the rest of you can do the same at a much more affordable rate. I’ve already spent the money and I’ll be spending years paying it off. I didn’t buy a house up objectively save money, I bought a house for stability. I never want to move ever again. There are good reasons for that which I won’t get into. I promise that I will have ZERO issues if you all get a better deal than I did. I hope you do, and I hope the housing market, specifically the rental/flipping/“income property” markets crash, hard.
In the same way, I’ve paid off my school debt, I’m in favor of school debt forgiveness. I also enjoy pretty good health, I’m in favor of universal healthcare. I’ve never caused, not been the victim of a fire, I’m in favor of fire departments.
I could go on.
Good luck everyone.
PeriodicallyPedantic@lemmy.ca 7 hours ago
The first time I applied for a loan, I didn’t have a credit card yet. And they were like:
Because I haven’t needed credit in the past and I’m still alive, idk? Having enough liquidity to not need credit would seem to suggest I’m good with money.
Ok? How does using a credit card change that?
bunchberry@lemmy.world 2 hours ago
They are NOT looking to see if you are responsible with money. They are looking to see if they can make money off of you, so they want you to be a heavy credit user. Before I bought my house I made sure to take out two credit cards and just buy random shit on them for a few months because that boosts my credit score drastically which then made it easy to get the loan.
filcuk@lemmy.zip 5 hours ago
Considering how much data they can get on anyone, this process seems pointless and outdated, except to give them somewhat arbitrary power over who can get a loan.
Not that I like such private data to be available at any institutions fingertips, but so it is these days.