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October 12, 2007 at 9:07 PM in reply to: how big of a mortgage will i be able to afford if ……. #88626
HLS
ParticipantI have found that the best offers go to people who they don’t think will use them. Your credit is checked before the offers are sent out.
If you have been late with payments or close to being maxed out, you rarely get 0% BT offers.The offers came to me. I didn’t seek them out. I have great credit and high limits on cards that I rarely use.
I pay in full every month, just to get the benefits.The 2% Citibank offer was too good to turn down. It was a large amount, and I’ve already had it for about 3 years.
It’s probably going to be 5 more years until it’s paid off, fixed at 2%.As you probably know, with these offers, you should not use the card for ANYTHING else other than the cash advance or balance transfer. They are also hoping that you will be late with a payment, so they can jack the rate up to 30%. I am sure that happens to many people. I just have them auto debit the payment so it’s their fault if it’s late, not mine.
My newest favorite card is a NCL Cruise Line MC.
Roughly $17,000 spent gets a $500 credit towards any cruise. They allow $1000 credit a year (About 3% benefit)Next favorite is Southwest Airlines Visa Card good for free flights.
Have to be able to fly to Florida free for the free NCL Caribbean cruise~ The flights are also transferable.ANYBODY can do this. It’s no secret.
Many of my clients that get 0% transfer offers say that they throw them away. I tell them to start looking at them. Some are tricky and require several purchases which screws up the rates, but it solves a small problem for some people.
People who are using debit cards are passing up free flights,cruises or other benefits.
Keep an eye on http://www.creditcard.com for different offers.
For people that do carry a credit card balance, DISCOVER has a special offer right now which is a fixed rate of 3.9% on balance transfers for 4 years until November 2011.
Not everyone will qualify.As far as liquid money, Countrywide Bank is still paying 5.50% on accounts with $10,000 and up, FDIC insured.
October 12, 2007 at 9:07 PM in reply to: how big of a mortgage will i be able to afford if ……. #88632ParticipantI have found that the best offers go to people who they don’t think will use them. Your credit is checked before the offers are sent out.
If you have been late with payments or close to being maxed out, you rarely get 0% BT offers.The offers came to me. I didn’t seek them out. I have great credit and high limits on cards that I rarely use.
I pay in full every month, just to get the benefits.The 2% Citibank offer was too good to turn down. It was a large amount, and I’ve already had it for about 3 years.
It’s probably going to be 5 more years until it’s paid off, fixed at 2%.As you probably know, with these offers, you should not use the card for ANYTHING else other than the cash advance or balance transfer. They are also hoping that you will be late with a payment, so they can jack the rate up to 30%. I am sure that happens to many people. I just have them auto debit the payment so it’s their fault if it’s late, not mine.
My newest favorite card is a NCL Cruise Line MC.
Roughly $17,000 spent gets a $500 credit towards any cruise. They allow $1000 credit a year (About 3% benefit)Next favorite is Southwest Airlines Visa Card good for free flights.
Have to be able to fly to Florida free for the free NCL Caribbean cruise~ The flights are also transferable.ANYBODY can do this. It’s no secret.
Many of my clients that get 0% transfer offers say that they throw them away. I tell them to start looking at them. Some are tricky and require several purchases which screws up the rates, but it solves a small problem for some people.
People who are using debit cards are passing up free flights,cruises or other benefits.
Keep an eye on http://www.creditcard.com for different offers.
For people that do carry a credit card balance, DISCOVER has a special offer right now which is a fixed rate of 3.9% on balance transfers for 4 years until November 2011.
Not everyone will qualify.As far as liquid money, Countrywide Bank is still paying 5.50% on accounts with $10,000 and up, FDIC insured.
ParticipantWhat exactly are you looking for ??
The housing & global credit situation is so screwed up that nobody really knows what to do. NOBODY.
THEY ARE GUESSING. It’s a facade.
They will try almost anything, so a fed meeting cut will bring even more predictions from people that really don’t know what they are talking about. This is not a text book case. It was total wreckless, irresponsibility on the governments part that allowed this to happen. A MAJOR screw up.Having a good economy for a few years will result in a payback of hell for many people, financially and psychologically. Having bought a house will ruin some peoples lives FOREVER, in the same way that some peoples lives were ruined by being in the stock market in 1929. They NEVER recovered.
With CASH, you won’t suffer as bad or at all.
A FED rate cut is like putting a band-aid on someone who needs 50 stitches. It’s going to help for about two seconds.
The last one meant nothing to most people. I stated that clearly on the thread about it the day it happened.There isn’t a person on earth who knows EXACTLY what to do to solve this crisis. There is no easy answer.
Time and pain will take its toll. Thousands will die before the global crisis is over.
Average Joe & Jane haven’t got a clue what’s coming.I’m not sure if the OP is trying to pick an exact bottom or lowest possible rate. It isn’t possible. Nothing rings a bell at the top or bottom. Get over it and enjoy your life before it’s too late. Travel, eat, fish , hunt, do whatever you enjoy, and don’t waste time wondering how low rates can go. They are what they are.
There are going to be major economic consequences that will establish new rules going forward.
