[quote=bearishgurl] flu, you’ve (arrogantly) managed to again twist my words to suit yourself.
[/quote]
(Reeling in BG for another hook, and another catch…)… Lol, I knew you couldn’t resist to respond again…..Welcome back…Round 3…. Ding ding… Let me post a long ass thread too.
[quote]
The purpose of my posts re: Option ARMS on this thread was to “educate” the ignorant (not that that was you, lol) in the difference between a Prime/Alt A Option Arm offered from ~1982 to ~2002 and the Subprime exotic no-income, no-asset (NINA) adjustable mortgage with regular interest rate resets, frequently I/O and with usurious up-front points and other usurious terms attached to it that we are all familiar with from the fog-a-mirror-get-a-loan, era. This type of (subprime) “Option ARM” (frequently not following any specific index closely) was primarily offered between 2004 thru 2007.
[/quote]
Does the concept of “staying on topic” mean anything to you? Point me to one part in this thread that the OP asked about an option ARM? Specifically, the OP posted IN THE VERY BEGINNING OF THIS THREAD the following (and let me show you how to use bold and emphasis
[quote=masayako]Hi guys,
I am looking for recommendation for 15 yrs fixed mortgage lender. Can someone recommend a good lender to work with?
(0 points, 0 fees)
Thanks![/quote]
Can you see where I bolded things? Just in case., let me do that again…
[quote=masayako]Hi guys,
I am looking for recommendation for 15 yrs fixed mortgage lender . Can someone recommend a good lender to work with?
(0 points, 0 fees)
Thanks![/quote]
Better? Ok, let’s move to the next issue.
[quote=bg]
There IS a distinction between the two, vastly different, “Option ARMs,” (if one is intelligent enough to compare).I fully realize that you may be too young to be familiar with the former, but it DID exist. And that is but just one choice (of many today) which has been taken away from prospective prime mortgage borrowers.
[/quote]
(c)
Yes, I am fully aware the there are two vastly different types of “ARMs” (and frankly, who gives a shit? ). Again, I think you have a reading comprehension issue.
(a) I never stated different kinds ARMs don’t exist and I never stated ALL ARM borrowers are not prime borrowers. That was your ASSumption …
(b) i stated option ARMs in my opinion are crappy deal when fixed rate mortgages are so low for borrowers that can qualify for a fixed rate mortgages. And not everyone is able to qualify for a fixed rate mortgage
You do understand the difference of what I stated in (b) versus what you assume iI stated (a) right BG? Let me help you BG with this one….. It is entirely possible that possible to be “prime” AND not qualify for a fixed rate mortgage because the latter also depends on the person’s income and how much they are trying to borrow, regardless of how good their credit might be. Pause…Think about that one for a moment…What do I mean by that?….Breath in, and breath out… Now, think. Did I say anything about the borrower must not be a prime borrower anywhere ? Can you see how someone can be a “prime borrower” and “not qualify for a fixed rate mortgage” now? If not, can you go back to (c) and re-read what I wrote 10 times.
[quote=bg]
flu, you’ve (arrogantly) managed to again twist my words to suit yourself. ….
I fully realize that you may be too young to be familiar with the former, but it DID exist. And that is but just one choice (of many today) which has been taken away from prospective prime mortgage borrowers.
[/quote]
Lol…. BG,
(1) I’m not trying to twist any words here. You’re just having a hard time understanding the words that I wrote on this thread, like on many other threads people write. You’re making ASSumptions on what I said, and then you’re quoting the ASSumptions you made on your own as things that I said…. It’s the same damn thing you do to other posters on every other thread, which every other poster calls you out for doing too. When you run out of facts to back up your claim, despite things being clearly wrong, you make ASSumptions on what the other person says and starts quoting them as if they say it to try to support your position.
(2) Even when you are trying to be insulting or end with a zinger dismiss what I said (now because I’m young?), it’s backfiring. Being “young” (thank you for the complement, because I’m not), has nothing to do with my understanding of what any type of ARM. Again, I don’t have an understanding problem. You have a reading comprehension and ASSumption problem…So if anyone is trying to put words in anyone’s mouth, it’s you…like you’ve done many many times in the past on different thread to others also…
Let me re-emphasize what I said…Since you seem to be into making text bold…
option ARMs in my opinion are crappy deals for people who can qualify for a fixed rate mortgage, when interest is so low for fixed rate mortgages…But not everyone can qualify for a fixed rate mortgage
Let me say it again. ..
option ARMs in my opinion are crappy deals for people who can qualify for a fixed rate mortgage, when interest is so low for fixed rate mortgages…But not everyone can qualify for a fixed rate mortgage
And just in case you missed it… I’ll say it again…
option ARMs in my opinion are crappy deals for people who can qualify for a fixed rate mortgage, when interest is so low for fixed rate mortgages…But not everyone can qualify for a fixed rate mortgage
Also, bringing up option ARM “to educate people” in this thread is really ridiculous. First, most people who are looking for mortgage already know this basic difference between fixed and ARM loans. Second, the majority of the people that would be shopping for a mortgage these days for a primary home will do a fixed rate mortgage, provided they can quality to get one. Why? It’s simple. 15 year fixed rate mortgages have a lower rate than most ARMs, like a 5/1 or 7/1… And 30 years aren’t that far off. So it is unlikely someone shopping for a primary loan would want to get an ARM, especially if rates have not many places to go, except up in the future. This is just common sense….
There…Now that I said that, I’m sure your next reply is you’re going to give me a long paragraph containing 15-20 made up reasons on why an ARM loan is clearly better than a fixed rate loan, just because you want to be right and argue for the sake of arguing….And while 2-3 of those points might support in certain limited, and corner cases of how an ARM might be used instead of a fixed rate mortgage, it won’t be relevant to most of the people looking for a loan, especially folks buying a primary home they intend to stay in.
