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HLS
ParticipantRolyPoly,
You and millions of others just crack me up.
Mortgage rates are near HISTORICAL lows; within the last 30 days they WERE at the lowest rates EVER, and you want rates to drop (hopefully) this summer ?What do you want ? a 2% mortgage ? I guess it’s possible.
Since the FED cut rates 1.25% a few weeks ago, long term mortgage rates have gone up.
I’m in the mortgage biz, take it for what it’s worth.
Your option #1 would be dumb.
It could go up again in Feb ’10 and again after that.. why risk it when you could get another “no cost” 5 YR ARM for around 5.25% today, and buy yourself an additional 4 years of a fixed rate, and pay it off over the next 5 years if you wish.
(A 5 YR ARM with costs are in the mid 4’s today)#2 I think that a 15 YR mortgage is a huge mistake for most people. It obligates you to a higher payment and restricts many lifestyles.
If you want to pay it off, why would you want #3 taking money out ?
#4) Way too conservative and not advised for most people who are still in their earning years.
The best answers depend on your overall financial & income picture and goals.
Find someone that can explain your options for your personal situation. It will depend on what you actually qualify for, which requires more info than you have provided above. Good luck.
February 17, 2008 at 12:52 AM in reply to: Does anybody have details of stimulus package and project lifeline? #154440ParticipantDH,
Once some people come to the realization that foreclosure may be the best option for them, most feel a sense of relief, and just want to get it over with, and move on with their lives.Along comes the white knights of the govt to say that we may be giving you another 30 day “stay of execution”
It’s a joke. It will just be another free month without a payment for most.
The real translation is: Although you don’t want your house anymore, your lender doesn’t want it either 😉
February 17, 2008 at 12:52 AM in reply to: Does anybody have details of stimulus package and project lifeline? #154717ParticipantDH,
Once some people come to the realization that foreclosure may be the best option for them, most feel a sense of relief, and just want to get it over with, and move on with their lives.Along comes the white knights of the govt to say that we may be giving you another 30 day “stay of execution”
It’s a joke. It will just be another free month without a payment for most.
The real translation is: Although you don’t want your house anymore, your lender doesn’t want it either 😉
February 17, 2008 at 12:52 AM in reply to: Does anybody have details of stimulus package and project lifeline? #154727ParticipantDH,
Once some people come to the realization that foreclosure may be the best option for them, most feel a sense of relief, and just want to get it over with, and move on with their lives.Along comes the white knights of the govt to say that we may be giving you another 30 day “stay of execution”
It’s a joke. It will just be another free month without a payment for most.
The real translation is: Although you don’t want your house anymore, your lender doesn’t want it either 😉
February 17, 2008 at 12:52 AM in reply to: Does anybody have details of stimulus package and project lifeline? #154740ParticipantDH,
Once some people come to the realization that foreclosure may be the best option for them, most feel a sense of relief, and just want to get it over with, and move on with their lives.Along comes the white knights of the govt to say that we may be giving you another 30 day “stay of execution”
It’s a joke. It will just be another free month without a payment for most.
The real translation is: Although you don’t want your house anymore, your lender doesn’t want it either 😉
February 17, 2008 at 12:52 AM in reply to: Does anybody have details of stimulus package and project lifeline? #154818ParticipantDH,
Once some people come to the realization that foreclosure may be the best option for them, most feel a sense of relief, and just want to get it over with, and move on with their lives.Along comes the white knights of the govt to say that we may be giving you another 30 day “stay of execution”
It’s a joke. It will just be another free month without a payment for most.
The real translation is: Although you don’t want your house anymore, your lender doesn’t want it either 😉
ParticipantDH,
There are still PLENTY of scum left in the industry that continue to fleece borowers by overcharging them in rate to get a commission back from the lender AND overcharging in fees, without explaining to the borrower what their real options are.Sadly, many borrowers go to friends & relatives blindly trusting them. They don’t have to earn their business.
One sucker every other month will still allow them to make more than waiting tables or asking “would you like fries with that”Almost everbody has a price on their credit score. To some people it might be $1M, to others $10K would be enough to walk.
The neg-am loan will be the next shoe to drop. There should be lawsuits against those that originated those loans. The problem is that most mortgage scum didn’t even understand what they were selling, they only knew how huge the commissions were for pushing that crappy loan.
My guess is that for every dozen that are pushing loans, 11 of them don’t really understand the product nor how to figure out what is best for the client.
