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Reply to "How much debt you have? Mortgage and student loans included."
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[quote=Anonymous][quote=Anonymous]How do people have such low mortgage balances in the DC area? Are the people responding people who have owned their homes 20+ years? [/quote] Probably. Also, some people have been on the property ladder for a while. I bought a condo when I was in my 20s instead of renting (only had to put 3% down and mortgage/condo fee/taxes was the same as rent). It went up enough that after 4 years I had enough equity to put 10% down on a townhouse (my salary went up enough to afford the higher payment). That went up enough that after 4 more years I had enough equity to put 30% down on a SFH. Because we put so much down we had a lower rate to start with and were able to immediately refinance when rates dropped because we had so much equity, but also kept making the same payments so we could pay off the principle faster.[/quote]
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