Equity rises, so you can put 20 % into a larger home. You get rid of PMI, salary

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Jul 31, 2020
12:03:45am

cougaman Truly Addicted User

increases so people can afford a higher payment, etc. People are living at the edge of their means.

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cougaman

Bio page: cougaman
Joined: Mar 11, 2006
Last login: May 6, 2024
Total posts: 68,672 (4,452 FO)

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Messages

Author

Time

Honest question: How do Utahns afford all these 5-600k+ homes everywhere?

Adwight

7/30/20 10:45pm

All of the above.

Soupie

7/30/20 10:47pm

No one learned their lesson from 2007

Rivers Cuomo

7/30/20 10:49pm

Or did they....

Harbinger

7/31/20 7:09am

TNT is guessing most young couples from Utah

TNT

7/30/20 10:49pm

They overextend but then get bailed out by a rising market. And then once the

JollyGreenGiant

7/30/20 10:49pm

A lot of people bought their home at 160k and sold it for 390k.

Future_Tacos

7/30/20 10:50pm

You'd be surprised how much money many people make. There are loads of very well compensated people in Utah.

mulletino

7/30/20 10:51pm

meant more for jollygreengiant etc.

mulletino

7/30/20 10:52pm

My neighbor is a custom builder, they only do million plus houses now, mostly

Nat Gas Man

7/30/20 11:25pm

Rolling equity from one property to another. My brother is a school teacher and

byubyu

7/30/20 10:52pm

I was a year too late. Got our first place that we could barely afford

Adwight

7/30/20 10:55pm

I don’t really understand how the rolling equity thing works.

stenso

7/30/20 11:09pm

Sometimes you don’t have any fees and if you get a bump in income the rolling

Nat Gas Man

7/30/20 11:17pm

It helps to go from 1 30 year mortgage to another after paying for 5-10 years

cougaman

7/30/20 11:18pm

That makes sense. You’re applying the equity you’ve paid into the loan. However,

stenso

7/30/20 11:33pm

Equity rises, so you can put 20 % into a larger home. You get rid of PMI, salary

cougaman

7/31/20 12:03am

What if your home value rose a ton and then you buy a new home with that equity with a 3.0% rate instead of 4.5%?

mulletino

7/30/20 11:18pm

Find someone to overpay for your home and then find a good deal. Not always as

byubyu

7/30/20 11:45pm

Here is my home buying history as an example...

Fdnman

7/31/20 6:26am

Yeah, except you don’t pay a 550k 15 yr mortgage without really good income

Nakedbootleg

7/31/20 9:49am

True...though I have 10 years paid down on mortgage so it was quite a bit lower

Fdnman

7/31/20 10:10am

If you are taking out a new 30 year mortgage every time...

OPINIONS

7/31/20 9:15am

Mormon Mafia Money.

BYUtka

7/30/20 10:54pm

That’s only in Virginia

Nat Gas Man

7/30/20 10:55pm

How do I get in on this?

Harbinger

7/31/20 7:11am

Move to VA get a job with the Federal Government live in McLean

Nat Gas Man

7/31/20 10:21am

Well, i will at least say that property taxes are waaay lower than Texas

Heath Squashwell

7/30/20 10:57pm

Lower income taxes help offset that

nephicoug

7/30/20 10:58pm

That’s the theory but we’re paying way less overall in Utah

Heath Squashwell

7/31/20 7:43am

The math doesn’t work out In Utah’s favor

GulfCoastcoug

7/31/20 7:55am

Depends on your income I guess. For me the math works out way better.

Heath Squashwell

7/31/20 11:24am

Here in Oregon we have high income tax And property tax, So win win for us...

cougaman

7/30/20 11:09pm

Correct answer is Yes

NorCal_Coug

7/30/20 10:57pm

A lot of the people in my neighborhood have turned their basements into

Nuke

7/30/20 11:08pm

This is my street. Not because they need help with the mortgage, but rather the

Nat Gas Man

7/31/20 12:23am

Reminds me of this commercial

machete

7/30/20 11:11pm

A lot of tech jobs in the state don’t even pay that. Utah severely under pays

YIsForBrigham

7/30/20 11:21pm

California migration in my once small town.

Nakedbootleg

7/30/20 11:28pm

For years the joke in Utah was “Welcome to my Big House, sorry there isn’t any

Nat Gas Man

7/30/20 11:32pm

Some can afford it, some can't, but still have it

jhingman

7/30/20 11:50pm

Or is it Cali people who hate Utah moving in?

StalwartBraveTrue

7/31/20 12:00am

Here in Calif. I know several people who got big “help” from parents for down

byu1

7/31/20 1:26am

Also in California, also bitter.

JuicyJam

7/31/20 7:11am

I just don’t get how many qualify for loans

cougfanz

7/31/20 4:35am

I know there's concern in the church about how few senior couples are

Gustav

7/31/20 6:06am

top 5, in the order (order is my own informed guess)

Linescratcher

7/31/20 6:24am

This post is spot on

homegrown

7/31/20 7:37am

Two incomes is a big part of it.

Belboz

7/31/20 8:35am

But doesn't Utah have lower percentage of dual income households?

Gustav

7/31/20 8:44am

If you think Utah is bad, imagine growing up in the Bay Area in the 70s/80s/90s.

Mitty

7/31/20 11:53am

Buy in a highly desirable location 16 years ago for a laughable amount

A_blue_car

7/31/20 11:57am

The latter I expect

jkccoug

7/31/20 2:55pm

Down payment is high from selling a house elsewhere.

abyunobody

7/31/20 10:21pm

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