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June 11, 2007 at 12:31 AM in reply to: Need advice on the pros and cons of interest only loans #58340
NotCranky
Participant“If you can get an interest only loan at a fixed rate for a longer term (eg. 10-30 years),”
I tend to agree with this at least nearer to the 30 year term. The mortgage ammount should be practically meaningless by then and having a fixed principal payment should beat rent at some point no matter the market at loan inception date. I have not heard of a loan like a 20 or 30 year I/O. Has anyone? Maybe its the next great thing? Hey how about 50 you could just die in the house.
It would be better to start the 30 year or longer I/O after the market corrects though.June 11, 2007 at 12:31 AM in reply to: Need advice on the pros and cons of interest only loans #58367NotCranky
Participant“If you can get an interest only loan at a fixed rate for a longer term (eg. 10-30 years),”
I tend to agree with this at least nearer to the 30 year term. The mortgage ammount should be practically meaningless by then and having a fixed principal payment should beat rent at some point no matter the market at loan inception date. I have not heard of a loan like a 20 or 30 year I/O. Has anyone? Maybe its the next great thing? Hey how about 50 you could just die in the house.
It would be better to start the 30 year or longer I/O after the market corrects though.NotCranky
ParticipantPerry,
If you don’t mind indulging my curiosity, what is the source of your fascination with this bubble? I might know had I been a blogger earlier on.The point you made with the quotation of someone in REO saying that they were not wanting to drive down comps has really stuck with me today. I think they don’t want to drive down comps because they now how much of it is coming. There might be some kind of bean counting game going on behind the scenes. Do they know of some support catalyst coming if they can hold things up until it gets here or are they just delaying the inevitable and if so why.
NotCranky
ParticipantPerry,
If you don’t mind indulging my curiosity, what is the source of your fascination with this bubble? I might know had I been a blogger earlier on.The point you made with the quotation of someone in REO saying that they were not wanting to drive down comps has really stuck with me today. I think they don’t want to drive down comps because they now how much of it is coming. There might be some kind of bean counting game going on behind the scenes. Do they know of some support catalyst coming if they can hold things up until it gets here or are they just delaying the inevitable and if so why.
June 10, 2007 at 11:59 PM in reply to: Need advice on the pros and cons of interest only loans #58324NotCranky
ParticipantI used a 5 year I/O for 2 1/2 years,improved my cash flow when I could really take advantage of it , paid it off and got home ownership mortgage free! That makes me the expert on I/O. IMHO. It is on the thread I linked in a earlier post on this thread.
BTW just teasing about the expert stuff.
Except for the rich it is a recipe for disaster in todays market. Temecula guy nailed the appropriate time frame for the rest of us, 3-5 years ago with an exit strategy.June 10, 2007 at 11:59 PM in reply to: Need advice on the pros and cons of interest only loans #58351NotCranky
ParticipantI used a 5 year I/O for 2 1/2 years,improved my cash flow when I could really take advantage of it , paid it off and got home ownership mortgage free! That makes me the expert on I/O. IMHO. It is on the thread I linked in a earlier post on this thread.
BTW just teasing about the expert stuff.
Except for the rich it is a recipe for disaster in todays market. Temecula guy nailed the appropriate time frame for the rest of us, 3-5 years ago with an exit strategy.NotCranky
ParticipantHey Cy,
Latesummer got mad and left a few days back.NotCranky
ParticipantHey Cy,
Latesummer got mad and left a few days back.June 10, 2007 at 10:01 PM in reply to: Need advice on the pros and cons of interest only loans #58298NotCranky
ParticipantHere is one thread on this topic:
http://piggington.com/what_is_an_interest_only_mortgageJune 10, 2007 at 10:01 PM in reply to: Need advice on the pros and cons of interest only loans #58325NotCranky
ParticipantHere is one thread on this topic:
http://piggington.com/what_is_an_interest_only_mortgageNotCranky
ParticipantSDR I hear you. I have just ended renting for a year with three boys four and under. The landlord ended up being pretty good even though even my little guys kept turning the sprinkler timer off.He believed us when we told him the things that broke did so because they were on the last leg including the dishwasher door. He gave us 100% of our deposit back. We did choose deliberately to get a house that was clean but not fancy and a little run down with no landscaping in the back yard.We probably actually paid a little more for it than it was worth. Which is the opposite of what I do as a landlord to get good tenants. It was in Rancho San Diego which was fine,for renting. We have never been so loved by our neighbors it was amazing!
That said it was hard to wait to move to our property as the house got closer to completion.
You are kind of in a bind selling to others but not your wife. Gotta make it difficult to convince her.What do you think a lawyer could do for eccen?
NotCranky
ParticipantSDR I hear you. I have just ended renting for a year with three boys four and under. The landlord ended up being pretty good even though even my little guys kept turning the sprinkler timer off.He believed us when we told him the things that broke did so because they were on the last leg including the dishwasher door. He gave us 100% of our deposit back. We did choose deliberately to get a house that was clean but not fancy and a little run down with no landscaping in the back yard.We probably actually paid a little more for it than it was worth. Which is the opposite of what I do as a landlord to get good tenants. It was in Rancho San Diego which was fine,for renting. We have never been so loved by our neighbors it was amazing!
That said it was hard to wait to move to our property as the house got closer to completion.
You are kind of in a bind selling to others but not your wife. Gotta make it difficult to convince her.What do you think a lawyer could do for eccen?
June 10, 2007 at 1:51 PM in reply to: NEED your input, About to buy a new Pienza home in 4S Ranch #58248NotCranky
ParticipantIf you and your husband decide to cancel fight for your deposit on the grounds that the sellers rep and mortage guy are being misleading.Accuse them of teaming up on you if they are in anyway affiliated. Ask the builders sales Rep if they have ever sold a model like the one you are interested in for less or if the would ever consider it in the future.Ask them what they would do for you if that happened,especially since you feel you are being mislead.
Put it in writing registered mail.Quote some of the things the posters here are saying. If they offer you a lower price ,which they might take it or tell them you don’t trust them and that the price would have to be 20%or more lower to make sense stand your ground. CC and send a copy to the mediation center of the local NAR if you have to.Maybe take them to small claims. I know I would get my deposit back.Best wishes
June 10, 2007 at 1:51 PM in reply to: NEED your input, About to buy a new Pienza home in 4S Ranch #58275NotCranky
ParticipantIf you and your husband decide to cancel fight for your deposit on the grounds that the sellers rep and mortage guy are being misleading.Accuse them of teaming up on you if they are in anyway affiliated. Ask the builders sales Rep if they have ever sold a model like the one you are interested in for less or if the would ever consider it in the future.Ask them what they would do for you if that happened,especially since you feel you are being mislead.
Put it in writing registered mail.Quote some of the things the posters here are saying. If they offer you a lower price ,which they might take it or tell them you don’t trust them and that the price would have to be 20%or more lower to make sense stand your ground. CC and send a copy to the mediation center of the local NAR if you have to.Maybe take them to small claims. I know I would get my deposit back.Best wishes
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