One couple’s tale of refi rejection

[Rt.66]

This has turned into a good thread with great posters.

What the people in the article need to do is the “short sale but keep the house” option that SDRealtor pointed out in the “Question for the bulls” thread. That way they get a lower loan balance too. Why go for just a refi when short sale, with retention of the home being shorted, gets you a lower rate and balance and the house?

[CA renter]

[quote=HLS]Not at all.. do you understand who “LENDERS” are ?? The govt is about the only lender today.
Lenders don’t make their own rules…”Lenders” Don’t make up the guidelines for 15/30 YR mortgages. There are slightly different guidelines for FNMA/FHLMC(Freddie)/FHA but that is how 90%+ of loans are originated today.

BANKS ARE MORTGAGE BROKERS..Wolves in sheeps clothing. They don’t have free loans. They don’t have the best rates. Consumers are clueless.
Salespeople sitting at desks telling people what is on their computer screen. Many have crappy credit scores and have never gotten a loan themselves. They originate loans to sell off just like mortgage brokers. A good mortgage broker will make your life easy and get you a great loan, a bad one will screw you even when it’s your friend or relative.

When guidelines are met, there is an endless amount of money available. The guidelines are getting tighter and tighter however.

When mortgage insurance is involved on a loan over 80%, the mortgage insurance company guidelines step in added to basic guidelines..,,here is an example.. https://www.ugcorp.com/rates/EligibilityGuidelinesSummary.pdf

FNMA loans need a DU approval from an automated system. Freddie loans are an LP approval.

Many wholesale lenders, banks included, have additional overlays for risk.

Banks don’t lend long and borrow short.
They don’t loan out their money for 30 years at 4.50% and pay depositor 3% for a 5 YR CD. That is suicide.
Mortgage brokers AND banks originate loans that are sold to FNMA etc who then bundles them into MBS (Mortgage Backed Securities) and sells them off with an implied guarantee of safety to “investors”

Most people think of a bank as one big happy company. The biggest ones are the biggest problems.

BANKS are (at least) 3 separate entities:
1) The building that you walk into where you make deposits and get screwed on fees
2)A SEPARATE MORTGAGE BROKER division that originates loans to be sold off
3)A SEPARATE division that services the loans that were sold off.

All divisions want to make a profit.
Because you started your loan at #1 above which then led to dealing with #2 and now you make payments to #3 doesn’t mean that you are going to get “special” treatment because you have banked with #1 and keep $100K in a CD.

I spoke with an auto finance manager the other day with 25 years in his industry. His comment to me was “consumers are stupid”. Most people got screwed if they bought a car during Cash for Clunkers. Prices went up, incentives disappeared, and it now appears that the $4500 is going to be taxed as income.

This is a simple overview of the situation.
Many people just don’t qualify for loans today, period. No such thing as a slam dunk, no brainer loan.

Portfolio loans are loans that a bank will keep in their portfolio/on their books. This might be ARMS with short term rates. 5 YR CD deposits means they have some comfort in lending on a 3YR or 5YR ARM.
Banks may make their own decisions on short term funds, but they often use same tight guidelines.

The more people think they know, the more dangerous they are..can’t remember who said it first.
Lots more could be written….HLS[/quote]

When I refer to “lenders,” I’m talking about the bondholders or other investors in the final mortgage products (MBSs, CMOs, CDOs, etc.).

Yes, I do understand that most banks are selling the loans, but they are selling them to **somebody** even if that somebody is a FNM/FRE bondholder, no? Again, I do understand the Fed is buying MBSs, but is that (Fed purchases) the **entire** market? If so, that is particularly frightening.

[CA renter]

[quote=HLS]Not at all.. do you understand who “LENDERS” are ?? The govt is about the only lender today.
Lenders don’t make their own rules…”Lenders” Don’t make up the guidelines for 15/30 YR mortgages. There are slightly different guidelines for FNMA/FHLMC(Freddie)/FHA but that is how 90%+ of loans are originated today.

BANKS ARE MORTGAGE BROKERS..Wolves in sheeps clothing. They don’t have free loans. They don’t have the best rates. Consumers are clueless.
Salespeople sitting at desks telling people what is on their computer screen. Many have crappy credit scores and have never gotten a loan themselves. They originate loans to sell off just like mortgage brokers. A good mortgage broker will make your life easy and get you a great loan, a bad one will screw you even when it’s your friend or relative.

When guidelines are met, there is an endless amount of money available. The guidelines are getting tighter and tighter however.

