At the age of 26, I borrowed 1.5 million yuan, and buying a house with "high leverage" became the biggest pain in my life
The "House World" column aims to take the story of buying a house as the main line, through the personal experience of buyers, describe the psychological process of buyers buying a house, life changes and psychological changes before and after buying a house, and reflect the life of the current society.
Text|Talk about the building city
The life that has not cried is not enough to talk about buying a house, and Junyu uses "great damage to vitality" to describe her experience of buying a house.
The property market is comparable to a hunting ground, and everyone involved in it is always experiencing a hunting game. Some people reap a lot of money effortlessly, and some people scatter their wealth and end up bruised.
In 2016, another round of hype in the real estate market began from first-tier cities, and the boom extended to second-tier cities and small cities around the first tier, and house prices increased exponentially again. How many people take the future house price increase as an important indicator of buying a house, can't wait to buy a house with high leverage, with the game mentality of investment, to enter the property market in a "full loan" way, full of joyful expectations of "lying down to win life", after all, no one wants to become a high-ranking takeover. The functions of the house are not just "home".
Lina is one of the epitome of the market, in order to make a steady profit in real estate "dream of making a fortune", in 2017 increased leverage to buy a suite in Wuxi, just in time for the golden period of rising house prices in second-tier cities, the price is higher than expected. But what she didn't expect was that the myth of "making money lying down" came and went so shortly, and she experienced a series of blows such as buying a house at a high point, cutting salaries and layoffs, and reducing interest rates on loans, and finally she couldn't empty the whole family to borrow money to repay the loan, and her heart was haggard.
Now, in the face of falling house prices, the "golden pit" of buying a house that she once envied has also become frightening, showing more uncertainty, and there is anxiety and regret.
Overestimated their ability to buy and repay, and borrowed 1.5 million to buy a house
High expectations and great loss, but what is left behind is a bunch of sadness and suffering.
At the beginning of 2017, Junyu and his wife started in a "high position" and bought a second-hand elevator room located in Binhu District of 130 square meters, with three bedrooms, two living rooms and two bathrooms, with an average price of 19,000 yuan and a total price of 2.47 million yuan. Not only did the down payment of 970,000 yuan come together by the parents at home, but also took out an additional loan of 1.5 million yuan, carrying a mortgage of 8,800 yuan every month. At that time, buying a house wanted to be in one step, both living and investing.
When I bought this house, the price was nearly 10% higher than the house price around the same area, and it was a proper high-priced house. Because of the good location, the surrounding subway and schools are available. Junyu overestimated the subsequent market situation, and finally followed the trend and waited for the appreciation. At that time, the property market was in the "final madness" of the previous cycle, and the transaction price soared all the way, once breaking through 2.7 million. Unfortunately, the good times did not last long, and with the landing of the regulation and control, house prices began a period of decline for many years.
Today, house prices have fallen to 2 million, and it took only 5 years to go from rising to falling. Looking back on this past, Junyu sighed, "If time can come again, I will definitely be cautious about buying a house, rather than entering aggressively." ”
Junyu graduated from graduate school in 2016, when she was 25 years old, and after graduation, she entered an Internet company in Wuxi, with a monthly income of 12,000 yuan.
After graduation, she has been renting a house, and Junyu has carefully decorated her small home, so exquisite that even the walls are decaled, cleaned every week, and kept clean and tidy at all times. I often cook and cook, my life is delicious, and I occasionally receive friends for small gatherings.
At first, she planned to work for a few years, and when she had a certain amount of savings, she was looking for a boyfriend to buy a house and get married, so she never paid attention to the property market during the period, nor did she think about buying a house, and she stayed away from the "unattainable" house price.
Fate seems to never play cards according to common sense, in this year she not only found a life partner, but also put marriage on the agenda, at this time they began to think about where to settle down in the future, where to buy a house, do not look at it and be shocked.
