[HLS]

Most would have probably been better off over the last 15 years to have paid down their mortgage with after tax dollars instead of contributing to a 401K.

A variation of this is to max out 401K contributions with pre-tax dollars and then borrow 50% of your account of pre-tax dollars and pay down/off your mortgage. The other 50% remains sheltered.

You are guaranteed a compounded return on pretax dollars equivalent to your mortgage rate.
This strategy is not for everyone due to the danger of job loss and repayment of 401K loan.
There is no guarantee of a compounded return in the market.

Mortgage interest is always paid in arrears, never in advance. Unless a program is set up differently, in most cases there is absolutely no advantage to paying your mortgage payment before the 15th of the month. Interest nor principal gets credited faster if you pay on the 1st.
(HELOCS are figured on daily interest, not monthly. The above does not apply)

You can only pay off ANY debt faster by paying down extra principal in addition to interest due. There is no other secret formula.

The average person is better off with a 30 YR mortgage than a 15YR. YES, they will pay more dollars over time, but in most cases end up paying back with inflated dollars and virtually everybody has more income over 30 years to service the debt and it is easier for them to pay….Mortgage debt is usually the cheapest debt consumers have and it’s tax deductible for most.

It’s idiotic to accelerate mortgage payments and carry 10%-30% non deductible consumer debt, yet some people actually do this…. HLS

[HLS]

Most would have probably been better off over the last 15 years to have paid down their mortgage with after tax dollars instead of contributing to a 401K.

A variation of this is to max out 401K contributions with pre-tax dollars and then borrow 50% of your account of pre-tax dollars and pay down/off your mortgage. The other 50% remains sheltered.

You are guaranteed a compounded return on pretax dollars equivalent to your mortgage rate.
This strategy is not for everyone due to the danger of job loss and repayment of 401K loan.
There is no guarantee of a compounded return in the market.

Mortgage interest is always paid in arrears, never in advance. Unless a program is set up differently, in most cases there is absolutely no advantage to paying your mortgage payment before the 15th of the month. Interest nor principal gets credited faster if you pay on the 1st.
(HELOCS are figured on daily interest, not monthly. The above does not apply)

You can only pay off ANY debt faster by paying down extra principal in addition to interest due. There is no other secret formula.

The average person is better off with a 30 YR mortgage than a 15YR. YES, they will pay more dollars over time, but in most cases end up paying back with inflated dollars and virtually everybody has more income over 30 years to service the debt and it is easier for them to pay….Mortgage debt is usually the cheapest debt consumers have and it’s tax deductible for most.

It’s idiotic to accelerate mortgage payments and carry 10%-30% non deductible consumer debt, yet some people actually do this…. HLS

[HLS]

CA,,
Anyone who was “misinformed” about their loan either dealt with a predator OR just didn’t understand what they were doing. Nobody wants to admit that they just didn’t understand!!

With a 30 year fixed loan the payment NEVER changes. Make your payment by the 15th of each month and you will NEVER have a late charge or a problem. How hard is that to grasp ?

When somebody wants to get an ARM or an interest only loan because they think that they are going to beat the system, they are gambling.
That’s where the problems start. Greed kicks in.

Anyone is absolutely entitled to read every word on every page if they choose to. I’d like to know what you learned by doing so.

I cannot imagine putting docs in front of someone for anything other than what they agreed to.
This is what people get (and deserve) when they shop by rate or blindly go to a relative, friend or neighbor to get their loan.

The most foolish question that can be asked when “shopping” for a loan is “What’s your rate” yet that’s how most ppl do it, and they end up with the biggest liar.
It’s about as smart as “shopping” for a doctor, lawyer or mechanic solely by price. You’ll probably end up with a butcher or a hack.

There were plenty of idiotic mortgage advisors that made tens of thousands of dollars by giving greedy ppl bad advice.
If people were given an option to pay $100 to get honest advice they wouldn’t pay it. Advice from predators was free.