When mortgage insurance is involved on a loan over 80%, the mortgage insurance company guidelines step in added to basic guidelines..,,here is an example.. https://www.ugcorp.com/rates/EligibilityGuidelinesSummary.pdf

FNMA loans need a DU approval from an automated system. Freddie loans are an LP approval.

Many wholesale lenders, banks included, have additional overlays for risk.

Banks don’t lend long and borrow short.
They don’t loan out their money for 30 years at 4.50% and pay depositor 3% for a 5 YR CD. That is suicide.
Mortgage brokers AND banks originate loans that are sold to FNMA etc who then bundles them into MBS (Mortgage Backed Securities) and sells them off with an implied guarantee of safety to “investors”

Most people think of a bank as one big happy company. The biggest ones are the biggest problems.

BANKS are (at least) 3 separate entities:
1) The building that you walk into where you make deposits and get screwed on fees
2)A SEPARATE MORTGAGE BROKER division that originates loans to be sold off
3)A SEPARATE division that services the loans that were sold off.

All divisions want to make a profit.
Because you started your loan at #1 above which then led to dealing with #2 and now you make payments to #3 doesn’t mean that you are going to get “special” treatment because you have banked with #1 and keep $100K in a CD.

I spoke with an auto finance manager the other day with 25 years in his industry. His comment to me was “consumers are stupid”. Most people got screwed if they bought a car during Cash for Clunkers. Prices went up, incentives disappeared, and it now appears that the $4500 is going to be taxed as income.

This is a simple overview of the situation.
Many people just don’t qualify for loans today, period. No such thing as a slam dunk, no brainer loan.

Portfolio loans are loans that a bank will keep in their portfolio/on their books. This might be ARMS with short term rates. 5 YR CD deposits means they have some comfort in lending on a 3YR or 5YR ARM.
Banks may make their own decisions on short term funds, but they often use same tight guidelines.

The more people think they know, the more dangerous they are..can’t remember who said it first.
Lots more could be written….HLS[/quote]

When I refer to “lenders,” I’m talking about the bondholders or other investors in the final mortgage products (MBSs, CMOs, CDOs, etc.).

Yes, I do understand that most banks are selling the loans, but they are selling them to **somebody** even if that somebody is a FNM/FRE bondholder, no? Again, I do understand the Fed is buying MBSs, but is that (Fed purchases) the **entire** market? If so, that is particularly frightening.

[CA renter]

[quote=HLS]Not at all.. do you understand who “LENDERS” are ?? The govt is about the only lender today.
Lenders don’t make their own rules…”Lenders” Don’t make up the guidelines for 15/30 YR mortgages. There are slightly different guidelines for FNMA/FHLMC(Freddie)/FHA but that is how 90%+ of loans are originated today.

BANKS ARE MORTGAGE BROKERS..Wolves in sheeps clothing. They don’t have free loans. They don’t have the best rates. Consumers are clueless.
Salespeople sitting at desks telling people what is on their computer screen. Many have crappy credit scores and have never gotten a loan themselves. They originate loans to sell off just like mortgage brokers. A good mortgage broker will make your life easy and get you a great loan, a bad one will screw you even when it’s your friend or relative.

When guidelines are met, there is an endless amount of money available. The guidelines are getting tighter and tighter however.

When mortgage insurance is involved on a loan over 80%, the mortgage insurance company guidelines step in added to basic guidelines..,,here is an example.. https://www.ugcorp.com/rates/EligibilityGuidelinesSummary.pdf

FNMA loans need a DU approval from an automated system. Freddie loans are an LP approval.

Many wholesale lenders, banks included, have additional overlays for risk.

Banks don’t lend long and borrow short.
They don’t loan out their money for 30 years at 4.50% and pay depositor 3% for a 5 YR CD. That is suicide.
Mortgage brokers AND banks originate loans that are sold to FNMA etc who then bundles them into MBS (Mortgage Backed Securities) and sells them off with an implied guarantee of safety to “investors”

Most people think of a bank as one big happy company. The biggest ones are the biggest problems.

BANKS are (at least) 3 separate entities:
1) The building that you walk into where you make deposits and get screwed on fees
2)A SEPARATE MORTGAGE BROKER division that originates loans to be sold off
3)A SEPARATE division that services the loans that were sold off.

All divisions want to make a profit.
Because you started your loan at #1 above which then led to dealing with #2 and now you make payments to #3 doesn’t mean that you are going to get “special” treatment because you have banked with #1 and keep $100K in a CD.