Although the Wuxi property market in 2017 was affected by various policies such as purchase restrictions and loans, the increase in house prices still led the country, with an average transaction price of 11,945 yuan / ㎡, a year-on-year increase of 12.5%. Looking at the entire market, there are more and more 20,000+ real estate, and there are very few 10,000 yuan real estate, the key is that the location is still very poor. Buyers struggle to move forward in many obstacles, such as wanting to buy restricted purchases, wanting to buy and not paying a down payment, and wanting to buy without approving loans from banks.
Junyu has also gradually transitioned from the original peaceful state of mind to an anxious state of mind, and quickly buying a house and getting in the car has become their top priority. It is also officially because of the anxious desire to get on the car, overestimating their ability to purchase and repay, and overestimating the mythology that house prices only rise but not fall, thus burying a fatal mistake.
Since 2020, as the transaction volume of second-hand houses in Wuxi continues to be sluggish, it is not uncommon for the monthly transaction volume to be less than 3,000 sets, and even less than 1,000 sets in some months, which directly affects the house price, and the price reduction of new houses and second-hand houses is close to 30%.
What is more deadly is income, when buying a house, Junyu's mood is too high, she feels that with her ability, it only takes three years at most, and her salary can rise to 20,000, although she has a loan of 1.5 million yuan to buy a house, as long as she can hold on, she will definitely be able to get through the difficulties.
Suffered from salary cuts and falling real estate, and was forced to become a high-ranking takeover
The moment she was notified of the salary cut, Junyu felt unprecedented pressure.
At that time, the dividends and spirits of the times were a thing of the past, and she only used "overwhelmed" to describe the state she would face in the future. For her high-ranking buyers, in addition to the need to bear higher loan interest and repayment pressure, there is also a shrinkage in property values caused by falling house prices.
In 2020, the Internet industry has been severely impacted, and many companies have broken their arms to survive in order to survive. Although the situation of Junyu's company is slightly better, it is also necessary to reduce the salary of all employees, and many employees' salaries are directly halved, while Junyu is still good, and the salary has been reduced from 12,000 to 9,000. In contrast, her husband was not so lucky and was directly fired. At the moment of unemployment, I felt very confused, and I submitted my resume for two or three months, almost all of them were lost in the sea.
When all expectations are dashed in an instant, all that remains is high pressure.
When they bought a house, they didn't have much cash flow, and they didn't have much left after the mortgage and family expenses. Now the market environment is not good, my husband has not found a suitable job after leaving, and all the pressure at home is supported by Junyu alone.
In addition, the house prices in their community were originally much higher than those in the surrounding areas, and the housing price bubble was punctured, and it fell even more, and the current transaction price is generally 300,000 lower than three years ago. Secondly, the mortgage interest rate has also fallen sharply, at that time Junyu was 5.88%, and now the lowest for the first house is only 3.7%, calculated down to the loan of 1.5 million yuan, the monthly payment is directly less than 2,000 yuan, a year is 24,000 yuan, not to be counted, a calculation is all exposed problems.
"House prices have fallen, but I have become the high-ranking takeover among other people," Junyu said helplessly.
"Household income is 10,000+ less per month, which directly makes the survival fault. Originally thought of relying on buying a house to appreciate, and the house price gave me a "high open low go", directly up is a loss of hundreds of thousands, according to this market conditions, house prices may continue to fall, which can stand it. ”
We are like that salted fish, in such a market, it is difficult to turn over. And we have no other way but to accept. Now she is anxious and confused, and everything can only be blamed for her miscalculation and failure to manage risks.
In order to reduce the pressure of mortgages and take risks, buyers are advised to be rational
In recent years, house prices have been going downhill, and the era of enjoying the dividends of buying a house and doubling wealth has long passed.
Like most people, Junyu and his wife only have this property, and it is certainly not realistic to sell it. In the face of the mortgage that fell to the top of 3, I can only sigh about the bad luck, and the psychological imbalance is getting stronger. How to save money and reduce the loss of buying a house has become her top priority.
