Mortgage Market Reopens to Risky Borrowers

Re:Mortgage Market Reopens to Risky Borrowers by tjr225 on Wednesday August 21, 2019 @03:37PM (#20760804)

I ended up buying, but in a low cost of living area.

In spite of the high wages possible equity it still seems risky/unfeasible to enter Seattle's housing market right now. First I would have to get lucky that a 400k house/condo would appear on the market. Then I would have to come up with 40k for small down payment on the cheapest house/condo in the metro area. Assuming I wasn't outbid by a developer or someone with more money than myself, I'd then have a nearly 2k a month mortgage - in addition to any maintenance/repair costs we might(will) incur.

If I or my wife lost either of our jobs that would be a stretch, and we have pretty good jobs. Our family is all 2500 miles back east. Too much to lose.

Maybe someday.

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Re:Mortgage Market Reopens to Risky Borrowers by toomuchtodo on Wednesday August 21, 2019 @03:52PM (#20760996)

You made the right decision. Pickup a condo cheap when a dip happens, but you’re insulated from a downturn. Patience is an investor’s best friend. This is how I built my real estate portfolio over the last decade.

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