I spoke with an auto finance manager the other day with 25 years in his industry. His comment to me was “consumers are stupid”. Most people got screwed if they bought a car during Cash for Clunkers. Prices went up, incentives disappeared, and it now appears that the $4500 is going to be taxed as income.

This is a simple overview of the situation.
Many people just don’t qualify for loans today, period. No such thing as a slam dunk, no brainer loan.

Portfolio loans are loans that a bank will keep in their portfolio/on their books. This might be ARMS with short term rates. 5 YR CD deposits means they have some comfort in lending on a 3YR or 5YR ARM.
Banks may make their own decisions on short term funds, but they often use same tight guidelines.

The more people think they know, the more dangerous they are..can’t remember who said it first.
Lots more could be written….HLS[/quote]

When I refer to “lenders,” I’m talking about the bondholders or other investors in the final mortgage products (MBSs, CMOs, CDOs, etc.).

Yes, I do understand that most banks are selling the loans, but they are selling them to **somebody** even if that somebody is a FNM/FRE bondholder, no? Again, I do understand the Fed is buying MBSs, but is that (Fed purchases) the **entire** market? If so, that is particularly frightening.

[CA renter]

[quote=HLS]Not at all.. do you understand who “LENDERS” are ?? The govt is about the only lender today.
Lenders don’t make their own rules…”Lenders” Don’t make up the guidelines for 15/30 YR mortgages. There are slightly different guidelines for FNMA/FHLMC(Freddie)/FHA but that is how 90%+ of loans are originated today.

BANKS ARE MORTGAGE BROKERS..Wolves in sheeps clothing. They don’t have free loans. They don’t have the best rates. Consumers are clueless.
Salespeople sitting at desks telling people what is on their computer screen. Many have crappy credit scores and have never gotten a loan themselves. They originate loans to sell off just like mortgage brokers. A good mortgage broker will make your life easy and get you a great loan, a bad one will screw you even when it’s your friend or relative.

When guidelines are met, there is an endless amount of money available. The guidelines are getting tighter and tighter however.

When mortgage insurance is involved on a loan over 80%, the mortgage insurance company guidelines step in added to basic guidelines..,,here is an example.. https://www.ugcorp.com/rates/EligibilityGuidelinesSummary.pdf

FNMA loans need a DU approval from an automated system. Freddie loans are an LP approval.

Many wholesale lenders, banks included, have additional overlays for risk.

Banks don’t lend long and borrow short.
They don’t loan out their money for 30 years at 4.50% and pay depositor 3% for a 5 YR CD. That is suicide.
Mortgage brokers AND banks originate loans that are sold to FNMA etc who then bundles them into MBS (Mortgage Backed Securities) and sells them off with an implied guarantee of safety to “investors”

Most people think of a bank as one big happy company. The biggest ones are the biggest problems.

BANKS are (at least) 3 separate entities:
1) The building that you walk into where you make deposits and get screwed on fees
2)A SEPARATE MORTGAGE BROKER division that originates loans to be sold off
3)A SEPARATE division that services the loans that were sold off.

All divisions want to make a profit.
Because you started your loan at #1 above which then led to dealing with #2 and now you make payments to #3 doesn’t mean that you are going to get “special” treatment because you have banked with #1 and keep $100K in a CD.

I spoke with an auto finance manager the other day with 25 years in his industry. His comment to me was “consumers are stupid”. Most people got screwed if they bought a car during Cash for Clunkers. Prices went up, incentives disappeared, and it now appears that the $4500 is going to be taxed as income.

This is a simple overview of the situation.
Many people just don’t qualify for loans today, period. No such thing as a slam dunk, no brainer loan.

Portfolio loans are loans that a bank will keep in their portfolio/on their books. This might be ARMS with short term rates. 5 YR CD deposits means they have some comfort in lending on a 3YR or 5YR ARM.
Banks may make their own decisions on short term funds, but they often use same tight guidelines.

The more people think they know, the more dangerous they are..can’t remember who said it first.
Lots more could be written….HLS[/quote]

When I refer to “lenders,” I’m talking about the bondholders or other investors in the final mortgage products (MBSs, CMOs, CDOs, etc.).

Yes, I do understand that most banks are selling the loans, but they are selling them to **somebody** even if that somebody is a FNM/FRE bondholder, no? Again, I do understand the Fed is buying MBSs, but is that (Fed purchases) the **entire** market? If so, that is particularly frightening.