There are going to be major financial failures that haven’t even been discussed yet.Today, WE are living with results of the NEW DEAL established in the 1930’s. There will be new rules and a new nickname.
We are in the 3rd inning of a 9 inning ball game. I wouldn’t even think of buying a home around here until at least the 7th inning stretch…
If I needed to refi, I would do it NOW, if I had some equity. If rates go down next year, you might be able to refi again, except the house will be worth less than it is today.
So many people are done that don’t even know it. They have fallen off a cliff but haven’t landed yet. There is nothing that can stop their fall.
ParticipantWhat exactly are you looking for ??
The housing & global credit situation is so screwed up that nobody really knows what to do. NOBODY.
THEY ARE GUESSING. It’s a facade.
They will try almost anything, so a fed meeting cut will bring even more predictions from people that really don’t know what they are talking about. This is not a text book case. It was total wreckless, irresponsibility on the governments part that allowed this to happen. A MAJOR screw up.Having a good economy for a few years will result in a payback of hell for many people, financially and psychologically. Having bought a house will ruin some peoples lives FOREVER, in the same way that some peoples lives were ruined by being in the stock market in 1929. They NEVER recovered.
With CASH, you won’t suffer as bad or at all.
A FED rate cut is like putting a band-aid on someone who needs 50 stitches. It’s going to help for about two seconds.
The last one meant nothing to most people. I stated that clearly on the thread about it the day it happened.There isn’t a person on earth who knows EXACTLY what to do to solve this crisis. There is no easy answer.
Time and pain will take its toll. Thousands will die before the global crisis is over.
Average Joe & Jane haven’t got a clue what’s coming.I’m not sure if the OP is trying to pick an exact bottom or lowest possible rate. It isn’t possible. Nothing rings a bell at the top or bottom. Get over it and enjoy your life before it’s too late. Travel, eat, fish , hunt, do whatever you enjoy, and don’t waste time wondering how low rates can go. They are what they are.
There are going to be major economic consequences that will establish new rules going forward.
There are going to be major financial failures that haven’t even been discussed yet.Today, WE are living with results of the NEW DEAL established in the 1930’s. There will be new rules and a new nickname.
We are in the 3rd inning of a 9 inning ball game. I wouldn’t even think of buying a home around here until at least the 7th inning stretch…
If I needed to refi, I would do it NOW, if I had some equity. If rates go down next year, you might be able to refi again, except the house will be worth less than it is today.
So many people are done that don’t even know it. They have fallen off a cliff but haven’t landed yet. There is nothing that can stop their fall.
October 12, 2007 at 4:51 PM in reply to: how big of a mortgage will i be able to afford if ……. #88582ParticipantPatient, I still disagree.
Even in Florida I wouldn’t want a home paid off. Whether they can take it or not.
You can protect assets with LLC’s and other ways.If you had $500K in cash 5 years ago, which would have put you in a better position ? …
Buying ONE $500K home for cash, or buying (4) $500K homes with $125K down on each, assuming that they cash flowed break even ??
You would have either ended up with $1 million or $4 million today with the same original investment.
Of course there is a time and place, but I’m sure anybody can understand the point.
Leverage can magnify losses as well as gains, but all markets aren’t as frothy as SD was, and investing is still a risk, but the depreciation write off on 3 rentals is an added benefit against paying income taxes.October 12, 2007 at 4:51 PM in reply to: how big of a mortgage will i be able to afford if ……. #88587ParticipantPatient, I still disagree.
Even in Florida I wouldn’t want a home paid off. Whether they can take it or not.
You can protect assets with LLC’s and other ways.If you had $500K in cash 5 years ago, which would have put you in a better position ? …
Buying ONE $500K home for cash, or buying (4) $500K homes with $125K down on each, assuming that they cash flowed break even ??
You would have either ended up with $1 million or $4 million today with the same original investment.
Of course there is a time and place, but I’m sure anybody can understand the point.
Leverage can magnify losses as well as gains, but all markets aren’t as frothy as SD was, and investing is still a risk, but the depreciation write off on 3 rentals is an added benefit against paying income taxes.October 12, 2007 at 3:52 PM in reply to: how big of a mortgage will i be able to afford if ……. #88557ParticipantRAY,
I accept that. If I get a discount I’ll pay cash, otherwise I rack up miles and interest. It’s a choice.
We both pay $10, I get a benefit, you may not.
You don’t have a choice to pay $9.75.I used to pay huge SD property tax bills with one Discover card payment, there was a reasonable max fee at that time. I got a 2% cash rebate from Discover and didnt have to pay the bill for another 6+ weeks. I think that they have changed the fee now.
The new VISA commercials on TV are crazy,,,, If you pay by cash you are an outcast. Marketing is great, who wants to be different ? Swipe that debit card!!!
There are lots of ways to beat the system with little effort.
October 12, 2007 at 3:52 PM in reply to: how big of a mortgage will i be able to afford if ……. #88563ParticipantRAY,
I accept that. If I get a discount I’ll pay cash, otherwise I rack up miles and interest. It’s a choice.
We both pay $10, I get a benefit, you may not.