People were foolish to take ARM’s at a time of historically low rates. Most people could have chosen a 10 YR ARM or a 30 YR fixed, but the rate was higher and they were greedy. They shopped by rate and trusted a predator. It continues today.

People need to take responsibility for their decisions. People who fell for free/no cost loans will end up paying thousands of dollars in the long run if they stay in the loan. They don’t have a clue how screwed they are. There are know it alls on this site as well that think they understand loan options but actually don’t.

People don’t want to admit that they don’t know what they don’t know.
Bad mortgage advice and “no cost loan” are 2 of the most expensive things on this planet… HLS

[HLS]

CA,,
Anyone who was “misinformed” about their loan either dealt with a predator OR just didn’t understand what they were doing. Nobody wants to admit that they just didn’t understand!!

With a 30 year fixed loan the payment NEVER changes. Make your payment by the 15th of each month and you will NEVER have a late charge or a problem. How hard is that to grasp ?

When somebody wants to get an ARM or an interest only loan because they think that they are going to beat the system, they are gambling.
That’s where the problems start. Greed kicks in.

Anyone is absolutely entitled to read every word on every page if they choose to. I’d like to know what you learned by doing so.

I cannot imagine putting docs in front of someone for anything other than what they agreed to.
This is what people get (and deserve) when they shop by rate or blindly go to a relative, friend or neighbor to get their loan.

The most foolish question that can be asked when “shopping” for a loan is “What’s your rate” yet that’s how most ppl do it, and they end up with the biggest liar.
It’s about as smart as “shopping” for a doctor, lawyer or mechanic solely by price. You’ll probably end up with a butcher or a hack.

There were plenty of idiotic mortgage advisors that made tens of thousands of dollars by giving greedy ppl bad advice.
If people were given an option to pay $100 to get honest advice they wouldn’t pay it. Advice from predators was free.

People were foolish to take ARM’s at a time of historically low rates. Most people could have chosen a 10 YR ARM or a 30 YR fixed, but the rate was higher and they were greedy. They shopped by rate and trusted a predator. It continues today.

People need to take responsibility for their decisions. People who fell for free/no cost loans will end up paying thousands of dollars in the long run if they stay in the loan. They don’t have a clue how screwed they are. There are know it alls on this site as well that think they understand loan options but actually don’t.

People don’t want to admit that they don’t know what they don’t know.
Bad mortgage advice and “no cost loan” are 2 of the most expensive things on this planet… HLS

[HLS]

CA,,
Anyone who was “misinformed” about their loan either dealt with a predator OR just didn’t understand what they were doing. Nobody wants to admit that they just didn’t understand!!

With a 30 year fixed loan the payment NEVER changes. Make your payment by the 15th of each month and you will NEVER have a late charge or a problem. How hard is that to grasp ?

When somebody wants to get an ARM or an interest only loan because they think that they are going to beat the system, they are gambling.
That’s where the problems start. Greed kicks in.

Anyone is absolutely entitled to read every word on every page if they choose to. I’d like to know what you learned by doing so.

I cannot imagine putting docs in front of someone for anything other than what they agreed to.
This is what people get (and deserve) when they shop by rate or blindly go to a relative, friend or neighbor to get their loan.

The most foolish question that can be asked when “shopping” for a loan is “What’s your rate” yet that’s how most ppl do it, and they end up with the biggest liar.
It’s about as smart as “shopping” for a doctor, lawyer or mechanic solely by price. You’ll probably end up with a butcher or a hack.

There were plenty of idiotic mortgage advisors that made tens of thousands of dollars by giving greedy ppl bad advice.
If people were given an option to pay $100 to get honest advice they wouldn’t pay it. Advice from predators was free.

People were foolish to take ARM’s at a time of historically low rates. Most people could have chosen a 10 YR ARM or a 30 YR fixed, but the rate was higher and they were greedy. They shopped by rate and trusted a predator. It continues today.

