Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff
In WA state, you should be okay. Only isolated markets will see drastic problems.
As a mortgage loan officer, I know MOST realtors don't know jack about finance.
Well I'm not in the profession :)
Oh deary me, I almost had my laptop fall of my;lap, I was laughing so hard. LOL
WRONG!
I agree about first home buyers. My husband and I were in our 20s when we bought our first home, we did not go for the ARM, but we did get a mortgage where our payment went up 50 dollars a year for 5 years, reason being that some of the interest was being deferred. In short, what we had was negative amortization. We also paid a ridiculous amount in points, something I did not pay attention to till we refinanced the first house. I knew nothing about points, title insurance, and yes, you can read the papers, but at the time, we were getting what seemed like a lot of paperwork and there were constant requests for information, making the whole process very frustrating. Our experience when we refinanced our first home was almost as unpleasant as when we first bought the house. 3 years ago when we bought our second home, I had a problem with the loan company which I mentioned to one of the employees of the builder, she straightened it out for me, fortunately. I've learnt a lot since the first home.
I recommend to anyone who's buying a house for a first time to make sure they get advice from someone who's been there done that. Loan companies are sharks, imo
As usual, I'm a wee bit behind. Yes, thanks, I saw it. :-)
LOL!
It makes a lot of sense and I agree.
I, too, am waiting for RE prices to drop before I buy me a couple of condos or co-ops. Already own two co-ops (live in private hose) purchased 1n 1997 with a combined net cash flow of about $600/mo. Net cash flow, appreciation and leverage - a deadly combination. In the mean time I'm hoping for higher interest rates until RE hits bottom at which time I jump into the fray and buy, buy buy.
I want to make some money.
Believe me... It was clearly sarcasm. I got it.
“Life’s a losing gamble without Jesus,” reads the decal on the bumper of the Philbrooks’ old pickup truck, part of a package of religious iconography that dots the family’s vehicles as well as the walls of its house. Quite possibly, the Philbrooks’ failure to read the fine print represents a similarly blind roll of the dice.
Then again, maybe it does.
It amazes me that any literate person would sign a loan with a provision to jump the rate 3% at once and then raise it to almost double. I won't feel too bad for the lender if they get stiffed, because it seems like they are taking advantage, but why, why don't people read these things? It doesn't sound like an attorney was needed to figure out what would happen next.
"Gee, honey, it says here that they can double the interest rate. Do you think they might do that?"
"Oh, no, they wouldn't do that to us."
Damn, how many laptops do I gotta buy ya? :-)
"Only isolated markets will see drastic problems."
You are correct. I will name them, and watchem drown....sadly.
Boston
Los Angeles
Palo Alto, Ca.
Chicago
Minneapolis(already down 20%)
NYC
Long Island
Greenwich, CT
Most of America will do just fine.....thank God!
None right now; I caught this one in time; pet. :-)
We're not all sharks! Well, I'm a loan officer, not a *company* but I work for one.
I hope they don't drop too much or I might not have a job...
Oh my blinking eyes. You have finally posted something with which I agree. It is a wonder.
I could not believe my ears last year when the majority of mortgages were the "interest-only" types. What lame-brains would fall for such a morgage?! Probably the same folks that keep General Nutrition Centers in business that think a pill from Safeway is poisonous but a pill from GNC is "natural".
""""We're not all sharks! Well, I'm a loan officer, not a *company* but I work for one.""""
_______
When you become as popular as lawyers I will know the bubble broke.
:)
Gotta link?
I am not agreeing to that list.
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