Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In some way, the banks / mortgage holders must be making some big bucks with so many people going into foreclosure because of higher rates going into effect on ARM loans. IF the banking / mortgage industry TRULY wanted to avert a crisis, the obvious solution to the crisis would be to simply keep the lower rate in effect until the crisis blows over.
Umm the Feds just met last week. They left the rate as it was, as it has been for about a year now.
It is the qualifying requirements that have increased, not the rates.
Rates are based as they have been. The more qualified you are, the lower the rate, the less qualified, the higher the rate.
mbmouse wrote: The more qualified you are, the lower the rate, the less qualified, the higher the rate.
Since I'm well qualified, I always get a good rate. No complaints about that!
Yet, the system seem backwards in a way. The people who can afford to pay a higher rate get the lower rate while the people who can afford less get the higher rate. Must be where the bushman gets his tax rate philosophy! If they earn alot...they shouldn't have to pay taxes. If they earn very little...make em pay.
mbmouse wrote: The more qualified you are, the lower the rate, the less qualified, the higher the rate.
Since I'm well qualified, I always get a good rate. No complaints about that!
Yet, the system seem backwards in a way. The people who can afford to pay a higher rate get the lower rate while the people who can afford less get the higher rate. Must be where the bushman gets his tax rate philosophy! If they earn alot...they shouldn't have to pay taxes. If they earn very little...make em pay.
regards....Franco
"More Qualified" doesn't necessarily mean people with more money. It usually means people with a higher credit score and debt to income, but credit score rules the day and that has little to do with how much you make.
jimj wrote: "More Qualified" doesn't necessarily mean people with more money. It usually means people with a higher credit score and debt to income, but credit score rules the day and that has little to do with how much you make.
You are absolutely right about that. Thanks for the clarification. I'm a good example...although I have excellent credit ( mostly because I live within my means ), I certainly don't have alot of money!
At times, my anger at the bushman gets the better of me and I can't think cleary. Every time I come close to forgiveness, he does something else that gets me riled. Anyway, that's my excuse for providing erroneous information.
If you are going to let the house go into foreclosure, I would find a place to live 1st. Chapter 7 will not only get rid of the mortgage payments, but the credit card debt too. If the situation is effecting your health, I would do something about it.
I was more disappointed when I filed my own bankruptcy than depressed over it. I was doing everything I could to protect my credit and myself, basically, but when something bad happens and you find yourself in a corner with very few options, it's best to protect yourself.
I sure hope the crook who stole my car eventually got busted for something else, and that the finance company who canceled my contract because the car was stolen felt some kind of remorse. I was making the payments on a stolen car I no longer had with pleasure.
how you get into a 1750 monthly payment for a home of $135k?
with 7% Interest your Interest would be 788$ /month with tax + insurance + pmi + principle...i dont know how you get into a 1800 month..that's just nut! look into refinane..unless your credit is so bad..to start off
I live in SW Florida and I am sure he is probably that high because of taxes and insurance here. Those alone could probably add close to $1000 a month to his mortgage. My taxes and insurance are $5400 and $3250 respectively, plus $800 flood insurance here. CRAZY!
I live in SW Florida and I am sure he is probably that high because of taxes and insurance here. Those alone could probably add close to $1000 a month to his mortgage. My taxes and insurance are $5400 and $3250 respectively, plus $800 flood insurance here. CRAZY!
that would explain why is so high...darn
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I stand corrected.