People need to take responsibility for their decisions. People who fell for free/no cost loans will end up paying thousands of dollars in the long run if they stay in the loan. They don’t have a clue how screwed they are. There are know it alls on this site as well that think they understand loan options but actually don’t.

People don’t want to admit that they don’t know what they don’t know.
Bad mortgage advice and “no cost loan” are 2 of the most expensive things on this planet… HLS

[HLS]

CA,,
Anyone who was “misinformed” about their loan either dealt with a predator OR just didn’t understand what they were doing. Nobody wants to admit that they just didn’t understand!!

With a 30 year fixed loan the payment NEVER changes. Make your payment by the 15th of each month and you will NEVER have a late charge or a problem. How hard is that to grasp ?

When somebody wants to get an ARM or an interest only loan because they think that they are going to beat the system, they are gambling.
That’s where the problems start. Greed kicks in.

Anyone is absolutely entitled to read every word on every page if they choose to. I’d like to know what you learned by doing so.

I cannot imagine putting docs in front of someone for anything other than what they agreed to.
This is what people get (and deserve) when they shop by rate or blindly go to a relative, friend or neighbor to get their loan.

The most foolish question that can be asked when “shopping” for a loan is “What’s your rate” yet that’s how most ppl do it, and they end up with the biggest liar.
It’s about as smart as “shopping” for a doctor, lawyer or mechanic solely by price. You’ll probably end up with a butcher or a hack.

There were plenty of idiotic mortgage advisors that made tens of thousands of dollars by giving greedy ppl bad advice.
If people were given an option to pay $100 to get honest advice they wouldn’t pay it. Advice from predators was free.

People were foolish to take ARM’s at a time of historically low rates. Most people could have chosen a 10 YR ARM or a 30 YR fixed, but the rate was higher and they were greedy. They shopped by rate and trusted a predator. It continues today.

People need to take responsibility for their decisions. People who fell for free/no cost loans will end up paying thousands of dollars in the long run if they stay in the loan. They don’t have a clue how screwed they are. There are know it alls on this site as well that think they understand loan options but actually don’t.

People don’t want to admit that they don’t know what they don’t know.
Bad mortgage advice and “no cost loan” are 2 of the most expensive things on this planet… HLS

[HLS]

CA,,
Anyone who was “misinformed” about their loan either dealt with a predator OR just didn’t understand what they were doing. Nobody wants to admit that they just didn’t understand!!

With a 30 year fixed loan the payment NEVER changes. Make your payment by the 15th of each month and you will NEVER have a late charge or a problem. How hard is that to grasp ?

When somebody wants to get an ARM or an interest only loan because they think that they are going to beat the system, they are gambling.
That’s where the problems start. Greed kicks in.

Anyone is absolutely entitled to read every word on every page if they choose to. I’d like to know what you learned by doing so.

I cannot imagine putting docs in front of someone for anything other than what they agreed to.
This is what people get (and deserve) when they shop by rate or blindly go to a relative, friend or neighbor to get their loan.

The most foolish question that can be asked when “shopping” for a loan is “What’s your rate” yet that’s how most ppl do it, and they end up with the biggest liar.
It’s about as smart as “shopping” for a doctor, lawyer or mechanic solely by price. You’ll probably end up with a butcher or a hack.

There were plenty of idiotic mortgage advisors that made tens of thousands of dollars by giving greedy ppl bad advice.
If people were given an option to pay $100 to get honest advice they wouldn’t pay it. Advice from predators was free.

People were foolish to take ARM’s at a time of historically low rates. Most people could have chosen a 10 YR ARM or a 30 YR fixed, but the rate was higher and they were greedy. They shopped by rate and trusted a predator. It continues today.

People need to take responsibility for their decisions. People who fell for free/no cost loans will end up paying thousands of dollars in the long run if they stay in the loan. They don’t have a clue how screwed they are. There are know it alls on this site as well that think they understand loan options but actually don’t.