[CA renter]

[quote=HLS]Not at all.. do you understand who “LENDERS” are ?? The govt is about the only lender today.
Lenders don’t make their own rules…”Lenders” Don’t make up the guidelines for 15/30 YR mortgages. There are slightly different guidelines for FNMA/FHLMC(Freddie)/FHA but that is how 90%+ of loans are originated today.

BANKS ARE MORTGAGE BROKERS..Wolves in sheeps clothing. They don’t have free loans. They don’t have the best rates. Consumers are clueless.
Salespeople sitting at desks telling people what is on their computer screen. Many have crappy credit scores and have never gotten a loan themselves. They originate loans to sell off just like mortgage brokers. A good mortgage broker will make your life easy and get you a great loan, a bad one will screw you even when it’s your friend or relative.

When guidelines are met, there is an endless amount of money available. The guidelines are getting tighter and tighter however.

When mortgage insurance is involved on a loan over 80%, the mortgage insurance company guidelines step in added to basic guidelines..,,here is an example.. https://www.ugcorp.com/rates/EligibilityGuidelinesSummary.pdf

FNMA loans need a DU approval from an automated system. Freddie loans are an LP approval.

Many wholesale lenders, banks included, have additional overlays for risk.

Banks don’t lend long and borrow short.
They don’t loan out their money for 30 years at 4.50% and pay depositor 3% for a 5 YR CD. That is suicide.
Mortgage brokers AND banks originate loans that are sold to FNMA etc who then bundles them into MBS (Mortgage Backed Securities) and sells them off with an implied guarantee of safety to “investors”

Most people think of a bank as one big happy company. The biggest ones are the biggest problems.

BANKS are (at least) 3 separate entities:
1) The building that you walk into where you make deposits and get screwed on fees
2)A SEPARATE MORTGAGE BROKER division that originates loans to be sold off
3)A SEPARATE division that services the loans that were sold off.

All divisions want to make a profit.
Because you started your loan at #1 above which then led to dealing with #2 and now you make payments to #3 doesn’t mean that you are going to get “special” treatment because you have banked with #1 and keep $100K in a CD.

I spoke with an auto finance manager the other day with 25 years in his industry. His comment to me was “consumers are stupid”. Most people got screwed if they bought a car during Cash for Clunkers. Prices went up, incentives disappeared, and it now appears that the $4500 is going to be taxed as income.

This is a simple overview of the situation.
Many people just don’t qualify for loans today, period. No such thing as a slam dunk, no brainer loan.

Portfolio loans are loans that a bank will keep in their portfolio/on their books. This might be ARMS with short term rates. 5 YR CD deposits means they have some comfort in lending on a 3YR or 5YR ARM.
Banks may make their own decisions on short term funds, but they often use same tight guidelines.

The more people think they know, the more dangerous they are..can’t remember who said it first.
Lots more could be written….HLS[/quote]

When I refer to “lenders,” I’m talking about the bondholders or other investors in the final mortgage products (MBSs, CMOs, CDOs, etc.).

Yes, I do understand that most banks are selling the loans, but they are selling them to **somebody** even if that somebody is a FNM/FRE bondholder, no? Again, I do understand the Fed is buying MBSs, but is that (Fed purchases) the **entire** market? If so, that is particularly frightening.

[HLS]

90%+ of mortgage loans today are govt back. It IS frightening. It is nothing more than artificial manipulation that will continue for one reason, just imagine what will happen if they stop.

They can slowly tighten the noose, but it’s not like a few years ago. If you don’t qualify for a 5% prime loan, there is no more subprime market at 7%. You either qualify or you don’t.

Loans arent originated by banks who then go looking for a buyer.
The loans are locked daily and delivered to FNMA asap, who then package them into MBS. Banks don’t originate 30 mtgs and then hope that they can sell them at a profit. Nobody can afford to gamble on rates falling so they can receive a premium. Loan locks are a serious part of the business that people don’t realize.
If a % of locked loans are not delivered, there is a price to pay.

The CDO crap that was sold by Wall Street investment banks was not 15/30 YR mortgages to prime borrowers. It was (worthless) subprime ARM crap often rated AAA by ratings agencies who were paid fees to rate the bonds.
The fraud and incompetence at the highest levels resulted in billions of dollars of taxpayer bailout money that rewarded the incompetent who gambled with OPM. People who should be in jail today are collecting fat salaries today with no consequences except to stockholders who have lost large portions of their retirement accounts.

