Reply to Would you take a $950k mortgage on 300k salary?

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Reply to "Would you take a $950k mortgage on 300k salary?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It's risky but you will at least be better positioned to sell with a rate that high. This forum is filled with people who are trapped in their 2% mortgage that will never be able to sell.[/quote]

That doesn’t make any sense. People with 2% mortgages are equally able to sell as people with 6% mortgages, they just have more incentive not to. No one is trapped. [/quote]
Most people with 2% mortgages will downsize if they sell and buy a new house. The jump in rates and increase in prices make it impossible for a lot of people. There are always plenty of posts in this forum of people saying they feel trapped and can’t afford to move.[/quote]

The first post in this chain said OP is better positioned to sell with a $950k mortgage at 6% than if they had a $950k mortgage at 2%. Actually, they’re in the same position to sell, the person with the higher percentage has just been paying way more money in the interim. You’re saying that the person who doesn’t want to give up a lower rate is trapped when they’re actually just making a rational economic decision.

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