Mortgage Mumbling

So, it's 1am and I'm sitting in a bar.

A couple firetrucks zip by, full lights & sirens.

The handful of folks at the bar meet eyes and silently acknowledge "that's a bit weird."

We all go back to our drinks.

A few minutes later, a guy walks in and sits next to me. I greet him politely, but he's a bit grumpy. Apparently his apartment building is on fire. Naturally curious, I ask which one. Turns out he lives in the building I used to live in, on the floor I used to live on, two doors down from my old apartment.

Well, it's fuckin' one in the morning and I'm lubricated, so this turns into a whole nostalgia conversation.

We chat about how garbage the management is, about the changes I've seen, and all that dumb stuff.

Turns out he's saving up to buy a house - oh shit, I know something about that!

He makes a comment about how "once I've saved up enough for a down payment, the amount needed for a down payment has gone up."

I'm like "you only need to put down 5%; 3.5% if you sit through a homebuying course."

It was more of a conversation than this, of course. The conversation, however, gets him agitated. Apparently I'm mansplaining how to buy a house. Maybe I am - I'm actively closing a bar and he's here sober, apartment on fire.

The conversation still nibbles at my brain all these months later. You see, his complaint was about reaching the brass ring - something always slightly out of reach. My contention was that it was well within reach. He wanted to put 20% down and make minimum monthly payments. As mentioned, every time he hit 20% on a place (over several years) he was priced out. The solution is to put down a lower amount and then - crazy idea - he owns a house. Once you have it you can refinance with equity counting toward the mortgage (after a few years). Or you can pay extra on the principal. Or you can pocket the difference between rent and mortgage and just fuckin' fly to Fiji.

I thought it was a no-brainer. If the complaint is "I don't own a house" then the solution is "buy a house" - especially if you already have enough saved up for a lower percentage down payment! What do I know though?

I don't know what happened with the guy. I do know the apartment building didn't burn down. Maybe he's still paying rent on a shitty apartment instead of paying a mortgage on a shitty house.

I'll be here doling out drunk advice all the same.