Home to all things "Mildly Infuriating" Not infuriating, not enraging. Mildly Infuriating. All posts should reflect that.
I want my day mildly ruined, not completely ruined. Please remember to refrain from reposting old content. If you post a post from reddit it is good practice to include a link and credit the OP. I'm not about stealing content!
It's just good to get something in this website for casual viewing whilst refreshing original content is added overtime.
Rules:
1. Be Respectful
Refrain from using harmful language pertaining to a protected characteristic: e.g. race, gender, sexuality, disability or religion.
Refrain from being argumentative when responding or commenting to posts/replies. Personal attacks are not welcome here.
...
2. No Illegal Content
Content that violates the law. Any post/comment found to be in breach of common law will be removed and given to the authorities if required.
That means: -No promoting violence/threats against any individuals
-No CSA content or Revenge Porn
-No sharing private/personal information (Doxxing)
...
3. No Spam
Posting the same post, no matter the intent is against the rules.
-If you have posted content, please refrain from re-posting said content within this community.
-Do not spam posts with intent to harass, annoy, bully, advertise, scam or harm this community.
-No posting Scams/Advertisements/Phishing Links/IP Grabbers
-No Bots, Bots will be banned from the community.
...
4. No Porn/Explicit
Content
-Do not post explicit content. Lemmy.World is not the instance for NSFW content.
-Do not post Gore or Shock Content.
...
5. No Enciting Harassment,
Brigading, Doxxing or Witch Hunts
-Do not Brigade other Communities
-No calls to action against other communities/users within Lemmy or outside of Lemmy.
-No Witch Hunts against users/communities.
-No content that harasses members within or outside of the community.
...
6. NSFW should be behind NSFW tags.
-Content that is NSFW should be behind NSFW tags.
-Content that might be distressing should be kept behind NSFW tags.
...
7. Content should match the theme of this community.
-Content should be Mildly infuriating.
-At this time we permit content that is infuriating until an infuriating community is made available.
...
8. Reposting of Reddit content is permitted, try to credit the OC.
-Please consider crediting the OC when reposting content. A name of the user or a link to the original post is sufficient.
...
...
Also check out:
Partnered Communities:
Reach out to LillianVS for inclusion on the sidebar.
All communities included on the sidebar are to be made in compliance with the instance rules.
My salary didn't change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain't even a "good" home either. It was a 200k meh average ok home before. Now it's simply unaffordable
This is terrible advice. Paying anything you can up front saves you several times over in the long run.
Let's talk 500k house, 6%, 30 years, no pmi, no taxes, no extras...
Paying 100k (20%) up front you'll pay: $863,352.76
Paying 50k (10%) up front you'll pay: $971,271.85
Paying 0 up front you'll pay: $1,079,190.95
Paying 20% down (100k) will save you over 200k.
If you intend to live in the house indefinitely, you're so much better off if you put as much into the down payment as you can.
Edit: List formatting
That's great, in theory. In reality, you'll get stuck in a perpetual savings cycle like OP and in many cases never reach the mythical threshold.
200k savings sounds nice, but if you have to spend 5 years saving and housing prices jump 80, 90, 200% in that time that savings lead gets entirely erased.
You can always play around with your interest rate later on, but you can never change what you paid for the house
Happened once and we are currently dealing with the consequences., tbd
Also pay on time and as much as you can. Don't fall into the trap of paying to close to or at the minimum. If you do that you will be in loads of dept.
The longer you wait to pay something off the more interest it gains.
Usually, yes, but it's situational.
For example, I bought my house in 2009 during the depths of the Great Recession, with no down payment, and got a screaming deal. If I had decided to wait a few years to save up for a down payment, I would've been 500% screwed.
(That "500%" isn't hyperbole, by the way: that's how much more I would've had to spend to buy my house now instead of back then! Actually, I'd have been even more screwed than that, considering that I'd be paying ever-increasing rent the whole time, too.)
This presumes you can elect to either just spend the 100k now, that you may not have.
If you declare you want 100k, but let's say that would take you 10 years (and the goalposts wil move). That's likely 120 months of rent you will have to pay, so while you'll end up saving on interest, you'll more than lose out on rent.
Paying down aggressively and going with as big a down payment as you can reasonably afford makes sense. However waiting to save up for that downpayment may cost more in rental expenses than you'd save.
Good thing what I actually said was
My point was that the advice was terrible. Not that there are other circumstances that could make it useful. Overall, as a general rule you shouldn't want to just hold onto debt for no reason if you have means to pay it down. It's also why I specifically showed 10% as well rather than just the typical 20% downpayment, it furthers my point that
"As much [...] as you can" And not just some 20% or whatever magic number.
While true, I was thinking more about how the person you replying to probably was reacting to the trend of people talking about saving and waiting until they had a reasonable downpayment before they would consider entering the market, and how the market keeps running away from their downpayment savings.
The 'never make a downpayment regardless of context' would be bad advice, but I just presume there is a context in mind about not even having the downpayment to start with and being stuck on the rental treadmill as a result.