HACKER Q&A
📣 fairytalemtg

Commit to inflated property price or high interest rate?


Would you rather buy inflated property price(up to 30% increase) at low interest rate(2% to 3.5%)

OR right priced property at high interest rate (5% to 7%)?

  👤 chiefalchemist Accepted Answer ✓
It depends. I'd have to see the total cost of each mortgage. And for the higher rate scenario I might factor in an eventual refinance at a lower rate.

Purchase price is not the price you're paying. That's a myth. The aggregation of the payments you're paying to take ownership of the home from your bank over (usually) 30 years is actual price.