Quote:
Originally Posted by howard
There is more houses for sale then buyers. And its impossible to get a mortgage. Its never been this bad. You must be +20% down with 750 credit.
Say property your buying is 400k. Your need 80k down + taxes and closing fees. Its plus 90k. 7 years you go to sell property you might have to take less. And all the money you put into it. then everything in house must be up to date to sell. you have to fiz up a place to sell it. here is the part that makes you vomit. Take that 90 and buy a mutual fund and in those 7 years it might be worth 300k.
ANSWER......RENT......unless your a family staying put for 15-20 years
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Oh no...!
Here we always had 30%+ down, that's why we don't have the foreclosure BS going on in the states. Way less toxic loans. You actually need a bit more to insiure the loan here rather than just a property alone, but hey, who told you to go buy a 400k property if you can't find insurance for that other 30%. Think banks are stupid and should just lend like there's no tomorrow? We all saw how that worked fine.
And 90k turning into 300k in 7 years while you are incapable of coughing up 90k? Wow... Turbo loan wishes, turbo profit wishes... fucking nice. Let the financial gods have mercy on you.