A home is one of the best investments you can make, regardless of mortgage rate. If you have a steady income and can slot it into your budget, pull the trigger, you can always refinance if rates take a miraculous turn downward.

From someone who waited too long, there is no benefit in waiting for a better rate. If you’re ready, then go. It’ll only be marginally better in even 2-3 years time

This post was edited on 5/8/24 at 8:50 pm

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Posted by lynxcat

Member since Jan 2008

24202 posts

Posted on 5/8/24 at 11:17 pm to CecilShortsHisPants

quote:

A home is one of the best investments you can make, regardless of mortgage rate.

This is just a bogus statement that disregards realities on life stage, personal finances, and income outlook.

quote:
If you have a steady income and can slot it into your budget,

No kidding...the problem is the OP can't afford a home in his area that effectively meets required criteria.

quote:
From someone who waited too long, there is no benefit in waiting for a better rate. If you’re ready, then go. It’ll only be marginally better in even 2-3 years time

It's not about rate shopping but you are greatly discounting the impact even 'marginally better' rates have over the life of a loan.

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Posted by makersmark1

earth

Member since Oct 2011

16011 posts

Posted on 5/9/24 at 4:52 am to CecilShortsHisPants

quote:
A home is one of the best investments you can make

In general, this can be true.

Sometimes the reality is you do not know how long you will be in an area. In the army I moved around a good bit. We did not buy a house each and every time we moved. Some assignments were on,y 2-3 years. Some companies have similar situations.

Over a generation, a house probably is a good investment, but will it harmonize with every possible 3 year time period when I need to move?

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