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But historically today's mortgages are not high.
Inflation has made home prices high, but weren't they high when we bought as well?
The difference is when we bought a home, we knew the minimum needed to satisfy the requirements to be eligible for a loan was 20% down and job stability with excellent credit.
THEN, if you wanted a better rate, you had more down.
For those who need to make a summer Europe vacation and a $7.00 vende's on the way to work, YOU NEED TO GO ON A BUDGET, and stick with it for 5-7years.
The quicker you do that, the quicker you get a 30 year mortgage. The quicker you do that and save even more, the quicker you get on a 15 year mortgage.
The quicker you do that, the sooner your savings pay that 15 year mortgage off in 10 years, (which goes amazingly fast).
When you finally have your home paid for, you can then choose investments.
If you have been studying and beginning to be successful, you'll then sell your starter home and have a dream home, to then again pay off.
A 7% mortgage is the average over the years. It is high during the ZIRP time period only.
So suck it up butter cup and get after the finer things of life.
Bob |
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