ParticipantDH,
There are still PLENTY of scum left in the industry that continue to fleece borowers by overcharging them in rate to get a commission back from the lender AND overcharging in fees, without explaining to the borrower what their real options are.Sadly, many borrowers go to friends & relatives blindly trusting them. They don’t have to earn their business.
One sucker every other month will still allow them to make more than waiting tables or asking “would you like fries with that”Almost everbody has a price on their credit score. To some people it might be $1M, to others $10K would be enough to walk.
The neg-am loan will be the next shoe to drop. There should be lawsuits against those that originated those loans. The problem is that most mortgage scum didn’t even understand what they were selling, they only knew how huge the commissions were for pushing that crappy loan.
My guess is that for every dozen that are pushing loans, 11 of them don’t really understand the product nor how to figure out what is best for the client.
ParticipantDH,
There are still PLENTY of scum left in the industry that continue to fleece borowers by overcharging them in rate to get a commission back from the lender AND overcharging in fees, without explaining to the borrower what their real options are.Sadly, many borrowers go to friends & relatives blindly trusting them. They don’t have to earn their business.
One sucker every other month will still allow them to make more than waiting tables or asking “would you like fries with that”Almost everbody has a price on their credit score. To some people it might be $1M, to others $10K would be enough to walk.
The neg-am loan will be the next shoe to drop. There should be lawsuits against those that originated those loans. The problem is that most mortgage scum didn’t even understand what they were selling, they only knew how huge the commissions were for pushing that crappy loan.
My guess is that for every dozen that are pushing loans, 11 of them don’t really understand the product nor how to figure out what is best for the client.
ParticipantDH,
There are still PLENTY of scum left in the industry that continue to fleece borowers by overcharging them in rate to get a commission back from the lender AND overcharging in fees, without explaining to the borrower what their real options are.Sadly, many borrowers go to friends & relatives blindly trusting them. They don’t have to earn their business.
One sucker every other month will still allow them to make more than waiting tables or asking “would you like fries with that”Almost everbody has a price on their credit score. To some people it might be $1M, to others $10K would be enough to walk.
The neg-am loan will be the next shoe to drop. There should be lawsuits against those that originated those loans. The problem is that most mortgage scum didn’t even understand what they were selling, they only knew how huge the commissions were for pushing that crappy loan.
My guess is that for every dozen that are pushing loans, 11 of them don’t really understand the product nor how to figure out what is best for the client.
ParticipantDH,
There are still PLENTY of scum left in the industry that continue to fleece borowers by overcharging them in rate to get a commission back from the lender AND overcharging in fees, without explaining to the borrower what their real options are.Sadly, many borrowers go to friends & relatives blindly trusting them. They don’t have to earn their business.
One sucker every other month will still allow them to make more than waiting tables or asking “would you like fries with that”Almost everbody has a price on their credit score. To some people it might be $1M, to others $10K would be enough to walk.
The neg-am loan will be the next shoe to drop. There should be lawsuits against those that originated those loans. The problem is that most mortgage scum didn’t even understand what they were selling, they only knew how huge the commissions were for pushing that crappy loan.
My guess is that for every dozen that are pushing loans, 11 of them don’t really understand the product nor how to figure out what is best for the client.
ParticipantA teaser from WHOM ?
The loans are out there. Based on lender risk/reward, people with high credit scores who want to buy a primary residence are a risk that the lending industry is willing to take for a full doc loan.
They are in the lending business. The fact is that in the past the vast majority of people with high credit scores have not defaulted on their loans, even when upside down.
Of course they are going to have losses, and the next few years will be a test of their guidelines.
I didn’t say it was sane.
ParticipantA teaser from WHOM ?
The loans are out there. Based on lender risk/reward, people with high credit scores who want to buy a primary residence are a risk that the lending industry is willing to take for a full doc loan.
They are in the lending business. The fact is that in the past the vast majority of people with high credit scores have not defaulted on their loans, even when upside down.
Of course they are going to have losses, and the next few years will be a test of their guidelines.
I didn’t say it was sane.
ParticipantA teaser from WHOM ?
The loans are out there. Based on lender risk/reward, people with high credit scores who want to buy a primary residence are a risk that the lending industry is willing to take for a full doc loan.
They are in the lending business. The fact is that in the past the vast majority of people with high credit scores have not defaulted on their loans, even when upside down.
Of course they are going to have losses, and the next few years will be a test of their guidelines.
I didn’t say it was sane.
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