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October 5, 2008 at 11:26 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #281806October 5, 2008 at 11:26 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282086
TheBreeze
Participant[quote=fat_lazy_union_worker][quote=meadandale]I do know that a friend of mine who bought a house in 4$ last fall for $700k bought it using an interest only ARM. And at one time I thought he was a smart guy…[/quote]
The guy is a genius, because he will probably get to to have his loan modified, unlike if he actually put down 20% and did a 30year fixed :([/quote]
Actually, getting an interest-only loan is the smartest thing a buyer can do. He gets the mortgage deduction, he may end up paying less than comparable rent, and he can walk away when he’s ready unless the value of the house goes up — in that case he can sell and keep the cash.
Interest-only buyers get all of the upside with none of the downsides.
October 5, 2008 at 11:26 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282088Participant[quote=fat_lazy_union_worker][quote=meadandale]I do know that a friend of mine who bought a house in 4$ last fall for $700k bought it using an interest only ARM. And at one time I thought he was a smart guy…[/quote]
The guy is a genius, because he will probably get to to have his loan modified, unlike if he actually put down 20% and did a 30year fixed :([/quote]
Actually, getting an interest-only loan is the smartest thing a buyer can do. He gets the mortgage deduction, he may end up paying less than comparable rent, and he can walk away when he’s ready unless the value of the house goes up — in that case he can sell and keep the cash.
Interest-only buyers get all of the upside with none of the downsides.
October 5, 2008 at 11:26 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282131Participant[quote=fat_lazy_union_worker][quote=meadandale]I do know that a friend of mine who bought a house in 4$ last fall for $700k bought it using an interest only ARM. And at one time I thought he was a smart guy…[/quote]
The guy is a genius, because he will probably get to to have his loan modified, unlike if he actually put down 20% and did a 30year fixed :([/quote]
Actually, getting an interest-only loan is the smartest thing a buyer can do. He gets the mortgage deduction, he may end up paying less than comparable rent, and he can walk away when he’s ready unless the value of the house goes up — in that case he can sell and keep the cash.
Interest-only buyers get all of the upside with none of the downsides.
October 5, 2008 at 11:26 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282142Participant[quote=fat_lazy_union_worker][quote=meadandale]I do know that a friend of mine who bought a house in 4$ last fall for $700k bought it using an interest only ARM. And at one time I thought he was a smart guy…[/quote]
The guy is a genius, because he will probably get to to have his loan modified, unlike if he actually put down 20% and did a 30year fixed :([/quote]
Actually, getting an interest-only loan is the smartest thing a buyer can do. He gets the mortgage deduction, he may end up paying less than comparable rent, and he can walk away when he’s ready unless the value of the house goes up — in that case he can sell and keep the cash.
Interest-only buyers get all of the upside with none of the downsides.
October 5, 2008 at 10:45 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #281771ParticipantMr. Mortgage probably has an article on this somewhere:
October 5, 2008 at 10:45 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282051ParticipantMr. Mortgage probably has an article on this somewhere:
October 5, 2008 at 10:45 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282053ParticipantMr. Mortgage probably has an article on this somewhere:
October 5, 2008 at 10:45 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282094ParticipantMr. Mortgage probably has an article on this somewhere:
October 5, 2008 at 10:45 PM in reply to: Any data on prevalence of option ARM in pricier neighborhoods? #282107ParticipantMr. Mortgage probably has an article on this somewhere:
Participant[quote=esmith]My point exactly. People like you are the reason why people like Amity Shlaes are compelled to write their books, whether or not their claims have anything to do with reality.[/quote]
Yeah, there are tons of people in the top 50% of income earners who will fight to the death to keep the top 1% of income earners from paying more taxes. And then there are the kooky anti-choice and religious zealots who have joined them. It’s quite a group.
Participant[quote=esmith]My point exactly. People like you are the reason why people like Amity Shlaes are compelled to write their books, whether or not their claims have anything to do with reality.[/quote]
Yeah, there are tons of people in the top 50% of income earners who will fight to the death to keep the top 1% of income earners from paying more taxes. And then there are the kooky anti-choice and religious zealots who have joined them. It’s quite a group.
Participant[quote=esmith]My point exactly. People like you are the reason why people like Amity Shlaes are compelled to write their books, whether or not their claims have anything to do with reality.[/quote]
Yeah, there are tons of people in the top 50% of income earners who will fight to the death to keep the top 1% of income earners from paying more taxes. And then there are the kooky anti-choice and religious zealots who have joined them. It’s quite a group.
Participant[quote=esmith]My point exactly. People like you are the reason why people like Amity Shlaes are compelled to write their books, whether or not their claims have anything to do with reality.[/quote]
Yeah, there are tons of people in the top 50% of income earners who will fight to the death to keep the top 1% of income earners from paying more taxes. And then there are the kooky anti-choice and religious zealots who have joined them. It’s quite a group.
Participant[quote=esmith]My point exactly. People like you are the reason why people like Amity Shlaes are compelled to write their books, whether or not their claims have anything to do with reality.[/quote]
Yeah, there are tons of people in the top 50% of income earners who will fight to the death to keep the top 1% of income earners from paying more taxes. And then there are the kooky anti-choice and religious zealots who have joined them. It’s quite a group.
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