You don’t have a choice to pay $9.75.I used to pay huge SD property tax bills with one Discover card payment, there was a reasonable max fee at that time. I got a 2% cash rebate from Discover and didnt have to pay the bill for another 6+ weeks. I think that they have changed the fee now.
The new VISA commercials on TV are crazy,,,, If you pay by cash you are an outcast. Marketing is great, who wants to be different ? Swipe that debit card!!!
There are lots of ways to beat the system with little effort.
ParticipantI’m not even going to try….
When people ask me if rates are going up or down, my answer is YES.
When people ask if rates will change, my answer is YES.
If I could accurately predict, I would be trading bonds.
I know what rates were yesterday, and might have a slim idea about the next business day, (although Fridays are risky) but anything beyond that I don’t know.
I’ll tell you the par rate today…and what I think that you qualify for. Can’t do much beyond that.
BTW, possibly for a different thread, I just got word that my best STATED INCOME, STATED ASSET (conforming) program for scores above 680 is being eliminated next week…details to follow.
ParticipantI’m not even going to try….
When people ask me if rates are going up or down, my answer is YES.
When people ask if rates will change, my answer is YES.
If I could accurately predict, I would be trading bonds.
I know what rates were yesterday, and might have a slim idea about the next business day, (although Fridays are risky) but anything beyond that I don’t know.
I’ll tell you the par rate today…and what I think that you qualify for. Can’t do much beyond that.
BTW, possibly for a different thread, I just got word that my best STATED INCOME, STATED ASSET (conforming) program for scores above 680 is being eliminated next week…details to follow.
October 12, 2007 at 1:56 PM in reply to: how big of a mortgage will i be able to afford if ……. #88519ParticipantPatient,,,
I am more like your cousin. I even borrow credit card money at 2% and bank it at 5.50%.
I rack up airline mileage and cruise credits at zero cost to me, and earn interest on the money up until the day that I have to pay that dang bill.
It’s been working for me.Of course debt is growing, that’s what the govt and big business wants and that’s how govt gauges a healthy economy. Saving and investing wisely isn’t good for the economy.
Money is just a tool, just like a hammer to a construction worker. When used correctly it produces results.
People can be taught, they ARE capable of learning.
Most have never had a teacher. They respond to fear and greed. It’s exactly why so many people are in the housing and financial mess that they are in.Why people use debit cards, I do not know. It sucks the money right out your account immediately and does absolutely nothing for your credit score, nor get you free airline trips or other credits, yet you are paying the exact amount for the items that you buy.
Ignorance is bliss.
October 12, 2007 at 1:56 PM in reply to: how big of a mortgage will i be able to afford if ……. #88526ParticipantPatient,,,
I am more like your cousin. I even borrow credit card money at 2% and bank it at 5.50%.
I rack up airline mileage and cruise credits at zero cost to me, and earn interest on the money up until the day that I have to pay that dang bill.
It’s been working for me.Of course debt is growing, that’s what the govt and big business wants and that’s how govt gauges a healthy economy. Saving and investing wisely isn’t good for the economy.
Money is just a tool, just like a hammer to a construction worker. When used correctly it produces results.
People can be taught, they ARE capable of learning.
Most have never had a teacher. They respond to fear and greed. It’s exactly why so many people are in the housing and financial mess that they are in.Why people use debit cards, I do not know. It sucks the money right out your account immediately and does absolutely nothing for your credit score, nor get you free airline trips or other credits, yet you are paying the exact amount for the items that you buy.
Ignorance is bliss.
October 12, 2007 at 12:29 PM in reply to: how big of a mortgage will i be able to afford if ……. #88497ParticipantRAY..
I think that you and I are on the same page, but CBAD has been traumatized, and understandibly so…Their decision is more emotional than from a rational or business perspective. Hard to fight that.
People who see things through their own eyes have a different perspective.
I have seen a few things through my eyes that I wish I could erase from my mind but cannot.It affects who you are and your perspectives.
A child of an alcoholic sees life differently, and sometimes even years of therapy can’t change them.
A cancer survivor views life differently.I’m not picking on CBAD who has lived through hell.
I try and help people through foreclosure today as best I can, but I haven’t lived it like CBAD has.and,, it’s not the Louisiana hurricane, it’s going to be the earthquake or tsunami around here that is going to be the event……..
October 12, 2007 at 12:29 PM in reply to: how big of a mortgage will i be able to afford if ……. #88505ParticipantRAY..
I think that you and I are on the same page, but CBAD has been traumatized, and understandibly so…Their decision is more emotional than from a rational or business perspective. Hard to fight that.
People who see things through their own eyes have a different perspective.
I have seen a few things through my eyes that I wish I could erase from my mind but cannot.It affects who you are and your perspectives.
A child of an alcoholic sees life differently, and sometimes even years of therapy can’t change them.
A cancer survivor views life differently.I’m not picking on CBAD who has lived through hell.
I try and help people through foreclosure today as best I can, but I haven’t lived it like CBAD has.and,, it’s not the Louisiana hurricane, it’s going to be the earthquake or tsunami around here that is going to be the event……..
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