November 14, 2006 at 8:08 AM #7910tugg49Participant
The answer to my (ARM soon to be kicked in) dreams! Ten years of living in San Diego ina 3500 SF house for 74 bucks a month. After payment 120 who gives a rat. I had ten years in San Diego for less than 10K in mortgage payments!
1/4%…7.64 APR with IR fixed at 7.5% for the first 120 months.Deferred interest will accrue and actual principal balance will increase!MAX NEG AM is based on LTV…..It’s suicidal! but for 10 years I can live in San Diego for 75 bucks a month.
My question is what would the balance be after 10 years on 6 month 1% max interest adjustments. AND if I didn’t give a rat about my credit, paying the balance, and living in San Diego in ten years WHY NOT! It’s definitely a here and now….grasshopper and the ant issue. I know most of you will be against it but why would anyone do/not do this? It’s pure insanity but made for some lively conversation around our soon to be retiring office.November 14, 2006 at 8:34 AM #39925barnaby33Participant
I could think of a scenario. If you were 80 years old, take out one of these loans. The odds that anyone would collect are just about nil. Dying broke isn’t a bad way to go.
JoshNovember 14, 2006 at 8:46 AM #39926zeropointzeroParticipant
If it wasn’t for the LTV thing kicking in, it would be a great gamble for someone. Hell – save your housing money for 10 years and walk away to Belize or something like that.
And – wouldn’t it be a great situation if the dollar got drastically devalued at some point? (Of course – a fixed mortgage is really good under that situation, too, right?)
If you could just somehow get that deal in a low-property tax region to boot, you would really be set.
Please – some supply some more details on this.November 14, 2006 at 10:46 AM #39937powaysellerParticipant
Sounds good, if you have no assets for anyone to come and collect when all is said and done.November 14, 2006 at 11:03 AM #39941(former)FormerSanDieganParticipant
Sounds like a great loan. I want to get it so that I can invest the difference in risk -free mutual funds and get a 10% + virtually guaranteed return like the guy suggested in the
The Cost of Buying Too Soon…$1,000,000+…
That way I can have my cake and eat it too !November 14, 2006 at 11:24 AM #39944tugg49Participant
Is on the flyer. Apologies in advance if this is spamming. I’m not affiliated in any way. Just a poor homeowner with an adjustable kickin’ in soon.
I sent the wife to college to get her Registered Dietitian Internship and Certification. I was spending 10K a year to get her through college and her internship was another 15K.
This guy WON! with an ARM. I’m driving an old truck, no debt and a college degree in the house. Bring on the re-fi man!
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