Not really. We struggled for years to keep up with our payments, sometimes having scary conversations with our bank to try and work things out. When I was young in the 70s my father wasn’t able to afford a house at all despite working two jobs, and having a college education because interest rates were just as high and wages just weren’t there.
One thing I’ve learned is that in 20 or 30 years, young people will be claiming that things were easier now, but things have always been hard as hell. Minimum wage has never even been close to livable wage.
It reminds of a conversation I had in 1991 with an 89 year old neighbor who told me, “don’t let anyone tell you about the ‘good old days’, things have always sucked.”
Because OP’s probably not risky enough for the bank. Not worth their their time or money, even with closing costs guaranteed. They’re looking for a higher LTV borrowers to steer into ARMs and variable interest programs so they can sell off the risk at a net profit.
When I bought my first home in the late 90s, my interest rate was 7.75%.
At least back then prices of homes matched wages.
If nothing else, home prices at least matched the actual value of the homes. These days, you’re lucky to find a shack for $300,000 in the south.
Not really. We struggled for years to keep up with our payments, sometimes having scary conversations with our bank to try and work things out. When I was young in the 70s my father wasn’t able to afford a house at all despite working two jobs, and having a college education because interest rates were just as high and wages just weren’t there.
One thing I’ve learned is that in 20 or 30 years, young people will be claiming that things were easier now, but things have always been hard as hell. Minimum wage has never even been close to livable wage.
It reminds of a conversation I had in 1991 with an 89 year old neighbor who told me, “don’t let anyone tell you about the ‘good old days’, things have always sucked.”
I bought my house in 2009 right after the bubble and my rate is still 6.25 😞
Removed by mod
Because OP’s probably not risky enough for the bank. Not worth their their time or money, even with closing costs guaranteed. They’re looking for a higher LTV borrowers to steer into ARMs and variable interest programs so they can sell off the risk at a net profit.