First-time home buyers: how did you feel about getting a mortgage? (lemmynsfw.com)

submitted 6 months ago by Worx@lemmynsfw.com to c/asklemmy@lemmy.world

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An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think "that's 15 years I'll spend paying back, at absolute minimum. Probably more like 25 years" - how can I possibly plan that far in advance?

So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I'm mainly talking about the emotional side of things rather than financial

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[-] reversebananimals@lemmy.world 5 points 6 months ago

I bought 2.5 years ago so its still pretty fresh. It was very scary but I knew it was the right lifestyle choice for me. I had lived in my city for 5 years at the time and felt pretty confident (still do) that I want to stay local long term. Just like in all American cities, rents were rising fast.

It felt like I was overpaying at the time because of how much housing prices had risen the 5 years before, but a few months after closing I felt relieved and validated when interest rates jumped to 6%.

can I possibly plan that far in advance?

The good news is you don't need to. You can do the math to discover how many years you need to own a property in your local area to break even against renting: https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator

You can always sell a house you still have a mortgage on and use your equity to buy something else: https://www.zillow.com/learn/what-happens-when-you-sell-a-house-with-a-mortgage/ The downside to selling a house isn't the mortgage paperwork, its paying all the fees to brokers and banks to market the property and process the sale.

[-] Delphia@lemmy.world 4 points 6 months ago

And finding somewhere to live in the inbetween if the times dont line up can be costly.

this post was submitted on 02 May 2024

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