Investment BS Thread - Stocks/Futures/Mutual Funds/Bonds/Commodities/Options/ETFs/401ks/Etc

Exactly. Unless that guidance is revised up. Which it never is. Companies would rather beat expectations in that situation. I'm really curious what the banks will do for guidance. Since this is such a unique situation I'd like them to just be honest. I can see tomorrows Market Watch Headline:

WF releases 3rd quarter guidance: We have no idea!

 

I did hear that mortgages are going to be harder to get now. Not quite like 2009+, but a little harder than they were before this. I don't know how that would impact banks, maybe a little less business.

 

The mortgage process should be tightened down honestly. My older sis just got a mortgage with a small biz making $1,200 per year on the books, a husband who's chronically unemployed, she has another house she still hasn't sold and 2 car payments. No idea how that happened.

 

It's the markets, and banks, ten year rule. That rule goes as follows:

After 10 years it's OK to return to shitty business practice to pad the bottom line.

 

Pretty much.

 

Every time I've applied for a mortgage, '99 '02 and '20, I've been approved for about double what I would be comfortable borrowing.

 

We were as well back in 2010, but the lender kept telling us just because you are approved doesn't mean we will in the end lend this to you. We ended buying a house for half that amount and still here 10yrs later.

As harsh as this sounds we were at least able to reap the rewards of the last recession and got a house that was nicely priced with a low interest rate while we both were earning $17 per hour and not married. If prices dont fall this time, that sucks for the 20yr olds now.

 

Maybe, if you're putting 20% down and the house appraises, they figure they can't really lose?

 

Who knows. We definately didnt put that down, only like 5%. Down payment was some stock sales and I saved the leftovers for a rainy day fund/bought my wife a wedding ring and paid off the rest of her student loans before we got married in 2012.

 

Not much of a day today. Was hoping to get more buying opportunity. See what tomorrow brings I guess.

 

If you ever wanted to buy CAT, today offered a good opportunity (I wouldn't be surprised if it gaps up a bit before open tomorrow).

 

Just looking at the "how much of a home can I afford calculators" is crazy. It says we can get a 350k + home. The payment is fucking crazy. I am good with money and save quite a bit of my income and couldn't imagine spending that much a month on housing. I am sure morons do it all the time and wonder why they live paycheck to paycheck.

 

That’s not much of a house in some places

 

The monthly payment depends a lot on down payment (or lack of one), PMI (or no PMI), interest rate, HOA, all of that. I ended up affording about double what I started shopping for, but no down payment, no PMI, and a low interest rate made it possible.

Edit: Oh, and property taxes will make a huge difference in monthly payments as well.

 

I agree, took a shot at 110 and didn’t fill. Was that kind of day for me

 

Thats one hell of a house in my place lol

 

I do the reverse, I put in what I want to pay to tell me what we can afford at that mortgage/down payment/etc. This time we did that, and then cut it to a 20yr loan.

 

I believe it, but here in texas minimum wage is also federal minimum wage. In places where costs such as these are higher, generally so are wages.

 

I fiddled around with it to make it more of what I would feel comfortable paying.

 

unless the market crashes and your 1 million is now worth a measley 300k ... now your in 50's and hope market goes back up or by 65 maybe compound back to at least double ... 600k SMH crashes suck