Sadly, in so many places around the country, $300,000 homes aren’t even a possibility. Would like to see your numbers based on $450,000 or $500,000.
but for arguments sake, add 50% to the numbers or assume 600k and double them.
Housing prices will remain 'sticky' for a while, which will prompt a move to 40 and 50 year mortgages (which we may already be seeing).
People that refinance to get extra money out are not very bright. What is the advantage of going deeper in debt in today s’ world? I know people who do that to pay off credit card debt and then run the cards right back up. Ding Ding Ding.