Imagine what would happen to the national market if 20% down was the ONLY way to buy a house.
Imagine if 50% down was the ONLY way to buy a house. What if there was no financing available for houses at all ? Prices would be a fraction of what they are today.

Investors buying MBS today are buying 30 YR bonds with a yield of less than 5%. Bondholders dont service the loans. The net return is lower than the rate being paid. If/when interest rates go to 6%-7% the market value of the bonds will fall eroding the principal.
Everybody is great at “predicting the past”
very few people can predict the future.

DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.

[HLS]

90%+ of mortgage loans today are govt back. It IS frightening. It is nothing more than artificial manipulation that will continue for one reason, just imagine what will happen if they stop.

They can slowly tighten the noose, but it’s not like a few years ago. If you don’t qualify for a 5% prime loan, there is no more subprime market at 7%. You either qualify or you don’t.

Loans arent originated by banks who then go looking for a buyer.
The loans are locked daily and delivered to FNMA asap, who then package them into MBS. Banks don’t originate 30 mtgs and then hope that they can sell them at a profit. Nobody can afford to gamble on rates falling so they can receive a premium. Loan locks are a serious part of the business that people don’t realize.
If a % of locked loans are not delivered, there is a price to pay.

The CDO crap that was sold by Wall Street investment banks was not 15/30 YR mortgages to prime borrowers. It was (worthless) subprime ARM crap often rated AAA by ratings agencies who were paid fees to rate the bonds.
The fraud and incompetence at the highest levels resulted in billions of dollars of taxpayer bailout money that rewarded the incompetent who gambled with OPM. People who should be in jail today are collecting fat salaries today with no consequences except to stockholders who have lost large portions of their retirement accounts.

Imagine what would happen to the national market if 20% down was the ONLY way to buy a house.
Imagine if 50% down was the ONLY way to buy a house. What if there was no financing available for houses at all ? Prices would be a fraction of what they are today.

Investors buying MBS today are buying 30 YR bonds with a yield of less than 5%. Bondholders dont service the loans. The net return is lower than the rate being paid. If/when interest rates go to 6%-7% the market value of the bonds will fall eroding the principal.
Everybody is great at “predicting the past”
very few people can predict the future.

DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.

[HLS]

90%+ of mortgage loans today are govt back. It IS frightening. It is nothing more than artificial manipulation that will continue for one reason, just imagine what will happen if they stop.

They can slowly tighten the noose, but it’s not like a few years ago. If you don’t qualify for a 5% prime loan, there is no more subprime market at 7%. You either qualify or you don’t.

Loans arent originated by banks who then go looking for a buyer.
The loans are locked daily and delivered to FNMA asap, who then package them into MBS. Banks don’t originate 30 mtgs and then hope that they can sell them at a profit. Nobody can afford to gamble on rates falling so they can receive a premium. Loan locks are a serious part of the business that people don’t realize.
If a % of locked loans are not delivered, there is a price to pay.

The CDO crap that was sold by Wall Street investment banks was not 15/30 YR mortgages to prime borrowers. It was (worthless) subprime ARM crap often rated AAA by ratings agencies who were paid fees to rate the bonds.
The fraud and incompetence at the highest levels resulted in billions of dollars of taxpayer bailout money that rewarded the incompetent who gambled with OPM. People who should be in jail today are collecting fat salaries today with no consequences except to stockholders who have lost large portions of their retirement accounts.

Imagine what would happen to the national market if 20% down was the ONLY way to buy a house.
Imagine if 50% down was the ONLY way to buy a house. What if there was no financing available for houses at all ? Prices would be a fraction of what they are today.

Investors buying MBS today are buying 30 YR bonds with a yield of less than 5%. Bondholders dont service the loans. The net return is lower than the rate being paid. If/when interest rates go to 6%-7% the market value of the bonds will fall eroding the principal.
Everybody is great at “predicting the past”
very few people can predict the future.

DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.

[HLS]

90%+ of mortgage loans today are govt back. It IS frightening. It is nothing more than artificial manipulation that will continue for one reason, just imagine what will happen if they stop.

They can slowly tighten the noose, but it’s not like a few years ago. If you don’t qualify for a 5% prime loan, there is no more subprime market at 7%. You either qualify or you don’t.

Loans arent originated by banks who then go looking for a buyer.
The loans are locked daily and delivered to FNMA asap, who then package them into MBS. Banks don’t originate 30 mtgs and then hope that they can sell them at a profit. Nobody can afford to gamble on rates falling so they can receive a premium. Loan locks are a serious part of the business that people don’t realize.
If a % of locked loans are not delivered, there is a price to pay.

