LambyCorn

A mfkn E

Recession/Mortgage advice?

Dear more seasoned veterans of life;

I just went to the bank and got approved for a mortgage. Monthly payments will be about $250 per month extra than my current rent

THINGS TO CONSIDER:

I am in Costa Rica, base salary is $26,000 per year and variable $13,000
I am 22
Constantly reaching quota in a SaaS USA company, with offices in CR

THE PROBLEM/WORRY;

The whole recession dooms day has been in my feed lately, leading to the anxious question of, "what if I get the mortgage and then lose my job"

Any advice here? Should I wait a year? Should I keep renting until the recession comes, kicks us all in the ass then sunshine comes round? Should I wait until MID recession and buy houses 40% cheaper?!?!

Idk, I need to hear folks who have more living experience than myself..

Thank you very much !!!!!!!!!!!

Should I do it?

Attached poll

Wait to see what happens with the economy Don't wait, get the mortgage now that you can

*Voting in this poll no longer yields commission.

🏠 Real Estate

16

15 comments

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unclespacejam

Politicker

4

ur dad’s brother

Catastrophizing never helped anyone. That being said, you don’t have to pull the trigger yet, interest rates are still going to come down if that’s your concern. Caveat to my caveat, you can’t time the market, if you can handle the extra expense on a yearly basis, dive in

jefe

Arsonist

6

🍁

^^^

As rates go down, prices generally go up. You might be paying less interest but have the same monthly cost.

unclespacejam

Politicker

5

ur dad’s brother

Also a very fair point! Maybe the answer is get in now, then you can always refinance later if rates drop

Revenue_Rambo

Politicker

2

Director, Revenue Enablement

You working with a US bank or CR bank?

CuriousFox

WR Officer

2

🦊

👀🍿

Justatitle

Big Shot

2

Account Executive

I don't believe you will lose your job, the fear right now is fueled by the presidential election upcoming. guess what, the days after the election the economy usually sees an uptick because the outcome is known. if the feds continue to cut rates you can probably get a better mortgage rate. With the current instability though you may be better off renting for the next 6 months instead of rushing to buy something.

Kosta_Konfucius

Politicker

2

ERP Sales

I would just be conservative to the monthly payments and LIVE OFF YOUR BASE ONLY. Consider everything else a bonus and use it to invest/build the safety net

FinanceEngineer

Politicker

1

Sr Director, sales and partnerships

You have to get out of your head a little. If you are getting cut from a US company with that low of comp, there are multiple people in the US that can go first for a much bigger effect.

SalesBeast

Politicker

1

Sales Leader

Mortgage rates go down and number of buyers goes up therefore prices go up. You can always refinance if rates drop much.

MRK47

Tycoon

1

Head of Growth

How much contingency fund do you have? Can't make life decisions based on worst case scenarios but it's sensible to consider them....and not ideal paying someone else's mortgage each month by renting...getting on the property ladder early is the best way to build wealth and if the mortgage amount is comfortably doable (still have some surplus each month), then go for it (but recommend having a 3-6 month emergency fund for worst case scenarios).

YoureMuted

Executive

0

Regional Sales Director

Came here to say this.

Sunbunny31

Arsonist

0

Sr Sales Executive 🐰

Story: bought my first house in 2001 at 7.25. I actually did lose my job later that year, but that’s not actually the point. Over time, we refinanced a few times, sold that home and bought a bigger one in 2009 - and my rate is just above 3%. Refinancing when you can and paying monthly will keep that roof over your head and enable you to build equity. The people who walked away from underwater mortgages in 08-09 missed out when the housing market eventually took an upturn. Anyway, buy what you can afford to hang onto and work hard to retain it if things get tough. You’ll end up ahead, but it’s a long game.

Carlosg

Politicker

0

SDR

Every year you will have news about next crisis and next mortgage buble. Economist had predicted 20 of the last 2 crisis...

TennisandSales

Politicker

0

Head Of Sales

If you can afford to buy a house, do it.

rates will go up and down, and when they go down, housing prices will SHOOT up. you wont be able to buy a house at 40% cheaper if you wait for lower rates.

if you lose your job you will get a new one.

buy they house. its a huge step in the right direction for many ppl.

Coffeesforclosers

Notable Contributor

0

Director Sales and Market Development

What happens if you lose your job and cant pay rent either? Owning is investing, either way youd have to get a new gig and fast. Do it

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