Good morning.
So yesterday, I had a long conversation with the bank I have been approved with for our house for quite some time. The lady, been a mortgage officer per her claims of nearly 30 years, spent an hour trying to explain to me why I needed to double my budget target, which would put my monthly payment at over 5k!! I was like no. She goes “most of this is interest, once they go back down to 2020 levels again, you’ll be able to refinance and cut that payment by 2/3rds and have a much more affordable payment”. And I said, and that’s not gonna happen anytime soon, she goes “well historically it’s still not a bad rate and everyone your age is doing it cause they know they can suffer through for a year or so at those rates and then refinance and saving a ton of money while having a house twice the value or more”.
I got up and left. Decided I’m done with that bank. It’s like they’re deliberately deceiving people into taking on way more than they can afford at the promise of one day having lower rates that they can refi for. Knowing full well that there is no guarantee those rates wilchickens!