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I see several posts from people asking how they can help during these times with a few extra $$$ to spend. Here is just one of many ideas.
www.stepuptothetable.com
#stepuptothetable is about helping local restaurants who are struggling during these times. I have seen numerous linkedin posts with videos where people challenge each other to step up to the table & buy meals & gift cards from their community restaurants. A great way for those of us who are more fortunate to support business & keep people employed.
Big mood. 😴
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Just remember that while the rent may be the same amount of a mortgage, you won’t be paying for any of the other costs that come with the costs of owning - repairs, maintenance, lawn care, etc. It isn’t as simple just looking at those two amounts so I wouldn’t be worried about “paying for someone’s mortgage.” I’m a primary home owner and a landlord but there are many times I wish I was a renter.
Also, interest rates aren’t “so much higher” than a few months ago. 4% down to 3% or whatever just doesn’t materially matter esp. with interest deductions of you itemize. People in the early 90s were paying 10+%! So don’t let that bring you down.
I also caution against the “just rent your current house advice.” It isn’t easy being a landlord, especially if you don’t have at least some handyman type skills/knowledge.
Take a breath and relax. If the worst case is you and your family are healthy but your kid goes to a bad school for a few months (won’t have to wait a whole year), you are going to be okay.
Thank You 🙏🏾😊
Why don’t you rent your current house and also rent? The housing market prices will dip going forward as people are laid off and cannot afford their mortgages so I wouldn’t want to enter into any big financial commitments during these uncertain times
Yeah you’re right... have faith and take care of yourself and your family! Don’t over stress
To move in a better school district for my two daughters.
1. I am scared I won’t be able to get all this done by August.
2. I am also scared that the new house may be too expensive in case I loose my job etc ( don’t think this will happen but who knows.)
3. Interest rates are so much higher now than they were a few months ago.
Should I just sell my house and rent? The thought of renting freaks me out knowing I will be paying for someone’s mortgage and it may be the equivalent of a mortgage.
The sale of my old house should give me at least 20% down and I saved up about $20k for my emergency fund and maybe putting more down.
Would you take a home equity just to buy a new house if the old house doesn’t sell? Knowing you can barely afford old and new mortgage? Would you put your kid in the 1/10 school rating and wait for a year?
No, in Atlanta