[92027_guy]

NavyDoc and UrbanRealtor: I think you summed up my point better then I did. Maybe I’m experiencing a Kumbaya moment, but I’m thinking if you look at all primary residence buyers in general, everyone is really just trying to buy something that makes sense at that time and will most likely appreciate at sometime in the future.

[92027_guy]

NavyDoc and UrbanRealtor: I think you summed up my point better then I did. Maybe I’m experiencing a Kumbaya moment, but I’m thinking if you look at all primary residence buyers in general, everyone is really just trying to buy something that makes sense at that time and will most likely appreciate at sometime in the future.

[92027_guy]

NavyDoc and UrbanRealtor: I think you summed up my point better then I did. Maybe I’m experiencing a Kumbaya moment, but I’m thinking if you look at all primary residence buyers in general, everyone is really just trying to buy something that makes sense at that time and will most likely appreciate at sometime in the future.

[92027_guy]

Thanks everyone, so much going on at work with the much hyped internet DNS flaw I can’t spend too much time here. I really appreicate everyone’s comments and attitude as ibjames points out, I could have gotten hammered, and truth is I deserve some of it. I remember thinking, man these banks are lending me over half a million dollars on my salary alone (wife was K1 from Phils and had no credit) I guess I can pay it back because they know what they are doing. So naive.

I in fact didn’t know about the “non-recourse” you may have just saved my butt. I will call CW tomorrow and get the low down. I’m paying enough “rent to the bank” so if rate jumps 8%+, that will be unacceptable. Sorry mortgage people.

I’m trying to be a bit vauge on my exact location but you’re right its not on Calle Cristobel that was in the 700’s at the time and not doable. But I’m sure I could be tracked down with a few zillow searches on the info I gave already, for anyone really interested.

Thanks again….gotta go for today…

[92027_guy]

Thanks everyone, so much going on at work with the much hyped internet DNS flaw I can’t spend too much time here. I really appreicate everyone’s comments and attitude as ibjames points out, I could have gotten hammered, and truth is I deserve some of it. I remember thinking, man these banks are lending me over half a million dollars on my salary alone (wife was K1 from Phils and had no credit) I guess I can pay it back because they know what they are doing. So naive.

I in fact didn’t know about the “non-recourse” you may have just saved my butt. I will call CW tomorrow and get the low down. I’m paying enough “rent to the bank” so if rate jumps 8%+, that will be unacceptable. Sorry mortgage people.

I’m trying to be a bit vauge on my exact location but you’re right its not on Calle Cristobel that was in the 700’s at the time and not doable. But I’m sure I could be tracked down with a few zillow searches on the info I gave already, for anyone really interested.

Thanks again….gotta go for today…

[92027_guy]

Thanks everyone, so much going on at work with the much hyped internet DNS flaw I can’t spend too much time here. I really appreicate everyone’s comments and attitude as ibjames points out, I could have gotten hammered, and truth is I deserve some of it. I remember thinking, man these banks are lending me over half a million dollars on my salary alone (wife was K1 from Phils and had no credit) I guess I can pay it back because they know what they are doing. So naive.

I in fact didn’t know about the “non-recourse” you may have just saved my butt. I will call CW tomorrow and get the low down. I’m paying enough “rent to the bank” so if rate jumps 8%+, that will be unacceptable. Sorry mortgage people.

I’m trying to be a bit vauge on my exact location but you’re right its not on Calle Cristobel that was in the 700’s at the time and not doable. But I’m sure I could be tracked down with a few zillow searches on the info I gave already, for anyone really interested.

Thanks again….gotta go for today…

[92027_guy]

Thanks everyone, so much going on at work with the much hyped internet DNS flaw I can’t spend too much time here. I really appreicate everyone’s comments and attitude as ibjames points out, I could have gotten hammered, and truth is I deserve some of it. I remember thinking, man these banks are lending me over half a million dollars on my salary alone (wife was K1 from Phils and had no credit) I guess I can pay it back because they know what they are doing. So naive.

I in fact didn’t know about the “non-recourse” you may have just saved my butt. I will call CW tomorrow and get the low down. I’m paying enough “rent to the bank” so if rate jumps 8%+, that will be unacceptable. Sorry mortgage people.

I’m trying to be a bit vauge on my exact location but you’re right its not on Calle Cristobel that was in the 700’s at the time and not doable. But I’m sure I could be tracked down with a few zillow searches on the info I gave already, for anyone really interested.

Thanks again….gotta go for today…

[92027_guy]

Thanks everyone, so much going on at work with the much hyped internet DNS flaw I can’t spend too much time here. I really appreicate everyone’s comments and attitude as ibjames points out, I could have gotten hammered, and truth is I deserve some of it. I remember thinking, man these banks are lending me over half a million dollars on my salary alone (wife was K1 from Phils and had no credit) I guess I can pay it back because they know what they are doing. So naive.

I in fact didn’t know about the “non-recourse” you may have just saved my butt. I will call CW tomorrow and get the low down. I’m paying enough “rent to the bank” so if rate jumps 8%+, that will be unacceptable. Sorry mortgage people.

I’m trying to be a bit vauge on my exact location but you’re right its not on Calle Cristobel that was in the 700’s at the time and not doable. But I’m sure I could be tracked down with a few zillow searches on the info I gave already, for anyone really interested.

Thanks again….gotta go for today…

[92027_guy]

FSD: Thanks, I should have mentioned that on my second, it’s fixed for 30 due in 15 (I think that’s the lingo).

