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Jan 6, 2025
3:24
:30
pm
kimdaddy35
Former Fly Half
He can't afford his home because of a 2-1 buydown?
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kimdaddy35
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kimdaddy35
Joined
Aug 23, 2010
Last login
Jan 7, 2025
Total posts
52,866 (1,564 FO)
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Messages
Author
Time
A good friend of mine just lost his gamble on an interest rate buy down.
rad dawg
Jan 6, 3:22pm
He can't afford his home because of a 2-1 buydown?
kimdaddy35
Jan 6, 3:24pm
Seems like a huge underwriter failure
Kajdin
Jan 6, 3:26pm
The underwriter had to qualify them based on the base rate... unless it was hard money
kimdaddy35
Jan 6, 3:30pm
I believe it was a 3-2-1 and his business has slowed.
rad dawg
Jan 6, 3:28pm
Honestly, hard to fault his decision. He made money. There are certainly non quantifiable
kimdaddy35
Jan 6, 3:33pm
He will be fine but it's a tough lesson.
rad dawg
Jan 6, 3:38pm
It would have to be a 2-1 as rates 3 years ago were low 3's.
kimdaddy35
Jan 6, 3:35pm
Not necessarily, his hasn't expired yet.
rad dawg
Jan 6, 3:45pm
<< Deleted >>
RdF3
Jan 6, 3:25pm
What should he have done in 2022 had he known high rates would persist? Would have missed out on price increase. No?
roseyscenario
Jan 6, 3:30pm
Okay but transaction costs and the fact he has to get into another house will
rcbyufan
Jan 6, 3:34pm
Yes, at least some appreciate since rates have risen.
kimdaddy35
Jan 6, 3:35pm
Sounds like he is coming out ahead and got his dream home for a few years.
Baron
Jan 6, 3:43pm
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