The CDO crap that was sold by Wall Street investment banks was not 15/30 YR mortgages to prime borrowers. It was (worthless) subprime ARM crap often rated AAA by ratings agencies who were paid fees to rate the bonds.
The fraud and incompetence at the highest levels resulted in billions of dollars of taxpayer bailout money that rewarded the incompetent who gambled with OPM. People who should be in jail today are collecting fat salaries today with no consequences except to stockholders who have lost large portions of their retirement accounts.

Imagine what would happen to the national market if 20% down was the ONLY way to buy a house.
Imagine if 50% down was the ONLY way to buy a house. What if there was no financing available for houses at all ? Prices would be a fraction of what they are today.

Investors buying MBS today are buying 30 YR bonds with a yield of less than 5%. Bondholders dont service the loans. The net return is lower than the rate being paid. If/when interest rates go to 6%-7% the market value of the bonds will fall eroding the principal.
Everybody is great at “predicting the past”
very few people can predict the future.

DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.

[HLS]

90%+ of mortgage loans today are govt back. It IS frightening. It is nothing more than artificial manipulation that will continue for one reason, just imagine what will happen if they stop.

They can slowly tighten the noose, but it’s not like a few years ago. If you don’t qualify for a 5% prime loan, there is no more subprime market at 7%. You either qualify or you don’t.

Loans arent originated by banks who then go looking for a buyer.
The loans are locked daily and delivered to FNMA asap, who then package them into MBS. Banks don’t originate 30 mtgs and then hope that they can sell them at a profit. Nobody can afford to gamble on rates falling so they can receive a premium. Loan locks are a serious part of the business that people don’t realize.
If a % of locked loans are not delivered, there is a price to pay.

The CDO crap that was sold by Wall Street investment banks was not 15/30 YR mortgages to prime borrowers. It was (worthless) subprime ARM crap often rated AAA by ratings agencies who were paid fees to rate the bonds.
The fraud and incompetence at the highest levels resulted in billions of dollars of taxpayer bailout money that rewarded the incompetent who gambled with OPM. People who should be in jail today are collecting fat salaries today with no consequences except to stockholders who have lost large portions of their retirement accounts.

Imagine what would happen to the national market if 20% down was the ONLY way to buy a house.
Imagine if 50% down was the ONLY way to buy a house. What if there was no financing available for houses at all ? Prices would be a fraction of what they are today.

Investors buying MBS today are buying 30 YR bonds with a yield of less than 5%. Bondholders dont service the loans. The net return is lower than the rate being paid. If/when interest rates go to 6%-7% the market value of the bonds will fall eroding the principal.
Everybody is great at “predicting the past”
very few people can predict the future.

DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.

[DWCAP]

[quote=HLS] DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.[/quote]

I do, though it isnt really a clunker. I like my 10 year old pickup I owe nothing on and have no intention of buying anything for a long long while. Only averaging about 9k miles a year, I hope to get another 5-10 years outa her. I was asking more for future reference. Eventually my old girl is gonna have to go to that big scrap heap, and I would like her passing to be as costless as possible.

[DWCAP]

[quote=HLS] DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.[/quote]

I do, though it isnt really a clunker. I like my 10 year old pickup I owe nothing on and have no intention of buying anything for a long long while. Only averaging about 9k miles a year, I hope to get another 5-10 years outa her. I was asking more for future reference. Eventually my old girl is gonna have to go to that big scrap heap, and I would like her passing to be as costless as possible.

[DWCAP]

[quote=HLS] DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.[/quote]

I do, though it isnt really a clunker. I like my 10 year old pickup I owe nothing on and have no intention of buying anything for a long long while. Only averaging about 9k miles a year, I hope to get another 5-10 years outa her. I was asking more for future reference. Eventually my old girl is gonna have to go to that big scrap heap, and I would like her passing to be as costless as possible.

[DWCAP]

[quote=HLS] DW, I don’t recommend auto loans for than a year or two. Save up and pay cash instead of buying now and financing. Drive a clunker with no debt.[/quote]

I do, though it isnt really a clunker. I like my 10 year old pickup I owe nothing on and have no intention of buying anything for a long long while. Only averaging about 9k miles a year, I hope to get another 5-10 years outa her. I was asking more for future reference. Eventually my old girl is gonna have to go to that big scrap heap, and I would like her passing to be as costless as possible.

[Author]

Posts