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Like I said, the rate offered by other banks or the rate offered to other customers especially those bailed out might have higher influence on your rate than your credit score.
It was a hypothetical...
and a LIE to get people to feel sorry for me?
I don't need you or anyone to feel sorry for me.
And what are you talking about...lies?
I haven't lied in here.
Like I said, the rate offered by other banks or the rate offered to other customers especially those bailed out might have higher influence on your rate than your credit score.
OK...REAL...SLOWLY...FOR...THE...JERKS...WHO...KEE P...TRYING...TO...MIX...UP...WHAT...I'M...SAYING.. .
I currently own a place. My rate is 6%. This is what I was using to answer the OP's question.
I put it on the market in the hopes of getting something more permanent...something I could live in for years to come since I've decided to stay in town.
Let's recap: my place....on the market....I was looking for something else.
OK...so, I was looking for something else, which would've required a new loan...
Yes? We're all together now?
While looking for a new loan, I realized that my excellent credit rating didn't do much more than approving me for a loan. It didn't help get me a lower rate.
recap: Current home...current loan = 6%...WAS on the market...excellent credit rating didn't help land better loan rate...
With the market being as slow as it is, I decided to take my place off the market and wait it out.
I'm not asking for anyone's sympathy. In fact, I couldn't care less what any of you jerks think of me.
I was simply responding to the OP's question.
If you don't like my answer, and you want to continue being an ass, find someone else to bother.
well, that sucks considering how hard I've worked, but whatever.
It's got to get better at some point.
two-party sucker......your party ed up. so if I were you I would just shut up.
Want a better rate? Find a better place to get a loan. My CU is offering 15-year loans at 4.7% with 0 pts, 4.4% with 1 pt.
Also, we don't have to worry about people letting houses go into disrepair in our neighborhood. if a neighbor or renter doesn't take care of it, the HOA pays for it and bills homeowner. If they don't pay we put a lien and/or foreclose ourself. Its already happened when people tried to test us.
That's awesome!
15-year loans typically have a better rate.
I have a couple more things to pay off, and then I'll go gangbusters on my house...that will include getting a 15-year loan.
With or without a better rate just plan a path to get 100% debt free. My wife and I will be there in just a few months after paying (literally) for the mistakes of our youth. It's hard to get there, you have to give up alot but life becomes much better when you don't have anything hanging over your head. And when you have more money you just start making more money. I'm no economist so I won't attempt to say why that is, it just works out that way.
We didn't follow his ideas exactly but check out Dave Ramsey's plan to debt free living for ideas.
http://www.daveramsey.com/
One thing I totally agree with him on...
Debt is not a tool; it is a method to make banks wealthy, not you.
I LOVE Dave Ramsey!
My entire family is on his plan!
I figure I need another year or so before I can start doing the 6-month emergency savings plan...and then my house.
That will be such an amazing feeling!
Congrats definitely go out to you and your wife. I'm sure you've had some rough moments when you've had to give stuff up, but it sounds like you're starting to benefit from it.
Yeah he's good. The main thing I did differently was I worked on paying down debt's as much as I could but focused more on the emergency fund first. Even though it cost me more in interest in the short run it was better for us because when we were throwing everything at debt then something would always come up that required us to go back to borrowing. So it was two steps forward, one step back. Once we had enough on hand to really take care of any emergencies then it was all forward walking.
Oh yeah...I did that a lot for a while. I have a couple of credit cards (store cards that get discounts)...I know it's a big no-no on his program, but I never carry a balance.
But yes, it can, at times, be like what you just said...two steps forward, one step back - because, even though I have the money to cover the things I buy on those cards...if I didn't have the cards, that money would be in savings. Yeah...something like that.
I've really tried to bring that to a halt now.
I have my initial emergency fund in the bank.
The toughest part for me has been not taking a trip this year! I'm definitely feeling that one!
Oh I still use a credit card all the time for convenience. I have all my bills (phone, electric, etc.) paid automatically with it. I just pay the balance every month. It's not debt if you don't carry a balance.
I would rather they didn't borrow six times their yearly income and think it'll be okay because they'll flip their house for a six figure profit anyway.
Most of them are ing idiots who borrowed too much and there should be a penalty for that. I don't see anywhere in the Cons ution where it says the government has to cover up all of its citizens ups.
This country is going to go the way of the dodo bird if we keep going down this path of no one having to be responsible for their decisions because the government will just pick up the tab.
It's fine and understandable but understand that if you're neighbor's house becomes a foreclosure, gets beaten up and run down, then trades on the market for .65 to .70 cents on the dollar, that lowers the property value of your home as well.
I would think your primary concern would be the impact the housing crisis and excess supply of homes in the market would have on the value of your home, not whether your neighbor is getting bailed out or not. If your home value is your main concern, this plan, even though arguably unfair, minimizes the erosion of the vaule of your home.
