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Home Shopping/Mortgage Rates (vlemmy.net)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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Anyone out there actively shopping for mortgages/homes in the US? What are you getting for a rate as of late? How's it going? We are shopping for homes so we haven't locked a rate. It's insane out there. We've only put an offer on one house (tons of crap out there right now) but were beat out by a cash offer with inspection waived. Even if we do end up getting a home I'm worried we're going to be one layoff away from losing it.

We've owned our current home and remodeled the kitchen and bathroom but due to its size it hasn't appreciated as much as other houses on the market. Buying a bigger home seems like a worse idea by the day with the high rates and low inventory. I kind of wish we would have bought too much house when we bought the first time instead of buying a starter home.

Edit: I'll add our budget and income and you all can tell me if I'm worrying for no reason:

Combined income: $245k
Emergency fund: $40k
Debts: $1150 car payments
Large monthly: $1800 daycare

Max budget: $650k Down payment (all equity likely): $130k

We'll be using some of our savings and a 401k loan for the down payment and then recasting the mortgage/paying off the 401k loan after the sale of our other home.

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[–] [email protected] 9 points 1 year ago* (last edited 1 year ago)

If you feel that you'd be one layoff from losing the house, perhaps it's just too much to take on at this point? That sounds like a lot of stress. If I had to pick between a smaller home that I can afford, and buying a bigger place that puts me on a super tight budget, I'm picking the first option.

I also recently bought a starter home (1.5 yrs ago) that I've quickly "outgrown". But the fact is with current rates, it doesn't make a lot of sense financially for me(and probably many others) to "upgrade" yet.