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HLS
ParticipantAll of you are too logical.
I didn’t ask if it COULD occur. Say that it IS occuring.I guess that I need to ask this elsewhere…
From a smart business standpoint, builders will cut prices in a down market.
ALL BUILDERS AND SELLERS ARE NOT SMART. They don’t HAVE TO cut prices, although they should.ParticipantOC,,
I am well aware of what’s going on…I’m not even suggesting it is anywhere near the bottom.My premise is that builders and sellers STOP cutting prices and REO’s are too high, and most people cannot afford to buy.
I am looking for opinions on MY original scenario, not a variation.
Does that make sense ??
Thanks DOC.
ParticipantOC,,
I am well aware of what’s going on…I’m not even suggesting it is anywhere near the bottom.My premise is that builders and sellers STOP cutting prices and REO’s are too high, and most people cannot afford to buy.
I am looking for opinions on MY original scenario, not a variation.
Does that make sense ??
Thanks DOC.
ParticipantWrangler,,
What are you looking for ?? I do everything that someone on that list does, and more, and I’m local.You cannot shop rates. It doesn’t work, but it’s what most people do.
You find someone that you trust to do their best job for you, not someone who lies to you about the lowest rates, that you don’t qualify for, to get you started and then starts jerking you around.You need your options explained to you so you understand what they are, so you can make a decision that is right for you.
There are honest real estate agents on this board that I am sure have lost out on listings because they told the seller the truth about what their house was worth.
A liar got the listing with a higher value and ended up selling it for less than the truth.
I have lost loans because I have told people the truth too.Many people falsely believe that they know how to get the best deal, and often just get screwed, esp when buying a car.
Nobody can promise you the cheapest price on earth for anything. Nobody is going to get a loan for free, regardless of what they are told. Higher rates and monthly payments come with free loans. The cost is built in.
That does make sense for some people.I am upfront with my quotes, and hopefully can get you qualified to close, at a fair fee.
I provide a service. It isn’t rocket science.If anyone wants to comment on Lending Tree experiences, be my guest.
ParticipantWrangler,,
What are you looking for ?? I do everything that someone on that list does, and more, and I’m local.You cannot shop rates. It doesn’t work, but it’s what most people do.
You find someone that you trust to do their best job for you, not someone who lies to you about the lowest rates, that you don’t qualify for, to get you started and then starts jerking you around.You need your options explained to you so you understand what they are, so you can make a decision that is right for you.
There are honest real estate agents on this board that I am sure have lost out on listings because they told the seller the truth about what their house was worth.
A liar got the listing with a higher value and ended up selling it for less than the truth.
I have lost loans because I have told people the truth too.Many people falsely believe that they know how to get the best deal, and often just get screwed, esp when buying a car.
Nobody can promise you the cheapest price on earth for anything. Nobody is going to get a loan for free, regardless of what they are told. Higher rates and monthly payments come with free loans. The cost is built in.
That does make sense for some people.I am upfront with my quotes, and hopefully can get you qualified to close, at a fair fee.
I provide a service. It isn’t rocket science.If anyone wants to comment on Lending Tree experiences, be my guest.
ParticipantHome Loans is one of the businesses that I am involved with.
esmith: Your reply is very textbook and not advice that I would give anybody.
I think that the chapter on global terror was left out, which is a very real threat.I don’t think that you covered the possibility of a 0%-1% Discount OR Fed Funds Rate.
Just because something has never happened before, doesn’t mean that it can’t or won’t.Our economy mess today is a result of Sept 11, 2001.
Low interest rates saved the country. That was a band-aid too. However, the govt failed us with their wisdom.Most people want to think that when history repeats itself, only the good events repeat. It just isn’t true.
Just because there have been 10 prior cycles doesn’t mean that there is going to be an 11th.
The false sense of security that many people have and their expectations of what will happen is a huge problem, that goes unrecognized.
It repeats itself in different ways. The false sense today is what people think their homes are worth.
In the future the stock market and retirement accounts will the delusion that will need to be dealt with.Denial is powerful. Use it wisely.
ParticipantHome Loans is one of the businesses that I am involved with.
esmith: Your reply is very textbook and not advice that I would give anybody.
I think that the chapter on global terror was left out, which is a very real threat.I don’t think that you covered the possibility of a 0%-1% Discount OR Fed Funds Rate.
Just because something has never happened before, doesn’t mean that it can’t or won’t.Our economy mess today is a result of Sept 11, 2001.
Low interest rates saved the country. That was a band-aid too. However, the govt failed us with their wisdom.Most people want to think that when history repeats itself, only the good events repeat. It just isn’t true.
Just because there have been 10 prior cycles doesn’t mean that there is going to be an 11th.
The false sense of security that many people have and their expectations of what will happen is a huge problem, that goes unrecognized.
It repeats itself in different ways. The false sense today is what people think their homes are worth.
In the future the stock market and retirement accounts will the delusion that will need to be dealt with.Denial is powerful. Use it wisely.
October 13, 2007 at 11:36 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88709Participant“If you purchased with a P&I loan, you will be very very happy in the long run”
And what makes you so sure that people will be VERY VERY happy in the long run ?? Are you a RE agent ?????
AND even if you are right, those who purchased with an interest only loan will be happy too. The thinking that P&I is CRUCIAL to someones success in real etstate is SOOOOooooo 40 years ago….
Thre is NO comparison to “the last peak”
Homes were much more affordable then, in relation to income.You suggest they stop reading the newspaper and then what ?
Just listen to you ???You just don’t understand that for MANY people it is a stretch to just pay full interest payments, forget about any principal. The extra couple of hundred dollars is just beyond affordability of many.
The carrying costs today to “hang on” and spend $40K+ a year waiting for the market to “recover” is irresponsible advice. People need to UNDERSTAND what they are up against and make choices that they can live with. The house may NEVER go back to the levels of 2005.
It’s attitudes like yours about housing and the stock market that have average people drinking Kool-Aid by the gallons. Pathetic advice.
SO,because so many people are delusional about the “value” of their house, they will remain in debt for twice what the house could be repurchased for in the not so distant future.
Govt gets exactly what they want. Keep people in debt way beyond what they can afford.Keep the sheep BAA’ing waiting for the miracle cure.
October 13, 2007 at 11:36 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88716Participant“If you purchased with a P&I loan, you will be very very happy in the long run”
And what makes you so sure that people will be VERY VERY happy in the long run ?? Are you a RE agent ?????
AND even if you are right, those who purchased with an interest only loan will be happy too. The thinking that P&I is CRUCIAL to someones success in real etstate is SOOOOooooo 40 years ago….
Thre is NO comparison to “the last peak”
Homes were much more affordable then, in relation to income.You suggest they stop reading the newspaper and then what ?
Just listen to you ???You just don’t understand that for MANY people it is a stretch to just pay full interest payments, forget about any principal. The extra couple of hundred dollars is just beyond affordability of many.
The carrying costs today to “hang on” and spend $40K+ a year waiting for the market to “recover” is irresponsible advice. People need to UNDERSTAND what they are up against and make choices that they can live with. The house may NEVER go back to the levels of 2005.
It’s attitudes like yours about housing and the stock market that have average people drinking Kool-Aid by the gallons. Pathetic advice.
SO,because so many people are delusional about the “value” of their house, they will remain in debt for twice what the house could be repurchased for in the not so distant future.
Govt gets exactly what they want. Keep people in debt way beyond what they can afford.Keep the sheep BAA’ing waiting for the miracle cure.
ParticipantWhen they gave you a HELOC for $100k, there is a 2nd lien recorded against your property for $100K until the line is closed.
Typically the monthly minimum payment is interest only, so if you used $50, your minimum payment would be around 33c, and your available line would now be $99,950.
You can pay the $50 back at any time.
Don’t confuse lien with statement balance.
Your current statement balance is zero.
Your recorded lien is $100K.Back to the job at hand,, please find us some free money 😉
ParticipantWhen they gave you a HELOC for $100k, there is a 2nd lien recorded against your property for $100K until the line is closed.
Typically the monthly minimum payment is interest only, so if you used $50, your minimum payment would be around 33c, and your available line would now be $99,950.
You can pay the $50 back at any time.
Don’t confuse lien with statement balance.
Your current statement balance is zero.
Your recorded lien is $100K.Back to the job at hand,, please find us some free money 😉
October 12, 2007 at 9:31 PM in reply to: how big of a mortgage will i be able to afford if ……. #88633ParticipantYou bet.. Please let me know if you find some free money… I don’t look at the offers, I just refer people there.
October 12, 2007 at 9:31 PM in reply to: how big of a mortgage will i be able to afford if ……. #88640ParticipantYou bet.. Please let me know if you find some free money… I don’t look at the offers, I just refer people there.
ParticipantIt certainly should be.
I did hear from one client recently that their HELOC line had been reduced, which terrified them because that was their cushion.
Apparently had to do with their credit score, not property value.You should have a lien recorded as a 2nd for $100K.
If it is from a bank or credit union, I would deposit your withdrawl into an account with them. It would be hard for them to bounce it and charge you a fee.
One thing that you should know is that if you are planning a refi of your first anytime soon, taking a draw on your HELOC will require cash out pricing on your refi to pay off both loans. If you aren’t planning a refi then it doesn’t matter.
Your rate/fee could be slightly higher and could be avoided if you know.There are many people today that have access to funds that will push their liens to over 100% of todays value.
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