Jun Yu rested at home and had nothing to do, calculated the difference between 5.88% and 3.7% of the monthly payment, and found that the difference in interest was extremely large, if you could save this money, the pressure could be reduced a lot, the more Jun Yu thought about it, the more excited she became, plus she had learned about early repayment before, and she was instantly moved, but after the blood surging, she immediately calmed down, and early repayment was not suitable for her at all.
The reason is very simple, one of them, Junyu's family situation is average, she wants to repay the loan in advance, she must borrow money from many friends and relatives at the same time, at least 1.2 million, not to mention how much favor is owed, once someone is in a hurry to use money, Junyu can't pay back the money at all. Second, with the influence of real factors such as inflation, the purchasing power of money will definitely fluctuate in the future, and it may decline, and early repayment now will suffer.
Since this road is not accessible, another way has to be found.
The high interest rate of 5.88% became a thorn in Junyu's heart, and it was difficult to settle. With the acceleration of mortgage reduction, high interest rates replace low interest rates, and the demand for re-lending is high. At the instigation of the housing agent, she began to pay attention to "relending and interest rate reduction". "On-loan" is actually a business loan, which is actually to convert your home mortgage loan into a mortgage product by crossing the bridge, saving the interest difference in the middle.
Under the "sugar coating" of on-lending, there are multiple traps and risks, and high preferential conditions are extremely tempting.
Take Junyu, the current mortgage interest rate is 5.88%, if you can reduce the interest rate to only 4% through on-lending, a loan of 1.5 million yuan can save 600,000 interest, and the monthly payment can be 1,700 yuan less. For Junyu's family, who have just been cut in salary, this is undoubtedly an astronomical amount saved. Knowing that the risk of "relending" not complying with the rules was great, after thinking about it, he finally succumbed to Wudoumi, convinced himself, and sacrificed his life to take risks.
Behind the "low-interest temptation", it is usually a pit dug.
In March 2021, as the thunderstorm of business loans intensified, some houses were auctioned, some people were sentenced for violations, and some people died due to the risk of borrowing. The state has also begun to further crack down on illegal inflows of operating loans into the property market to avoid the occurrence of various risks.
The news on the Internet is overwhelming, and Junyu, who reads it, is worried every day, for fear that his "home" will be lost. This state lasted for more than 3 months, the whole person lost 10 pounds, the family was afraid that she would get sick, and finally forced various relatives, friends, and classmates to borrow money to repay the loan in advance, just to make her feel at ease.
At first, she just didn't want to increase the burden on her family, and she didn't want to look at her face to borrow money and owe favors, so she embarked on the road of "on-loan and interest reduction", but she didn't expect to finally embark on the road of borrowing money. Borrowing money with your head down is not an easy task in itself, but after borrowing money, how to repay it is deeply pondered. But life has to go on, and in the face of the situation at this time, she can only bite the bullet and move forward.
"Do what you can" is the word she mentions the most, and her tone is mixed with a little reluctance and regret. Although she obtained a loan with a lower interest rate through a certain way and earned a little "small profit", long-term uncertainty and risk can push people to a place of disaster at any time.
For his radical way of buying a house, Junyu recalled that when he bought a house before, he felt that as long as he made a down payment, the mortgage would not be a problem, and he plunged into the joy of buying a house regardless of it, and even overly optimistic about his income in the next 10-20 years, so he began to blindly increase the leverage to buy a house, never having a sense of worry, let alone thinking about the consequences of unemployment.
Today, the real estate market is no longer the cusp of the storm, and buying a house for the purpose of "making money" must remain rational. It also advises buyers who are about to enter the house to make a long-term assessment of their economic ability before buying a house, do not be overly optimistic, and base on the present, which is the best choice.
(At the request of the interviewee, Junyu is a pseudonym)