[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?

[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]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

[92027_guy]

Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.

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