At the time in 2013, I was able to get a 4.2% 30 year loan.
I refinanced in 2019 to a 15-year loan at the 2.1%, and in 2020 when rates were still low, I dumped more into the principal from a bonus, so I only have about 5-7 years left.
This is a super-hot Hudson River train destination , where people are dying to pay 3x what I paid for this home, but I can rent it out for 2x my mortgage. Even if I move, I’ll probably never sell this place.
I think this is also what’s going to happen - people with low rates who can afford to keep properties will make more renting them if they can. Rents are sky high too.
that’s a mentality the boldly touts profit over someone else’s quality of life. Housing, through the warped incentives of the government has been changed from a vital necessity to a speculative asset. The problem is the system is rigged to make it always go up.
If the US imposed an imputed rental income tax and disincentivized people from treating homes as businesses housing prices would be more affordable.
The political implications of large swaths of the country unable to afford to live comfortable due to housing instability will come for the homeowners soon enough. Political… Read more