People don’t want to admit that they don’t know what they don’t know.
Bad mortgage advice and “no cost loan” are 2 of the most expensive things on this planet… HLS

[HLS]

With this program, you can only refi an existing 1st mortgage. If there is a 2nd they must agree to a subordination. It’s not intended to be a gift to holders of 2nds. If you currently have mtg insurance it remains.

Perhaps having a 125% loan at a lower interest rate decreases the risk to FNMA a tiny bit, but I’d say that the ice cream is now melting in 80 degree weather instead of 100 degree weather. It’s still melting.

The true fix is accelerated, forcible foreclosures.
A very painful solution, but one that will restore the credibility of the entire system and bring people’s attitudes about money and values back down to earth.
Until then it’s a wishful game of musical chairs….HLS

[HLS]

With this program, you can only refi an existing 1st mortgage. If there is a 2nd they must agree to a subordination. It’s not intended to be a gift to holders of 2nds. If you currently have mtg insurance it remains.

Perhaps having a 125% loan at a lower interest rate decreases the risk to FNMA a tiny bit, but I’d say that the ice cream is now melting in 80 degree weather instead of 100 degree weather. It’s still melting.

The true fix is accelerated, forcible foreclosures.
A very painful solution, but one that will restore the credibility of the entire system and bring people’s attitudes about money and values back down to earth.
Until then it’s a wishful game of musical chairs….HLS

[HLS]

With this program, you can only refi an existing 1st mortgage. If there is a 2nd they must agree to a subordination. It’s not intended to be a gift to holders of 2nds. If you currently have mtg insurance it remains.

Perhaps having a 125% loan at a lower interest rate decreases the risk to FNMA a tiny bit, but I’d say that the ice cream is now melting in 80 degree weather instead of 100 degree weather. It’s still melting.

The true fix is accelerated, forcible foreclosures.
A very painful solution, but one that will restore the credibility of the entire system and bring people’s attitudes about money and values back down to earth.
Until then it’s a wishful game of musical chairs….HLS

[HLS]

With this program, you can only refi an existing 1st mortgage. If there is a 2nd they must agree to a subordination. It’s not intended to be a gift to holders of 2nds. If you currently have mtg insurance it remains.

Perhaps having a 125% loan at a lower interest rate decreases the risk to FNMA a tiny bit, but I’d say that the ice cream is now melting in 80 degree weather instead of 100 degree weather. It’s still melting.

The true fix is accelerated, forcible foreclosures.
A very painful solution, but one that will restore the credibility of the entire system and bring people’s attitudes about money and values back down to earth.
Until then it’s a wishful game of musical chairs….HLS

[HLS]

With this program, you can only refi an existing 1st mortgage. If there is a 2nd they must agree to a subordination. It’s not intended to be a gift to holders of 2nds. If you currently have mtg insurance it remains.

Perhaps having a 125% loan at a lower interest rate decreases the risk to FNMA a tiny bit, but I’d say that the ice cream is now melting in 80 degree weather instead of 100 degree weather. It’s still melting.

The true fix is accelerated, forcible foreclosures.
A very painful solution, but one that will restore the credibility of the entire system and bring people’s attitudes about money and values back down to earth.
Until then it’s a wishful game of musical chairs….HLS

[HLS]

The clowns in govt ALLOWED the housing bubble to inflate because it was good for the economy, by ALLOWING 100% financing to people who lied about their income & assets. I am yet to hear anyone from the govt convey this.

It’s THAT simple. GREED.
Greenspan and low interest rates werent the problem. It was lack of a down payment.
Millions has been spent talking about what caused the bubble, and ignorant people keep saying that “nobody” saw it coming.

Requiring at least a 10% down payment, millions would have never been able to “buy” a house and prices would have never been pushed up.

Rates are low today and millions cannot qualify for one reason or another. FHA is the new sucker’s loan and the next subprime (without a prepay penalty)

If you don’t abuse a child, then you don’t need regulations against child abuse.
If you don’t drive drunk, you don’t need regulations against driving drunk.
If you aren’t ignorant or greedy then you don’t need twisted govt regulations against being ignorant or greedy.

