Mithras61
(1000+ posts)
Send PM |
Profile |
Ignore
|
Tue Apr-04-06 10:08 AM
Response to Reply #42 |
| 43. I suspect that their credit sucks... |
|
That's the only reason I can think of to go with a 7.5% ARM when FRMs are at 5%.
My spouse & i just started looking at homes (we currently rent), and the first thing everyone wants us to do is go get pre-qualified for a loan. I already have a good idea of what we can afford and what I'm willing to pay for a home, and both values are below what we can pre-qual. I'm not into the bigger, fancier house in the ritziest neighborhood.
My in-laws used to sell real estate & I've seen too many folks that were house-poor and I won't allow myself to be one of 'em.
|
| -Some homeowners struggle to keep up with adjustable rates (mortgages) |
RamboLiberal |
Apr-03-06 01:17 PM |
#0 |
 -
it sure ain't easy |
mdmc |
Apr-03-06 01:18 PM |
#1 |
| -
Simple rule when buying a house: |
MercutioATC |
Apr-03-06 01:21 PM |
#2 |
 -
I'm at a loss on this story |
BOSSHOG |
Apr-03-06 01:24 PM |
#3 |
| -
A lot of people have taken equity out |
Juniperx |
Apr-03-06 01:30 PM |
#5 |
| -
I know MANY people that have taken their equity out.. |
converted_democrat |
Apr-03-06 06:04 PM |
#27 |
| -
I do.. |
sendero |
Apr-04-06 11:49 AM |
#52 |
| -
That's just it... some people have eyes bigger than their wallets |
barb162 |
Apr-05-06 12:50 AM |
#70 |
 -
We've had to take equity out to pay for our daughter's college education. |
phylny |
Apr-05-06 05:24 AM |
#82 |
| -
They had to... to pay off bills according to the story |
barb162 |
Apr-05-06 12:42 AM |
#69 |
| -
hey took the mortgage out on their house two years ago, for |
Dhalgren |
Apr-03-06 01:45 PM |
#8 |
| -
Modern loansd are MAGIC.. they turn houses into ATMs |
SoCalDem |
Apr-03-06 08:13 PM |
#29 |
| -
Good for you! |
MercutioATC |
Apr-04-06 02:02 AM |
#36 |
| -
The surprise of the lenders in your case tells me that the |
barb162 |
Apr-05-06 12:53 AM |
#71 |
| -
I totally agree |
Juniperx |
Apr-03-06 01:28 PM |
#4 |
| -
And those you refer to |
BOSSHOG |
Apr-03-06 01:36 PM |
#6 |
| -
Agreed. Caveat emptor. |
Roland99 |
Apr-03-06 02:14 PM |
#12 |
| -
5.5%, 30-year fixed... |
LostinVA |
Apr-03-06 05:49 PM |
#24 |
| -
5.2% 30 year fixed... |
Lenore |
Apr-03-06 08:17 PM |
#30 |
| -
5.87 30 year fixed. |
Karenca |
Apr-03-06 08:54 PM |
#31 |
| -
5.0% 30 yr Fixed! nt |
VegasWolf |
Apr-04-06 10:35 AM |
#48 |
| -
5% 15-year fixed here... |
MercutioATC |
Apr-04-06 01:56 AM |
#33 |
| -
Exactly -- I qualified for more house, but I got the house I needed |
LostinVA |
Apr-04-06 10:24 AM |
#45 |
| -
4.125% 15 year fixed. |
LeftHander |
Apr-05-06 11:06 AM |
#91 |
| -
This is the trap Bush has set for Americans to get their homes |
lovuian |
Apr-03-06 01:39 PM |
#7 |
| -
This isn't Bush's fault, it's simple economics. |
MercutioATC |
Apr-04-06 02:00 AM |
#35 |
| -
But the economy is in great shape. I'm sure these two 72&78 yr olds |
FloridaPat |
Apr-03-06 01:51 PM |
#9 |
| -
New cars? helping the kids? I wisah the story would have |
barb162 |
Apr-05-06 12:57 AM |
#72 |
| -
Paul Krugman wrote a NYT piece |
madaboutharry |
Apr-03-06 02:03 PM |
#10 |
| -
The problem is for these folks in trouble |
BlueManDude |
Apr-03-06 03:51 PM |
#17 |
| -
I remember when I was looking at condos |
CAcyclist |
Apr-03-06 05:07 PM |
#21 |
| -
I think it's an issue of buyer awareness. |
MercutioATC |
Apr-04-06 02:12 AM |
#37 |
| -
She WAS ostensibly my buyer's agent |
CAcyclist |
Apr-04-06 03:20 PM |
#62 |
| -
It's not their responsibility to make financial decisions for you. |
MercutioATC |
Apr-04-06 10:56 PM |
#65 |
| -
Well said, but people don't seem to be taking responsibility |
barb162 |
Apr-05-06 01:02 AM |
#74 |
| -
and a lot of people get hit |
superconnected |
Apr-05-06 05:19 PM |
#95 |
| -
For the record...I think you made the right choice. |
BlueIris |
Apr-05-06 06:06 AM |
#85 |
| -
Yes, he gave good advice. People look for those low initial |
barb162 |
Apr-05-06 12:58 AM |
#73 |
| -
My sister & her husband refinance every couple of years |
CrispyQGirl |
Apr-03-06 02:03 PM |
#11 |
| -
And when people are finally forced to live within their means... |
Juniperx |
Apr-03-06 02:32 PM |
#13 |
| -
May I suggest you read _nickel and dimed._ |
superconnected |
Apr-03-06 03:57 PM |
#18 |
| -
I've lived it;) |
Juniperx |
Apr-03-06 05:57 PM |
#26 |
| -
Seconded! |
Ignis |
Apr-04-06 12:07 PM |
#53 |
| -
That reminds me of a good book I read |
CAcyclist |
Apr-03-06 05:36 PM |
#22 |
| -
The Tightwad Gazette by Amy Dacyczn |
missb |
Apr-03-06 05:46 PM |
#23 |
| -
Thanks! |
CAcyclist |
Apr-04-06 03:12 PM |
#61 |
| -
And when they end up owing more on the house |
Demobrat |
Apr-03-06 03:48 PM |
#16 |
| -
Your sister sounds like my sister-in-law. Spend, Spend! |
barb162 |
Apr-05-06 01:04 AM |
#75 |
| -
In 2005 50% of mortages were ARMS! What a diaster! |
Joanne98 |
Apr-03-06 03:36 PM |
#14 |
| -
A lot of people are too young to remember the last cycle |
slackmaster |
Apr-03-06 03:57 PM |
#19 |
| -
They were called balloon notes.. |
AnneD |
Apr-03-06 06:07 PM |
#28 |
| -
You are so right... |
Tight_rope |
Apr-04-06 12:36 PM |
#55 |
| -
You're so smart... |
AnneD |
Apr-04-06 01:13 PM |
#57 |
| -
I remember the Bakersfield Californian created a whole section |
CAcyclist |
Apr-04-06 03:25 PM |
#63 |
| -
ARMs are bad news for all |
dbackjon |
Apr-03-06 03:45 PM |
#15 |
| -
In my area, for many people, they were the only way to afford any home. |
superconnected |
Apr-03-06 04:01 PM |
#20 |
| -
People should be reading the business sections |
barb162 |
Apr-05-06 01:13 AM |
#76 |
| -
In a very few cases |
Theodolite |
Apr-03-06 09:03 PM |
#32 |
| -
If rates are falling or you plan to move in 2-3 years, they can make sense |
MercutioATC |
Apr-04-06 01:59 AM |
#34 |
| -
All except big banks |
slackmaster |
Apr-04-06 09:01 AM |
#38 |
| -
Not so fast... |
Retrograde |
Apr-04-06 12:49 PM |
#56 |
| -
ARMs make sense |
laptoprepairguy |
Apr-04-06 02:04 PM |
#59 |
| -
Not bad news for us. |
phylny |
Apr-05-06 05:30 AM |
