harperthe3rd
New member
@nungirl_7 I think you misunderstood my point.
I am saying that if you didn't qualify for a 1 mil mortgage 3 years ago, then you won't qualify for a mortgage today (assume your salary stayed the same). The effective interest rate / cost of the mortgage does not matter, because banks don't take it into account during their assessment.
The fact that housing prices are rising generally obviously makes it less affordable over time. But nobody is disputing that. We were talking about interest rates.
Makes sense now?
I am saying that if you didn't qualify for a 1 mil mortgage 3 years ago, then you won't qualify for a mortgage today (assume your salary stayed the same). The effective interest rate / cost of the mortgage does not matter, because banks don't take it into account during their assessment.
The fact that housing prices are rising generally obviously makes it less affordable over time. But nobody is disputing that. We were talking about interest rates.
Makes sense now?