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Forum » 2.5% interest on mortgage but don't like where we live
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Thread: 2.5% interest on mortgage but don't like where we live

post 1669832143 10-21-2022, 08:33 AM
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2.5% interest on mortgage but don't like where we live

https://www.reddit.com/r/personalfin...like_where_we/
"I find myself in a bit of a pickle. Moved to Louisiana in Aug 2020. We have a great home, a brand new build, and locked in a 30-year mortgage at 2.5%. The unfortunate part is we really do not like where we live. Not the town, but just living in the south. On paper, I can't justify moving. Ultra-low cost of living, affordable housing, and cheap money for 30 years. But, emotionally we're just not content. Not necessarily unhappy, but no way we can see ourselves living here forever. And, we feel moving elsewhere will give our kids better options and certainly better job prospects as they grow. But when we consider rising interest rates and the bonkers housing market everywhere, we feel stuck. Anyone else go through this? How do I make a rational decision?"
being a homeowner sounds wonderful!
post 1669832763 10-21-2022, 08:43 AM
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Originally Posted By anachron⏩
rent's due in 10 days, bud.
lol
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post 1669832813 10-21-2022, 08:44 AM
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Tempted to neg for posting reddit garbage Ken.
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post 1669832963 10-21-2022, 08:46 AM
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fukking LMAO. I am literally in the exact same situation. 2.5% rate and don't like where i live (northern florida)
post 1669833083 10-21-2022, 08:48 AM
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Nice anecdote you cherrypicked

>Renting actually SAVES you money, ****
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post 1669833163 10-21-2022, 08:49 AM
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Yankee moves to the south because its cheap but can't get along with anyone because of the massive cultural differences. OP uses this as an example of why home ownership is worse than renting. 200 IQ thread
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post 1669833233 10-21-2022, 08:51 AM
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Originally Posted By MonsieurWhite⏩
Nice anecdote you cherrypicked

>Renting actually SAVES you money, goy!
keep paying that interest to your banking overlords in a home you feel trapped in beacuse you cannot move due to high rates.
post 1669833393 10-21-2022, 08:54 AM
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Originally Posted By Anachron⏩
Just invest the difference in index funds - even if the difference is negative!
and whats crazy....if I dont like my index funds...I can easily sell them!

I dont have to pay a realtor a 6% fee.
post 1669833443 10-21-2022, 08:54 AM
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Lol the “rent is due” meme is lame as fuk, what you rulers don’t pay a mortgage? Or even if you paid “your” house off don’t you pay property taxes/ insurance?
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post 1669833483 10-21-2022, 08:55 AM
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Painful truth - People that hyperfocus on interest rates are the people that either cant afford a home or are trying to afford a home out of their finance range...

If you cant afford an additional two or three points for a time, you cant afford the home. Interest rates go up and down, you will be able to refinance. High interest rates are historically a short term problem with remediation via refinance.

Whats much more important is not buying a home in an inflated market. THAT is an unrecoverable "killer"...You will pay for that basically forever. There is no relief until the market booms again. That can take a decade or more and you may have to sell before it turns in your favor.

Dont get me wrong paying higher interest rates, for a time because of the Potus incompetence, sucks. Its not a long term situation, however.
post 1669833593 10-21-2022, 08:57 AM
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Originally Posted By kengriffeyjr24⏩
keep paying that interest to your banking overlords in a home you feel trapped in beacuse you cannot move due to high rates.
What he should do is find some fool like you to rent his house so he can just go buy a new one wherever he wants. 2.5% interest means he can probably charge you 150% of the mortgage in rent every month.
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post 1669833823 10-21-2022, 09:02 AM
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Originally Posted By RobParks2M⏩
What he should do is find some fool like you to rent his house so he can just go buy a new one wherever he wants. 2.5% interest means he can probably charge you 150% of the mortgage in rent every month.
why didnt everyone just rent their home in 2008?
post 1669834053 10-21-2022, 09:05 AM
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Same situation. 3% rate, but the house is draining me. Every week something else breaks and it's never cheap.

It's a good thing I own another house outright, otherwise, life would suck. Putting this piece of chit on the market and taking a $100k+ loss but not a fook given. srs.
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post 1669834173 10-21-2022, 09:08 AM
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Originally Posted By lockdev⏩
Same situation. 3% rate, but the house is draining me. Every week something else breaks and it's never cheap.

It's a good thing I own another house outright, otherwise, life would suck. Putting this piece of chit on the market and taking a $100k+ loss but not a fook given. srs.
impossible. housing doesnt go down (2008 will never happen again!) and you are locked in at 3%. Why would you ever sell?

everyone on the misc tells me there is no reason to sell. you are LOCKED IN
post 1669834553 10-21-2022, 09:17 AM
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This makes no sense....... You say because they own, they're SOL?

Why dont they just move to where they want to and rent?

B/C owning is the greater option then renting.

They even say it....... Its affordable. The issue is where they are, not what they own, or how much they own, or how much it costs. So regardless of if they own or rent, they're not happy.
post 1669834653 10-21-2022, 09:18 AM
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Originally Posted By kengriffeyjr24⏩
why didnt everyone just rent their home in 2008?
flawless logic
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post 1669834753 10-21-2022, 09:20 AM
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Originally Posted By iabs⏩
Lol the “rent is due” meme is lame as fuk, what you rulers don’t pay a mortgage? Or even if you paid “your” house off don’t you pay property taxes/ insurance?
are you saying renters dont pay towards the taxes and insurance.....

one of the dumbest comments from renting cucks is "omg my rent is going up 100"

when its like, did you think when property taxes go up 10% that yall vote on, that it wasn't going to cost you? lulz.
post 1669834803 10-21-2022, 09:21 AM
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Originally Posted By Anachron⏩
Rent's due in 10 days, bud.
Iirc people must pay by the 4th.
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post 1669834843 10-21-2022, 09:21 AM
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Originally Posted By anonkunbrah⏩
fukking LMAO. I am literally in the exact same situation. 2.5% rate and don't like where i live (northern florida)
So rent your house out and move someplace else?

That is given you can demand a high enough rent to at least cover the carrying cost and maybe a management company fee.
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post 1669834953 10-21-2022, 09:23 AM
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Originally Posted By iabs⏩
Lol the “rent is due” meme is lame as fuk, what you rulers don’t pay a mortgage? Or even if you paid “your” house off don’t you pay property taxes/ insurance?
You guys (rentcels) pay our taxes and insurance

10 days!
post 1669835073 10-21-2022, 09:25 AM
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Rent due next week. Get those coins out of the jar and start counting
:)
post 1669835183 10-21-2022, 09:26 AM
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post 1669835243 10-21-2022, 09:27 AM
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Originally Posted By iabs⏩
Lol the “rent is due” meme is lame as fuk, what you rulers don’t pay a mortgage? Or even if you paid “your” house off don’t you pay property taxes/ insurance?
Rentcel located
:)
post 1669835383 10-21-2022, 09:29 AM
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Originally Posted By MonsieurWhite⏩
flawless logic
everyone talks about how easy it is to just rent your home if you dont like it, get fired and need to move etc.

its a lot harder than you think..especially in a recession.
post 1669835593 10-21-2022, 09:33 AM
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Originally Posted By iabs⏩
Lol the “rent is due” meme is lame as fuk, what you rulers don’t pay a mortgage? Or even if you paid “your” house off don’t you pay property taxes/ insurance?
Are you just looking at it from a monthly perspective?

It's an investment. You build equity.

Rent is literally throwing money away.
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post 1669835663 10-21-2022, 09:34 AM
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Originally Posted By iabs⏩
Lol the “rent is due” meme is lame as fuk,what you rulers don’t pay a mortgage? Or even if you paid “your” house off don’t you pay property taxes/ insurance?
Checking in

Also I have tenants to take care of property taxes (and all other expenses) for me
post 1669836183 10-21-2022, 09:45 AM
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Originally Posted By BullittEV⏩
Are you just looking at it from a monthly perspective?

It's an investment. You build equity.

Rent is literally throwing money away.
In most amortization schedules most of your monthly payment is going to interest and taxes and insurance (throwing it away), particularly in first 5 to 10 years

You are building a marginal bit of equity but you are immediately in the hole upon purchase due to closing costs.

Add in any price drops(more common now), and you have like 5 years to break even
post 1669837273 10-21-2022, 10:07 AM
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post 1669837523 10-21-2022, 10:11 AM
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Originally Posted By kengriffeyjr24⏩
keep paying that interest to your banking overlords in a home you feel trapped in beacuse you cannot move due to high rates.
Just lol that rentcels still don't understand they are paying interest to their banking overlords.
post 1669837583 10-21-2022, 10:13 AM
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I live in a nice single family home subdivision and have never seen a house vacant for more than a month.

Doesn't seem too difficult to rent or sell even in Biden's inflatable money printing economy.
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