Remember, the actions of the government have now socialized the risk of these bad loans. So if these mortgages end in default and foreclosure, we all are sharing the cost, every taxpayer amongst us.
What's fair and what's practical arent' always the same.
Why does it have to be a compe ion?
because without compe ion, capitalism wouldnt exist
Not in the least.
My brother recently had his house foreclosed on because the mortgage company was unwilling to work with him in a weird situation. He actually lost his house in his divorce, but his ex-wife decided to abandon the house and not tell anyone for several months. When he found out, he tried to get the mortgage company to transfer the mortgage to his name and let him start with a clean slate on the payments. They foreclosed on him while still discussing whether they would do it or not.
It's better to work with people than just foreclose all the houses. We don't need to flood the market with empty homes.
That's a common misperception of capitalism - that somehow the market will just cease to exist if there are regulations put into place. And yet, throughout history, and in other nations, there are capitalist economies that are surviving despite restrictions.
It doesn't directly affect ME or MY MORTGAGE whether my neighbor gets his house foreclosed on, or whether he gets a super low rate for re-financing. Therefore, I can simply be happy that the person in the initial scenario is no longer homeless and got a good deal, and hope they don't blow their opportunity.
Muhammed Yunus writes very effectively about the concept of "social business" in Creating a World Without Poverty - utilizing the merits of capitalism (having businesses that are self-sustaining) but which are not "profit-maximizing" because they are instead focused on solving social problems, like poverty and hunger.
We don't need billions of dollars. No one does. No corporation does. But everyone has a right to basic human needs (food, a home, health care).
From each according to his ability, to each according to his need. Sounded great but didn't work out too well in practice.
ok...whenever you see a car commercial, what is the number one reason they use for you to buy from them. "because our prices are lower than the other guys"
if insurance companies werent competing with each other, insurance rates would be outrageous - same with banks. healthy compe ion means healthy economy, and for the most part it has greatly improved our standard of living since the 1950s. bargaining, as in this case asking for a better rate, puts pressure on business to ease down the costs. its like voting in the economy - it may not seem much when you initially do it, but on a wide scale it makes a difference
You say that like it's absolutely a bad thing for everyone. In my situation (I own my home and I have no plans to move, ever if I have my way, and even if I do, I won't be selling this one), lower property values is a boon by reducing my property taxes and making some other things much more affordable (certain insurance policies, etc).
The big thing for me will be what the value is in 40 years when I retire.
This thread shows how few people understand this crisis. And to be fair, I think the number of people who actually understand it is extremely small. I don't get all the details of the financial market but I think after reading a ton about it I've gotten the gist of what is going on.
If I owned a home and was responsible with everything, how could I not be upset if my neighbor who was not was the exact opposite was about to get a better rate as a result of a government bailout? That means my tax dollars were being used to provide an irresponsible buyer with a better deal than what I got. In addition, if I wasn't a home owner but was going to be in the market for one in the near future how could I not be upset that I was getting ed twice? First by my tax dollars basically paying for someone else's home and 2nd by lowering the amount of foreclosed properties on the market which in turn raised the price I was going to pay for my home?
It isn't as simple as saying intelligent people don't worry about their neighbor when their neighbor is reaping the benefits from the situation while the responsible buyer is not. Intelligent people actually DO focus on like this. Rich Dad, Poor Dad anyone?
Ya needless to say...I'm pissed.
I'd like to get a ing break in some way, shape or fashion for a change.
Pay my ing mortgage and pay my neighbor's mortgage too. How awesome!
Ugh, I have so many issues with your post. There are so many inaccurate points in it I honestly don't know where to begin. I dont' believe I've ever read anything about markets stopping outside of capitalism. Markets exsist under many systems. Your red herring in your first paragraph is just flat out false and poor.
Your 2nd paragraph is absolutely false. How the can you think it doesn't affect you directly when your neighbors house gets foreclosed on? We're not talking about a random guy going to a bank and getting a loan at a low rate. Do you honestly believe that someone who can't pay their mortgage to the point that they're facing foreclosure is going to be able to walk into a bank and get it refinanced at a lower rate? Of course not! The only way they're going to get a lower rate is by a government backed loan through a bailout which means that MY tax dollars are going to back their loan because they are in a house they shouldn't be in to begin with.
BEING IN A ING HOUSE YOU CAN'T AFFORD IS NOT A RIGHT AND HAVING ME PAY FOR IT SURE AS IS NOT A RIGHT.
So now because of all this irresponsible home buying loans aren't being given out nearly as easily so its much harder for a home owner to get refinanced at a lower rate. The risk all over the board is now higher so the standards for those loser rates are raised. Do you see how this directly effects us ALL?
I do not need you telling me what I need and what I don't need. You have absolutely not right to impose an artificial ceiling on my earnings or the earnings of any corporation. Who is to decide what we need and what is a right? Why do you get the ultimate say on this? What if it is my opinion that I should have to opportunity to establish my families future which does take a billion dollars and that is MY right?
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