Quote:
Originally Posted by blankall
Ahhh...So now the wise move is for people to spend their youth saving, and then dump all of their savings into property with a 5% down payment and historically low interest rates....nothing could go wrong there.....
What a disaster...someone with a networth of $40k should in no way be borrowing $760k. It's a crime that's allowed to happen. At best you become a slave to that mortgage that will follow you for the next 30 years....
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No, everyone started out in a little hovel which slowly, and through good, honest, Protestant labour they transformed into a palace worth millions.
My dad's salary in 1985 was $42,000, and he bought my childhood home in Deer Run for about $110,000. Yeah, interest rates were nothing to laugh at, but no one could hope to achieve that income ratio now. He paid off his mortgage in 10 years. Who gets a 10 year mortgage now!?