So for those of you in an arm or a variable i would be watching the market very closely. I had a 3 hr meeting yesterday and the long and short of it is the rates are about to go way up. There is a 200% forclosre increase and the rates are going to be effected directly. Just letting you all know.

 

Thanks to all the retarded mortgage lenders that offered all these

 

hmm umm... time to buy up the foreclosures.... where did I leave my 10% down payment???

 

I wouldnt hold the lenders accountable because the people clearly knew what they were doing and signed the papers for the loan. for most it was a huge benifit. my company cant write a loan unless there is a benifit for the customer.

 

people got caught up in the hype and thought that the prices will continue to rise and they could flip the house in a year or so.

hard lesson learned

 

bullllllll sh*&

these types of loans pray on people's stupidity.. yup I hold them accountable too BUT a decent lender should never have give a sub prime loan to someone a bank said no to..

there

 

oh yes i do see some shady stuff. But here are the 3 things that have to be a benifit for a customer or our company will not approve the loan. We have to be saving them money, Changing the term for the better (interest only into a fixed) or cash has to exceed the closing costs.

 

i'm sure you work for a good company however there are many companies that are in it for the quick buck and really don't care about the person / bank

 

Yes and all those companys just filed for Bankruptsy! or they closed down!

 

Best to lock in, if you're not.

When we bought our house, back in the day, interest rates were high. I had a friend who bought her house when the rates were 16% ! We had a 12% variable mortgage. There was a limit on how much it could go up in a given period and there was a cap on it as well. We refinanced to get 10.25, then 8.75. Still a lot higher than the rates out there today. Every time we'd re-finance, they'd offer more money than we wanted....thanks, but no thanks. That's how folks get in trouble. Using a house to finance non house stuff. As the balance got lower, we went with a home equity line, at that time the rates were cheaper than the mortgage rates.

We never bought into the percentage of income the banks said we could owe. Those figures barely allow for pizza and beer once you add in all the other costs of home ownership.

Tyler the financial mess some folks are in must be all your fault.