why that was nice

[Flipx99 5,000+ posts]

I wouldn't suggest refinancing unless you found rates in the ~5% range. Just sit tight and make payments on time.

 

[2002XLT 5,000+ posts]

Thats what i wanted to hear. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[SteveSkal]

Your lucky too, Texas is one of those area's where there are still good deals to be found, I'm originally from NY where the prices are out of control and now I'm in Denver where they are still pretty high, I look at appraisals every day and see these beautiful homes in Georgia and Texas and they are still only around $200k!!

 

[2002XLT 5,000+ posts]

Ya, its definantly cheap down here. But the area is really growing due to that, so good for investors. My home was 87K. Fully updated, 3/4 acre, 2 Bed + 2 Bath. Im pretty fckin happy.

 

[SteveSkal]

$87,000 for a house, WOW! You can't even get a vacant lot for that where I'm at LOL

 

[2002XLT 5,000+ posts]

$87,000 for a house, WOW! You can't even get a vacant lot for that where I'm at LOL

A pretty nice house too if i dont say so myself.

Needs a roof though. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[SteveSkal]

Very nice. Congrats man!

 

[DBfan187 5,000+ posts]

A pretty nice house too if i dont say so myself.

Needs a roof though. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

pressure wash the roof with bleach.

 

[duece212 5,000+ posts]

$87,000 for a house, WOW! You can't even get a vacant lot for that where I'm at LOL

Yup, wish I coulda bought here 10 years ago. Things sure have changed incredibly here in the last decade....hell just the last 5 years.

 

[WhoSayWho? 5,000+ posts]

Flip is right, many, if not most lenders do not adequately explain the terms of the loans. They also tend to tell the consumer -- "don't worry, you can just refinance before the rate changes."

However, it really doesn't matter. Even when it is explained to them the consumer does not care. They have become convinced somewhere down the line that it is better to own than to rent and they will take whatever loan they can get.

To me it is the mortgage industry that that is really responsible. They see someone who has no leverage so they squeeze them for whatever they can get and they should have known foreclosures were going to be a problem. I am sure

that they did and they were just interested in the short term.

 

[duece212 5,000+ posts]

The blame lays on both sides of the fence, greedy consumers and greedy lenders/brokers. Everybody tried to get a piece of the pie and now we are all feeling the effect.

 

[mrogowski 5,000+ posts]

You crazy Americans... //content.invisioncic.com/y282845/emoticons/tongue.gif.6130eb82179565f6db8d26d6001dcd24.gif

5 years to lock in rates is not a very long time at all. In fact, I think Bush is just postponing the inevitable. He may think he is helping people, but the banks are far from dumb. If a freeze happens and lenders are short-changed as a result, they will simply increase rates elsewhere to take up the slack.

So, in five years when the lock is over, and those homeowners need to refinance, rates will be through the roof compared to what they are today.

This is exactly what happened in the area I live. In the 80's a five year break was given to potential homeowners because interest rates were very high. Folks bought the new homes, locked themselves into that "deal" and then ended up having to sell five years later because they could not afford the refinanced interest rates.

Frankly, he should just stay out of it and let the market correct itself. But then, he won't be in power in 5 years anyway so I doubt he really cares what would happen...

 

[2002XLT 5,000+ posts]

pressure wash the roof with bleach.

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

 

[DBfan187 5,000+ posts]

it'll clean the shingles, make'em shine like new.