A little addition...

December 05, 2007 08:25AM
After reading the other things on here, I just gotta pipe up with how I do have a fixed rate and it's 6.25% so not too shabby there. I have NO other debts no credit cards.. nothing. just regular bills like electric, car insurance etc..
no car payment. nothin'. If I lost this job I could keep going the same way I am now for about 6 months or so, maybe 8. and if I tighten the belt (no eating out, no going to the movies etc..) I could maybe stretch it out a bit.
I didn't get as ravaged as some people here do, but they sure tried. Should I be less mad for all of that? hell no.
"But jim I only *TRIED* to rape you, I didn't succeed, quit cryin'. I missed that weaponbutt..."
I do run into a slew of people who get talked into an ARM or worse because they have shaky credit (already if you have shaky credit you AND the companies you are dealing with should KNOW you are more likely to default)
they get talked into fudging their income or savings. If you go to buy and someone tells you that you can only get the house if you do that, DON'T. If your mortgage ends up more than 50% of your monthly income you might be able to make it for a while, but that one emergency comes up and bam, you can never catch up. Car breaks down out of nowhere, kid goes to the hospital for something the insurance is balking at covering etc...
The finance guy who did our deal told us the day he was going to check the accounts for the balance and hinted that maybe we should dump as much in as we could to give the impression we had loads in savings.
He didn't mess with us about income since both her salary and mine made it where if only one of us was working the mortgage was less than 30% of income, but I bet anything he would have if it hadn't been that way.
We are paying less now than we were in rent. *snoopy dance* but we don't have a snazzy house either.
I figure if you add up what you have paid in rent over the last ten years, you can easily look at houses that run about twice that, and be fairly sure of making the payments. barring acts of god, or terminal illness etc...
if you get one cheaper than that, even better, make sure you have no early payment penalties, and pay more on it as you go. That was my intent with this, but my girl keeps snagging the extra money *groan* I told her what I wanted for christmas was to pay off more of the house, and to sleep all day without being bothered. :)
Not gonna happen but one can dream eh?
Subject Author Posted

Why Handholding is Bad

Death_Claw December 04, 2007 11:42AM

Update.

Death_Claw December 05, 2007 10:45AM

No Empathy Eh?

happyorb December 04, 2007 08:07PM

This is a pretty discrete fix. Are you a subprime mortgagee?

Balrahd(VIP) December 05, 2007 01:25PM

Clinton is pushing it to, only even in a more socialist and insane way.

Death_Claw December 05, 2007 02:46PM

I hear you.

bajula December 05, 2007 08:02AM

A little addition...

bajula December 05, 2007 08:25AM

Re: A little addition...

Death_Claw December 05, 2007 08:38AM

Re: A little addition...

happyorb December 05, 2007 08:59AM

aww orb used to be happy

Stevers April 27, 2010 05:03PM

I'm sorry but you're off base arguing with DC here

Lokain December 05, 2007 12:55PM

Re: I'm sorry but you're off base arguing with DC here

happyorb December 05, 2007 03:30PM

I have to object to one point.

Death_Claw December 05, 2007 05:07PM

If you can't be bothered to read the contract don't sign it. n/t

Death_Claw December 05, 2007 09:18AM

That's what I hired my moron Lawyer to do. He failed, and I was screwed. ~

happyorb December 05, 2007 03:31PM

I would be shocked if 5% homebuyers read the final Kts.

Balrahd(VIP) December 05, 2007 01:33PM

I'm not disagreeing with that, its hardly an excuse however.

Death_Claw December 05, 2007 02:23PM

More importantly, if you're mortgaging 3-4x your income, pay a lawyer to read it for you nt

Rade December 05, 2007 09:46AM

RIF, I hired a Lawyer to read it, he sucked. ~

happyorb December 05, 2007 04:00PM

Re: No Empathy Eh?

Death_Claw December 04, 2007 08:44PM

All theory no practical experience...

happyorb December 05, 2007 08:48AM

I would rather rent.

cointreau December 05, 2007 11:27AM

Re: All theory no practical experience...

Death_Claw December 05, 2007 09:18AM

Re: All theory no practical experience...

happyorb December 05, 2007 03:59PM

Re: All theory no practical experience...

Death_Claw December 05, 2007 04:58PM

Weren't you the one who previously argued that homeownership is the end all/ beat all of human happiness? n/t

jegec December 05, 2007 02:36PM

I argued its not affordable for your typical person (and it should be).

Death_Claw December 05, 2007 02:47PM

Here's what I was thinking of

jegec December 05, 2007 03:24PM

What's your point?

Death_Claw December 05, 2007 04:50PM

Maybe I misread

jegec December 05, 2007 05:03PM

There are qualitative benefits to owning a home.

Death_Claw December 05, 2007 05:15PM

I was going to make an elaborate post about opportunity cost but i see you beat me to it

Rade December 05, 2007 09:51AM

Buy vs. Rent has a ton of variables.

ExPaladin(VIP) December 05, 2007 09:05AM

Some good points, for me it was a much better deal to buy. ~

happyorb December 05, 2007 03:33PM

Condo's also have hidden risks

ExPaladin(VIP) December 05, 2007 09:09AM

A lot of this also goes into the differences between...

Death_Claw December 04, 2007 08:59PM

*clap* *clap* Hurray for financial responsibility! nt

infi December 05, 2007 01:26AM

Ron paul plug. nt

The Forsaken(VIP) December 04, 2007 12:52PM

The US Mortgage crisis.

DurNominator(VIP) December 04, 2007 11:51AM



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