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  1. U

    Home buying thread

    Most of these people will have insurance money to rebuild, so they"ll have to rebuild then deal with selling. With everyone rebuilding, the rebuild time may be longer than normal. Unless you want to get lucky and just buy a plot and build from scratch.
  2. U

    Home buying thread

    Rates are historically low as the government tries to stimulate borrowing for not just homeowners, but for everyone to get the economy going. Since your economy is doing much better, your lending rates are higher.
  3. U

    Home buying thread

    Most REOs now require you also get preapproved by the selling bank too. He may already have a preapproval, but needs another.
  4. U

    Defrauding Facebook blackhat thread

    Or you know, you can produce shit that people actually like.
  5. U

    Home buying thread

    I see adds for this during Top Chef. Most Eligible Dallas - Season 1 - Bravo TV Official Site
  6. U

    Home buying thread

    cause you want a big ass house. Why buy a car when the police tell you how fast you can drive?
  7. U

    Home buying thread

    HELOCs are always variable rate. So even if it"s Prime + 3.00% which is what you get 3.25% right now, if (and when) prime goes up, it"s going to cut into your cash flow. That 3.25% is the lowest the rate is ever going to be.
  8. U

    Home buying thread

    If you have at least 3.5% equity in your home, you still could refinance without HARP and save some money. But yes you need a freddie/fannie loan to do the HARP program.
  9. U

    Adventures with lyrical - buying a business

    Three years in, I doubt you have any equity in your house so that"s out. You"re already at 30-40% DTI with your current debt. Getting a loan isn"t going to work for you and you didn"t list any savings you"re willing to put up. Unless you can find a really nice Family member to float you some...
  10. U

    Adventures with lyrical - buying a business

    You"d have to have at least a good chunk of equity. Remember this loan would be in 2nd position, so they"d only get the leftovers from the primary mortgage if the house went into foreclosure.
  11. U

    Home buying thread

    Rates are historically low right now. Even if prices drop another 5-10%, if the interest rate goes up 1-2%, your buying power will be the same.
  12. U

    Adventures with lyrical - buying a business

    Yeah! Stick it to Best Buy! errr...
  13. U

    Home buying thread

    Houses aren"t worth what they were two years ago. If you want to improve your house to make it more livable, go for it. If you"re doing it to increase the value it"s a waste of money.
  14. U

    Home buying thread

    How high LTV you could go really depends on the market and the bank. For instance, my bank in Las Vegas will only go to 60% LTV on a HELOC or HEL. Banks doing HELOC and HELs are in second position, so they have to be more careful to avoid losing all thier money in a forclosure. I think you"re...
  15. U

    Home buying thread

    Anything left in the house of value could be considered a subsidy. If they sold it with furniture and appliances that can make up a chunk of it. Did the former owner die?
  16. U

    Stock technical analysis software

    I don"t disagree with anything you"ve said there. I"ve sold a few times during the runup and this is just what"s left of the portfolio. Like I said before this is just fun money. I have a separate account with mutual funds in it with the majority of my money.
  17. U

    Stock technical analysis software

    It can be done, but it takes some luck and the ability to swallow some bad picks. This is my etrade account that I"ve been trading sparingly over the last couple of years. You are right though that treating it like "fun money" makes the losses easier to stomach. In my case I"ve done ok on some...
  18. U

    Home buying thread

    Yeah but he is getting a loan for more than he"s paying for the house. That makes it cash out. And that"s going to be rough in this market.
  19. U

    Home buying thread

    I believe that cash out FHA needs more money down than a standard FHA loan. They must be considering it a cash out refi for him even though it"s a purchase. I can"t see any other way you can get a loan for more than the house is selling for. FHA Loans - Cash Out Refinance Mortgage
  20. U

    Home buying thread

    So get a rate with no points. If you can drop your rate 0.75% on a 300k loan, you"re looking at recouping $2k in closing costs in about 11 months. If you"re doing no points and paying more than that in actual closing costs (not prepaids), then you need to find another loan officer/broker.
  21. U

    Home buying thread

    I live in Vegas and work for a large national bank, and what I"m seeing is that houses are getting into bidding wars alot recently. They"re going for at or above asking.