Any homeowners here?

[crunktimes.com 5,000+ posts]

Slow down you guys you are confusing manny, you need to give him time to get responses from his adviser (dad)

 

[mannyb18b]

You obviously haven't a clue what's going on, and as such should cease trying to give any kind of financial advise.
You take out the equity in your house.....you have cash.....you then pay the car loan off in "cash" (which you borrowed using the equity in your home, thus you took out the money on a mortgage, presumably a 1st mortgage given the discussion thus far).....you have now transfered that debt to your mortgage by way of using the cash taken out from the equity by way of refinancing to pay off the loan......you are now extending the pay back of that debt significantly as the "cash" you used to pay it off was borrowed over a much more extended period of time.....you are now 1) decreasing the rate of principle reduction of that debt and spreading it over a longer period of time and 2) as a result, significantly increasing the amount of interest you will pay on that debt even though it may be at a "lower rate"......which will result in 3) you paying significantly more for a depreciating asset than it's actually (or ever was) worth.

Honestly, it isn't that hard to comprehend........

Ya like I don't know that bud, but what you are trying to get across is completely circumstantial. Every loan, re-fi, goals for that re-fi, is different.

ie. You can pull out equity, and get a new loan that still doesn't change your monthly payment.

different loan amounts and diff. circumstances bud, you can't generalize loans. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[Eugenics 5,000+ posts]

the basic principals are the same you degenerate fuckwit.

 

[mannyb18b]

the basic principals are the same you degenerate fuckwit.

You don't even understand basic principals so y are you sticking in your 2 cents

 

[mannyb18b]

the basic principals are the same you degenerate fuckwit.

So if someone can pull out equity, and keep everything the same or close ( payment, rate.) that's a scam?

 

[squeak9798 5,000+ posts]

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif
These programs want you to pay your principle down.

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

Have you ever taken the time to run an amortization schedule on these for comparison? I'm going to guess no......

For example; $250,000 mortgage.

50yr 5% mortgage after 120 pymts (10yrs) principle still owing will be $235K

30yr 8% mortgage after 120 pymts (10yrs) principle still owing will be $219K

50yr 5% mortgage after 240 pymts (20yrs) principle still owing will be $211K

30yr 8% mortgage after 240 pymts (20yrs) principle still owing will be $151K

50yr 5% mortgage after 360 pymts (30yrs) principle still owing will be $172K

30yr 8% mortgage after 360 pymts (30yrs) principle still owing will be $0

Explain how, exactly, a 50yr 5% mortgage helps someone pay down their principle better/faster than a conventional mortgage?

 

[mannyb18b]

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif
Have you ever taken the time to run an amortization schedule on these for comparison? I'm going to guess no......

For example; $250,000 mortgage.

50yr 5% mortgage after 120 pymts (10yrs) principle still owing will be $235K

30yr 8% mortgage after 120 pymts (10yrs) principle still owing will be $219K

50yr 5% mortgage after 240 pymts (20yrs) principle still owing will be $211K

30yr 8% mortgage after 240 pymts (20yrs) principle still owing will be $151K

50yr 5% mortgage after 360 pymts (30yrs) principle still owing will be $172K

30yr 8% mortgage after 360 pymts (30yrs) principle still owing will be $0

Explain how, exactly, a 50yr 5% mortgage helps someone pay down their principle better/faster than a conventional mortgage?

WOOOOOOOOOOOOW...you hilarious.

SHOW ME WHERE I SAID A 50yr 5% PROGRAM PAYS DOWN BETTER...or betters ANYTHING.

I gave the 50yr loan as an EXAMPLE of a "SHORT RE-FI". THIS IS TO SAVE SOMEONE FROM FORECLOSURE, AND SAVE THEIR HOUSE!!!

 

[squeak9798 5,000+ posts]

Ya like I don't know that bud,

You apparently didn't, since, I quote;

"You pull out equity...you have cash...you pay the loan off in cash...no tie's to your mortgage...."

but what you are trying to get across is completely circumstantial.

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

So extending a 3-7 yr loan out over 15-30yrs increasing the interest cost and rate of principle reduction is "circumstantial" //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

ie. You can pull out equity, and get a new loan that still doesn't change your monthly payment.
different loan amounts and diff. circumstances bud, you can't generalize loans. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

Okay, I'll give you a fair shot....and to make sure we are on the same playing field.....

Give me an example (#'s, not conjecture) of when extending a short term car loan over a substantially longer period of time would actually save someone interest cost and improve their rate of principle reduction on that debt.

 

[squeak9798 5,000+ posts]

WOOOOOOOOOOOOW...you hilarious.
SHOW ME WHERE I SAID A 50yr 5% PROGRAM PAYS DOWN BETTER...or betters ANYTHING.

I gave the 50yr loan as an EXAMPLE of a "SHORT RE-FI". THIS IS TO SAVE SOMEONE FROM FORECLOSURE, AND SAVE THEIR HOUSE!!!

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

Didn't I specifically quote you saying exactly that in that post ??

http://www.caraudio.com/forum/showpost.php?p=4973863&postcount=64

David said (paraphrasing) that extending the loan over 50yrs didn't save him that much money on a monthly basis compared to his 30 yr mortgage.

You said

"No one is talking about paying I/O."

Talking about the difference in payments, I would presume.

" These programs want you to pay your principle down.""

Why wouldn't this quote apply specifically to the 50yr 5% mortgage David was talking about? You were specifically responding to his post, which was referencing the 50yr 5% mortgage, and specifically stated "these programs want you to pay your principle down."

What am I missing here //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

 

[Eugenics 5,000+ posts]

You don't even understand basic principals so y are you sticking in your 2 cents

You're right manny, you are much more intelligent than i.

 

[mannyb18b]

Your missing my very first sentence in the very first post. I'm not even gunna go back and read it.

This whole convo came up because I was referring to someone UPSIDE DOWN

 

[mannyb18b]

//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif
Didn't I specifically quote you saying exactly that in that post ??

http://www.caraudio.com/forum/showpost.php?p=4973863&postcount=64

David said (paraphrasing) that extending the loan over 50yrs didn't save him that much money on a monthly basis compared to his 30 yr mortgage.

You said

"No one is talking about paying I/O."

Talking about the difference in payments, I would presume.

" These programs want you to pay your principle down.""

Why wouldn't this quote apply specifically to the 50yr 5% mortgage David was talking about? You were specifically responding to his post, which was referencing the 50yr 5% mortgage, and specifically stated "these programs want you to pay your principle down."

What am I missing here //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

again...any reference to a change to a 50yr program is for someone UPSIDE DOWN.

any other conventional re-fi's are irrelevant to what I was original talking about. Which is usual for ca.com

 

[squeak9798 5,000+ posts]

again...any reference to a change to a 50yr program is for someone UPSIDE DOWN.

any other conventional re-fi's are irrelevant to what I was original talking about. Which is usual for ca.com

Okay, explain how someone who is upside-down actually benefits from refinancing into a mortgage which reduces the rate of principle reduction //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif So refinancing their mortgage into a product that actually causes the principle balance to stay significantly higher and for a much longer period of time is supposed to help someone who already has negative equity //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

And why is any other conventional mortgage product irrelevant //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif There are certainly many other options available to lenders as a part of loss mitigation than the horribly idiotic idea of a 50yr mortgage......

But ofcourse, someone trying to sell a product either ignores this, or is simply a salesman and actually quite ignorant about the financial industry.

You appear to fall into the later group.......

And you have yet to explain your comment;

"These programs want you to pay your principle down."

Upside-down or not....a 50yr mortgage does not accomplish this goal as you mistakenly attribute to it.

 

[davidfre21 5,000+ posts]

Its sad when it comes down to using the amount paid monthly over what the actual amount needed to be paid is how u make sales. And people are so ignorant or desperate to get into something, they overlook how shitty of a deal they are actually gettin themselves into. Ultimately having you **** them in the end. You are no different than the dam car salesmen when he asks me how do i want to pay a month verse answering when i ask how much the vehicle costs.

 

[ngsm13 5,000+ posts]

Lol...

nG