Then there's all the expenses you didn't know about before you bought the house. If you don't have at least some DIY skills, you get to pay people a lot of money to fix things for you.

...BTW, the county just did a reassessment on your property and your property taxes have now doubled. In exchange, you get nothing. Congratulations.

And while we're ranting about this, can we throw PMI and whomever came up with it on the bonfire where they belong?

Your telling me that I need to pay for you to have insurance in case I default while your also charging me interest who's very purpose is to offset risk? Why am I paying to offset your risk FUCKING TWICE AND HOW IS THIS FUCKING LEGAL.

Shit infuriates me. I want all the bankers to get William Wallace on live TV, recorded and played back once a year during a mandatory viewing window so that we never, ever, forget.

They don't actually need regular payments for 10-30 years. They need you deposit that down payment cash ASAP so they can lease it to billionaires and crypto exchanges.

Actually i guess the bigger issue is that we're gonna be unemployed in 15 years due to a declining demand of human labor and then who pays back what?

Today you could afford the pay-back rate, but not in the future, and the banks are well aware of that.

Where y'all finding houses for 500/month with a 25k downpayment?

Seems cheap af. If you only did a 25k downpayment the mortgage would certainly be more expensive than rent where I'm at.

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.

The first time I applied for a loan, I didn't have a credit card yet. And they were like:

How can we know you're responsible with money?

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.

But maybe your parents are paying for everything

Ok? How does using a credit card change that?

To be the devil's advocate here. Rental payments vs mortgage payments is not an accurate comparison of the true financial burdens.

With many rentals some if not all utilities are included in the price of rent, whereas homeowners must pay the full cost of utilities. There is also the additional cost of home insurance and property taxes. Most rentals have the majority of their maintaince covered whereas the homeowner is responsible for lawn cutting, gutter cleanings etc. The cost of repairs and maintaince is not negligible. While renting if the heat quits or an appliance breaks, the landlord is supposed to cover the cost but owning means you must take that full cost.

In the posted example, having double the mortage payment in rent payment is probably adequate to cover the additonal costs but the comparison of renting vs owning is not black and white. Several financial managers have even studied that depending on your needs and income, you can actually be getting ahead financially by renting if you don't actually need the full benefits of owning and are able to maintain a store of wealth through other investments. This is especially true if you are in a rent controlled unit.

The corrosive corollary to ever-rising real estate valuations is that there is no incentive to keep buildings like condos nice or neighborhoods clean, someone will buy at the inflated price anyway since they all are inflated.

So basically I feel in Canada we live in a system that pulls valuation out of thin air, produces nothing, incentivizes no one, yet allows everything.

My issue wasn't getting pre-approved, it was being able to actually afford the mortgage amount I was pre-approved for. A lot of these companies don't give a damn if you can actually afford the mortgages they offer, because they know you'll either figure it out or go homeless trying.

I hate to break it to you, but mortgage payments are not cheaper then rent anymore. Obviously depends on your mortgage and money down and all that, but if you expect to pay half as much for mortgage payments as you did for rent, you're going to have a very bad time.

I saved up a big (to me) chunk a few years ago, thought I was there. Expected the red carpet to roll out. Nooooope. There were people buying houses for $100k more than the asking price, sight unseen, within a week or two of the house being listed. My little $40k deposit was adorable, in comparison. I had no chance. Then Covid, life, etc...

The deposit is not to prove you can make the repayments.

Housing markets do, occasionally, go backwards in value.

If you have a loan for a house which is more than the value of the house you would have an incentive to just stop paying.

Thats why the bank needs a buffer, in the form of a deposit. Its not really nefarious.

People don't want to twerk anymore!

Yeeeeah, I was too adult in 2008 to go "you know the real problem? We check too hard for solvency when giving out mortgages".

Not that I have a silver bullet for solving a housing crisis. There probably isn't one. You need a lot more public housing as a percentage of the total pool, that much I can tell. How you fix a job market where nobody holds the same position for more than a handful of years is beyond me. You probably need to make it much more expensive to own a house without living in it or renting it out. You definitely want to make it much more expensive for corporations to own housing.

Guessing that's harder to fit in a pithy, viral tweet, though.

Come back with some inheritance and then we will talk.

You can't even get an apartment here without making a ton of money. Cheapest studio apartment here is $1,500 a month. I have to prove i make $4,500 a month just to barely qualify, which i don't. Then they charge you so much for application fees, and then utilities they overcharge for, it's all a scam.

The problem here is inability to read between the lines. The [bank?]'s message is pretty clear: "Stop polluting my sight, you filthy poor."

How fucking old is this? Unless it's a real shithole, mortgages have not been this cheap since Truss fucked up the economy

Yeah saving the money to buy a house is terrible.

I know a lot of you are urbanites, but for anyone who isn't, check out the USDA 502 direct loan program

I've never paid a mortgage, but £500 seems pretty low. Do mortgage payments tend to be that much cheaper than rent prices?

"Landlords" are probably one of the oldest grifts in the book.

An ancient conundrum; you think anyone’s mortgage payment is £500, in any country? Ha!