#83 |
| -
Not always |
lumberjack_jeff |
Apr-05-06 12:16 PM |
#92 |
| -
Refinancing After 45 Years? |
Crisco |
Apr-03-06 05:52 PM |
#25 |
| -
Yeah! That's what I asked! |
No Exit |
Apr-04-06 09:37 AM |
#39 |
| -
Yup--they've never had much money.... |
Bridget Burke |
Apr-04-06 11:28 AM |
#50 |
| -
Wow |
Misunderestimator |
Apr-04-06 09:40 AM |
#40 |
| -
The Browns refinanced to "pay off some bills"... |
Bridget Burke |
Apr-04-06 09:49 AM |
#41 |
| -
I wondered if they were medical bills myself |
lastliberalintexas |
Apr-04-06 10:28 AM |
#47 |
| -
Many retired people also have very high property taxes... |
herbster |
Apr-04-06 01:58 PM |
#58 |
| -
We paid more than $15K in property taxes last year. |
phylny |
Apr-05-06 05:32 AM |
#84 |
| -
I know a woman with eighty acres of farmland |
shrike |
Apr-05-06 10:10 AM |
#87 |
| -
A cautionary tale. |
trogdor |
Apr-04-06 09:56 AM |
#42 |
| -
I suspect that their credit sucks... |
Mithras61 |
Apr-04-06 10:08 AM |
#43 |
| -
Or they're old and the lenders wouldn't give them those rates |
lastliberalintexas |
Apr-04-06 10:22 AM |
#44 |
| -
That could also be the case, certainly... |
Mithras61 |
Apr-04-06 10:41 AM |
#49 |
| -
Wow, good thing to point out. |
superconnected |
Apr-05-06 05:46 PM |
#96 |
| -
You can get an FHA with bankruptcy on your credit |
LostinVA |
Apr-04-06 10:26 AM |
#46 |
| -
Exactly; the fixed rate mortgages were the cheapest in about 50 |
barb162 |
Apr-05-06 01:18 AM |
#77 |
| -
Now who at DU didn't see this coming!... |
Tight_rope |
Apr-04-06 11:46 AM |
#51 |
| -
And to think Alan Greenspan was crowing about ARMs. |
Gregorian |
Apr-04-06 11:04 PM |
#66 |
| -
A LOT of people are gonna get hurt with this. |
davsand |
Apr-04-06 12:36 PM |
#54 |
| -
I'm quite aware of the impact |
laptoprepairguy |
Apr-04-06 02:13 PM |
#60 |
| -
Some of us will benifit |
DavidMS |
Apr-04-06 05:30 PM |
#64 |
| -
How long do you think it will go on this time |
barb162 |
Apr-05-06 01:29 AM |
#81 |
| -
I can see |
laptoprepairguy |
Apr-05-06 04:44 PM |
#93 |
| -
I've been seeing the subject discussed in both the real estate |
barb162 |
Apr-05-06 01:20 AM |
#78 |
| -
Building alternative homes |
womanofthehills |
Apr-04-06 11:28 PM |
#67 |
| -
My wife and base our choices |
SLCPUNK |
Apr-05-06 12:13 AM |
#68 |
| -
That's very smart. It's a lot easier on the psyche to have money |
barb162 |
Apr-05-06 01:23 AM |
#80 |
| -
Good call. Have you read "The Two Income Trap"? |
BlueIris |
Apr-05-06 06:21 AM |
#86 |
| -
May I ask about zoning laws? Wouldn't straw bale be a super fire |
barb162 |
Apr-05-06 01:21 AM |
#79 |
| -
Adobe or stucco OVER the straw..practically fire PROOF |
SoCalDem |
Apr-05-06 10:30 AM |
#88 |
| -
i love earthship and straw bale technology |
faithnotgreed |
Apr-05-06 04:51 PM |
#94 |
| -
Surprise? |
ramapo |
Apr-05-06 10:30 AM |
#89 |
| -
I hope they feel dumb....and taken advantage of. |
LeftHander |
Apr-05-06 11:03 AM |
#90 |
Printer-friendly format
Email this thread to a friend
Bookmark this thread