Recommendation for 15 yrs fixed mortgage lender

[Anonymous]

I was going to answer but you declared end of discussion.

The answer depends:

A for the lazy or indifferent.

B for nervous, uncertain, or bullied.

C for the cash rich and settled.

[bearishgurl]

I forgot to add that in the major Option ARM programs I’ve reviewed, no matter what the index used, the 3-4 payment “options” ran out after 60 months (five years). Beginning in month 61, the borrower paid the index plus the margin.

I’m aware that the more current Option ARM programs had more nuances built into them (ex: borrower pays same index + margin for 12 months and then their mortgage is recast to the prevalent index (+ borrower’s margin).

[an]

[quote=harvey]I was going to answer but you declared end of discussion.

The answer depends:

A for the lazy or indifferent.

B for nervous, uncertain, or bullied.

C for the cash rich and settled.[/quote]That explains everything.

[Coronita]

Bump. Let’s aim for page 4. Why not? Better than STEM is a big lie or Theranos or Buy versus Rent.

I choose option E, none of the above.

[Coronita]

[quote=harvey][quote=flu]I really don’t understand why you have an axe to grind with HLS. [/quote]

You’re the one turning it into drama.

I’m just poking fun at his ethics, and his fanboy’s inability to see past their rationalizations.

A simple rule of thumb to apply when asking if behavior is ethical: Ask yourself, if everybody did the same thing, what would happen?

What if every mortgage broker in SD were on this site peddling their services and disparaging anybody who questioned their gimmicks?

This site better is better than many others because it is not just a cheap marketing venue.[/quote]

What ethics issue? First it’s not your website. Second, if HLS was a problem he would have been banned a long time ago. I don’t get it. Find one thread that he started that solicited business. If he ever said “if you ever want to talk about mortgages, feel free to contact me”, it was because someone asked. What’s wrong with that? Certainly better than listening to the start of a floating advice here about how an option ARM these days is better than a fixed rate mortgage (not that it’s from you)

How’s that different than any of the former realtors that were here? Most things are by reference, and referrals. Just like any other service business on other blogs.

Apparently, you’re seeing something that most of us aren’t. I guess the world is flat.

[bearishgurl]

[quote=flu][quote=harvey][quote=flu]I really don’t understand why you have an axe to grind with HLS. [/quote]

You’re the one turning it into drama.

I’m just poking fun at his ethics, and his fanboy’s inability to see past their rationalizations.

A simple rule of thumb to apply when asking if behavior is ethical: Ask yourself, if everybody did the same thing, what would happen?

What if every mortgage broker in SD were on this site peddling their services and disparaging anybody who questioned their gimmicks?

This site better is better than many others because it is not just a cheap marketing venue.[/quote]

What ethics issue? First it’s not your website. Second, if HLS was a problem he would have been banned a long time ago. I don’t get it. Find one thread that he started that solicited business. If he ever said “if you ever want to talk about mortgages, feel free to contact me”, it was because someone asked. What’s wrong with that? Certainly better than listening to the start of a floating advice here about how an option ARM these days is better than a fixed rate mortgage (not that it’s from you)

How’s that different than any of the former realtors that were here? Most things are by reference, and referrals. Just like any other service business on other blogs.

Apparently, you’re seeing something that most of us aren’t. I guess the world is flat.[/quote]flu, you’ve (arrogantly) managed to again twist my words to suit yourself. 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.

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.

I never stated here that Option ARMs were “better” than fixed-rate mortgages. It depends on the borrower and their personal situation.

[Coronita]

[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.

[bearishgurl]

Major arrogance and bullying displayed here by flu …. and also a touch of OCD.

The biggest reason that prime borrowers took out Prime ARMs when they were common and available is primarily because they qualified for a particular loan amount based upon the index plus the margin (which were usually one in the same). Example from ~2000 to ~2003: 2.5% + 2.5% = 5%. This was 1.5 to 2.0 pts below the prevailing prime 30-yr fixed mortgage interest rate of 6.5% to 7% at the time.

Part of the reason ARMs are not used very much today is because both the prevailing 15-yr and 30-yr mortgage interest rate has been artificially kept low by the Fed and is thus right in line with (COFI) ARM index plus margin (3.11 to 3.61 on an older, aged mortgage) or lower than the (LIBOR and 1yr T-bill) index plus margin. The second reason is that, in the ensuing years (2003 to the present), ARM lenders have gotten greedy and increased their typical margin to 3% or more and also created annual payment backstops and automatic interest rate resets in their newer ARM programs, making them much less desirable to a prospective borrower than when they naturally flowed month to month with the index. The older “free-flowing” type of prime ARM programs have now gone by way of the dinosaur because lenders figured they couldn’t make enough money on them since the Fed got in the way of naturally flowing mortgage interest rates. And rightly so … they’ve been stuck with us holdouts for the last 8+ years and must adhere to their contracts (or the contracts they “acquired” when they bought the lending bank and folded its assets into themselves). Too bad, so sad for them … at least for now.

************************************************

See, once again, I actually contributed something to the forum without managing to hijack the thread by lobbing negative innuendos and hurling insults. Why don’t you consider taking a writing class so you will be able to express yourself more cogently around here, flu? Remedial Freshman English Composition (as well as “College for Kids”) is open this summer for a nominal fee at a CC near you!

[Coronita]

Oh come on BG. This isnt bullying. I’m just responding in the same demeanor as Donald Trump would to an illogical and asisine post when you try to discredit others posts with erroneous statements and assumptions of what people said when they didn’t say it. If you are now being overly sensitive, well as Donald Trump would say…. Grow a thicker skin. And get use to it.

[Author]

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