The regulations to “protect” consumers are a govt attempt to avoid admitting what the real problem was/is…perhaps they don’t even understand.

Appraisal regulations and disclosure regulations are not going to fix the stupidity and greed of millions of people.
I never said that ARMS or prepay penalties were a good thing…
I explain options to people in words that they can understand, but now I have to be regulated by APOR on the week that a loan is locked and other mumbo jumbo.

If the govt is creating all this regulation to protect consumers, who is going to protect people from the govt ???

You cannot regulate that people be protected from themselves. You cannot regulate stupidity, ignorance and greed however the govt is trying by saying they know what is good for people, and it’s more regulations as the mumbo jumbo in the post above… Do you feel safer with these regulations in place ??… HLS

[HLS]

The clowns in govt ALLOWED the housing bubble to inflate because it was good for the economy, by ALLOWING 100% financing to people who lied about their income & assets. I am yet to hear anyone from the govt convey this.

It’s THAT simple. GREED.
Greenspan and low interest rates werent the problem. It was lack of a down payment.
Millions has been spent talking about what caused the bubble, and ignorant people keep saying that “nobody” saw it coming.

Requiring at least a 10% down payment, millions would have never been able to “buy” a house and prices would have never been pushed up.

Rates are low today and millions cannot qualify for one reason or another. FHA is the new sucker’s loan and the next subprime (without a prepay penalty)

If you don’t abuse a child, then you don’t need regulations against child abuse.
If you don’t drive drunk, you don’t need regulations against driving drunk.
If you aren’t ignorant or greedy then you don’t need twisted govt regulations against being ignorant or greedy.

The regulations to “protect” consumers are a govt attempt to avoid admitting what the real problem was/is…perhaps they don’t even understand.

Appraisal regulations and disclosure regulations are not going to fix the stupidity and greed of millions of people.
I never said that ARMS or prepay penalties were a good thing…
I explain options to people in words that they can understand, but now I have to be regulated by APOR on the week that a loan is locked and other mumbo jumbo.

If the govt is creating all this regulation to protect consumers, who is going to protect people from the govt ???

You cannot regulate that people be protected from themselves. You cannot regulate stupidity, ignorance and greed however the govt is trying by saying they know what is good for people, and it’s more regulations as the mumbo jumbo in the post above… Do you feel safer with these regulations in place ??… HLS

[HLS]

The clowns in govt ALLOWED the housing bubble to inflate because it was good for the economy, by ALLOWING 100% financing to people who lied about their income & assets. I am yet to hear anyone from the govt convey this.

It’s THAT simple. GREED.
Greenspan and low interest rates werent the problem. It was lack of a down payment.
Millions has been spent talking about what caused the bubble, and ignorant people keep saying that “nobody” saw it coming.

Requiring at least a 10% down payment, millions would have never been able to “buy” a house and prices would have never been pushed up.

Rates are low today and millions cannot qualify for one reason or another. FHA is the new sucker’s loan and the next subprime (without a prepay penalty)

If you don’t abuse a child, then you don’t need regulations against child abuse.
If you don’t drive drunk, you don’t need regulations against driving drunk.
If you aren’t ignorant or greedy then you don’t need twisted govt regulations against being ignorant or greedy.

The regulations to “protect” consumers are a govt attempt to avoid admitting what the real problem was/is…perhaps they don’t even understand.

Appraisal regulations and disclosure regulations are not going to fix the stupidity and greed of millions of people.
I never said that ARMS or prepay penalties were a good thing…
I explain options to people in words that they can understand, but now I have to be regulated by APOR on the week that a loan is locked and other mumbo jumbo.

If the govt is creating all this regulation to protect consumers, who is going to protect people from the govt ???

You cannot regulate that people be protected from themselves. You cannot regulate stupidity, ignorance and greed however the govt is trying by saying they know what is good for people, and it’s more regulations as the mumbo jumbo in the post above… Do you feel safer with these regulations in place ??… HLS

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