Here There and Everywhere

Expat wanderer

It’s Demographics . . .

I never thought I would see this day:

I remember when we lived in the Tampa area, we had a mortgage at 8%. We were selling the house, and I got a lot of calls from people who wanted me to take my next mortgage with them. I remember one guy, when I laughed at the rate he offered me, he asked what rate I thought I could get. I said 6% – and I told him, it’s demographics. The baby boomers are aging and are going to start selling or downsizing. There isn’t going to be the same market for housing that there used to be. He laughed at me and wished me luck before hanging up.

I think I got the next mortgage around 7%. We only had it five years and paid it off, and when we got the next mortgage, it was at 5.5% and we laughed every time we made a payment.

When we bought this house, we had a mortgage at 4%. To me, I had thought 6% was about the lowest mortgages could go, I was so so so so wrong.

Now, when I see these mortgage rates, I feel like I SHOULD buy something, but we are all paid off and we don’t need anything more. It sure is tempting, but it’s like Sam’s Club, where you get a great deal on nutmeg, if you need 10 lbs of nutmeg, but who can use ten pounds of nutmeg in a lifetime? It just doesn’t make sense, but the low rate is SO tempting . . .

October 25, 2012 Posted by | Customer Service, ExPat Life, Family Issues, Financial Issues, Living Conditions, Social Issues | Leave a comment