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spazzyone t1_j69fc72 wrote

Home prices are climbing, but I'm hoping the interest rates will come down some before I'm ready to buy. 4.7% doesn't sound like much, but for a 30 year mortgage you end up paying about double the principal during the course of the loan due to interest. I'm shooting for a high down payment since my rent is low rn, but it's a bitch if you have high rent and HCOL. Shortening the loan term would help some with interest, but it isn't an option for everyone when the principal (and therefore mortgage payments) are so high.

Interest is brutal and the housing market is a mess.

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xlem1 OP t1_j69zaol wrote

That's a fair enough reason to wait, as they are a little more predictable. Though it also depends on you ability to refinance. You can get away with a a slightly higher rate now, knowing interest rate will fall and you'll be able to refinance at a better time. Again it all depends.

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spazzyone t1_j6a5jvj wrote

Refinancing is an interesting option that I don't know much about. Have you refinanced? I was concerned about fees cancelling out some of the gains if I did it at the wrong time

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xlem1 OP t1_j6akpqb wrote

I have for my car, and it was pretty straightforward, I have not had to on a house. It can be expensive, but then again, you would have to do the calculations some people it's worth, others not so much.

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