I looked at my documents for the 1st.
ARM: Yes
Margin: 5.5%
Index: 3.5%
Periodic Cap: 1.0
Lifetime Cap: 6.0
Rate Floor: 3.5

I have to say none of this was talked about during the loan process, just that it was 10 years before I had to pay principal and that was a long time. No worry about the “reset thing” I would refi in 2 yrs. Doh. From my understanding this means when it resets I’m going to pay 9%? And that I’m not attached to the Libor?
Ouch, if the house isn’t worth over 500k at that time, there’s no way I will keep making payments, even if I could. Hopefully things will get worked out before 2011 though. I’m going to start exploring my options throughly, and will not make any rash decisions.

PS I have no idea what the mortage company said was my income, they just “took care of that”

[92027_guy]

FSD: Thanks, I should have mentioned that on my second, it’s fixed for 30 due in 15 (I think that’s the lingo).

I looked at my documents for the 1st.
ARM: Yes
Margin: 5.5%
Index: 3.5%
Periodic Cap: 1.0
Lifetime Cap: 6.0
Rate Floor: 3.5

I have to say none of this was talked about during the loan process, just that it was 10 years before I had to pay principal and that was a long time. No worry about the “reset thing” I would refi in 2 yrs. Doh. From my understanding this means when it resets I’m going to pay 9%? And that I’m not attached to the Libor?
Ouch, if the house isn’t worth over 500k at that time, there’s no way I will keep making payments, even if I could. Hopefully things will get worked out before 2011 though. I’m going to start exploring my options throughly, and will not make any rash decisions.

PS I have no idea what the mortage company said was my income, they just “took care of that”

[92027_guy]

FSD: Thanks, I should have mentioned that on my second, it’s fixed for 30 due in 15 (I think that’s the lingo).

I looked at my documents for the 1st.
ARM: Yes
Margin: 5.5%
Index: 3.5%
Periodic Cap: 1.0
Lifetime Cap: 6.0
Rate Floor: 3.5

I have to say none of this was talked about during the loan process, just that it was 10 years before I had to pay principal and that was a long time. No worry about the “reset thing” I would refi in 2 yrs. Doh. From my understanding this means when it resets I’m going to pay 9%? And that I’m not attached to the Libor?
Ouch, if the house isn’t worth over 500k at that time, there’s no way I will keep making payments, even if I could. Hopefully things will get worked out before 2011 though. I’m going to start exploring my options throughly, and will not make any rash decisions.

PS I have no idea what the mortage company said was my income, they just “took care of that”

[92027_guy]

FSD: Thanks, I should have mentioned that on my second, it’s fixed for 30 due in 15 (I think that’s the lingo).

I looked at my documents for the 1st.
ARM: Yes
Margin: 5.5%
Index: 3.5%
Periodic Cap: 1.0
Lifetime Cap: 6.0
Rate Floor: 3.5

I have to say none of this was talked about during the loan process, just that it was 10 years before I had to pay principal and that was a long time. No worry about the “reset thing” I would refi in 2 yrs. Doh. From my understanding this means when it resets I’m going to pay 9%? And that I’m not attached to the Libor?
Ouch, if the house isn’t worth over 500k at that time, there’s no way I will keep making payments, even if I could. Hopefully things will get worked out before 2011 though. I’m going to start exploring my options throughly, and will not make any rash decisions.

PS I have no idea what the mortage company said was my income, they just “took care of that”

[92027_guy]

FSD: Thanks, I should have mentioned that on my second, it’s fixed for 30 due in 15 (I think that’s the lingo).

I looked at my documents for the 1st.
ARM: Yes
Margin: 5.5%
Index: 3.5%
Periodic Cap: 1.0
Lifetime Cap: 6.0
Rate Floor: 3.5

I have to say none of this was talked about during the loan process, just that it was 10 years before I had to pay principal and that was a long time. No worry about the “reset thing” I would refi in 2 yrs. Doh. From my understanding this means when it resets I’m going to pay 9%? And that I’m not attached to the Libor?
Ouch, if the house isn’t worth over 500k at that time, there’s no way I will keep making payments, even if I could. Hopefully things will get worked out before 2011 though. I’m going to start exploring my options throughly, and will not make any rash decisions.

PS I have no idea what the mortage company said was my income, they just “took care of that”

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

[92027_guy]

Ren: I hear you, but I think what we were saying is the 550K was inflated relative to the value of the house in maybe more historic average terms. I bought more out of excitement of owning a home and tired of Mesa Village Apts. Not the best way to make a financial decision huh.

FormerSanDiegan: I consider myself an expert at this loan stuff from what I knew in 06. But I still didn’t understand all your questions. I’ll tell you what I know about my loan, but I don’t want to assume this is a forum for free mortgage help or anything. Just trying to talk to others who’ve been around longer then me.

So I have good credit (780+) never been late on anything, including my current mortgage. I got an 75/25 1st 420k @ 6.85% then a 2nd 140k @ 8.65% with 2yr prepay (which is over now). I haven’t paid down more then a few thousand on the second and none on first as it’s interest only (fixed for 5yrs, IO for 10yrs). I’m not sure what you mean my “margin” and “index,” but hell 5.5% sounds good to me, but as I understood it the loan’s rate when it resets is not the advertised 20% down rate you see everywhere, it’s always way higher?

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