Home away from home?

The small efficient homeowner will be getting the last laugh!

It's not my fault....it's your fault. You don't understand....I want what I want....now! What GFE? What's a truth-in lending. I did not sign an adjustable rate rider. I really wanted to escrow, they just did not listen....I am a victim, victim, victim. I had a 560 score because the bills were lost in the mail. The TV crew is leaving, let's go shopping.

You're a funny man...! :lol:

I left that part out...I used to have an ARM (I bought from a family member and own my own business; very complicated) so I cringe for these people.

On the other hand, I used to have and ARM, and the lender told me to refi ASAP. (I love all these abbreviations!) Since he knew more about money than I did, I figured it would be prudent to follow his advice. It's not easy to refi under certain circumstances, but you just have to keep knocking on doors.

Great cartoon, Scooterbug!

There's nothing inherently wrong with ARMs when it goes your way. HELOC borrowers are getting, and will continue to get relief if short term rates trend downward. Anyone holding a fixed rate second will be perturbed. Maybe they can picket their banker, and rant about being shoehorned into a fixed rate. I would guess that you needed to use a mortgage broker to procure a conforming, stated, fixed rate loan, because the local banker wanted 2 years proof of income.

There's nothing inherently wrong with ARMs when it goes your way. HELOC borrowers are getting, and will continue to get relief if short term rates trend downward. Anyone holding a fixed rate second will be perturbed. Maybe they can picket their banker, and rant about being shoehorned into a fixed rate. I would guess that you needed to use a mortgage broker to procure a conforming, stated, fixed rate loan, because the local banker wanted 2 years proof of income.

Not exactly, and it's been 5 years since this went down so some of my details may be a little wonky.

Mortgage broker--I don't think I used one of those, but I try to stay blissfully ignorant of some of the details. I went through a bank. Usually when you are a sole proprietorship, they do a no-doc loan, and you don't have to prove income. Usually it's a piece of cake. But they couldn't do a no-doc with me because I was buying from a family member; apparently, that has been abused and is against the rules.

So they hooked me up with an adjustable rate construction loan, and told me to refi in a year. It actually took me about 3 years because my ARM was lower than what I could get on a fixed rate.

So you're right, the ARM wasn't inherently bad for those first few years; I'm just glad I'm out of it now.

If they wanted 2 years proof of income, we wouldn't have such a mess on our hands!

If they wanted 2 years proof of income, we wouldn't have such a mess on our hands!

true for alt A and subprime, but if you've got high scores, time in the property, it's your primary, with comensurate equity, a small bump in the interest rate covers the risk and satisfies a legitimate need. Default rate in that scenario is no higher than any A paper out there.

true for alt A and subprime, but if you've got high scores, time in the property, it's your primary, with comensurate equity, a small bump in the interest rate covers the risk and satisfies a legitimate need. Default rate in that scenario is no higher than any A paper out there.

Speaking in tongues belongs on the religion thread. :nono1:

Speaking in tongues belongs on the religion thread. :nono1:

goonguula, goonguula....at least I've got that going for me.

Isn't this the preacher who "Speaks in Tongues?"

(Robert Tilton)

.

Isn't this the preacher who "Speaks in Tongues?"

(Robert Tilton)

.

I can't open your link, but that's the one who speaks in toots, anyway! :funn:

I can't open your link, but that's the one who speaks in toots, anyway! :funn:

He is the BEST.:floor: