Sanrith Descartes
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Home buying thread
- Thread starter Pasteton
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Borzak
Bronze Baron of the Realm
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Before the 2008 meltdown my parents sold their house and the first offer they accepted it turns out the agent was also the person that pre approved them for a loan. Of course that fell through. Not sure that's even semi legal anymore. They didn't know till they couldn't get financing and they looked at the letter stating they were pre approved, not the same comany but same name as the agent.
Luckily it was post Katrina and my parents area got no damage at all. A lady down the road bought the house for her sister that hers was destroyed. The lady owned a sex toy company and she paid for the entire amount with a company check and it the corner it had a dildo on it. Parents drove down to the bank which was the same as the sex toy company and it cashed. Simple solution.
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Not a lawyer but I doubt that was even legal then. I can’t imagine issuing preapproval letters from a fake company that doesn’t even issue loans is anything but fraud.
Fucker
Log Wizard
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Lanx
<Prior Amod>
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the mayor is for the program (because every mayor wants free govt money) but hates that the dems sneaked in ANYONE can qualify
Daidraco
Avatar of War Slayer
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It's bound to be some kind of Husband and Wife combo. This chick: Login • Instagram is married to this dude: https://www.instagram.com/thelynchburglender/. Here in Lynchburg they are the dynamic duo of selling fucking houses. Mike is not only the loan agent, but has a direct friendship with the approval agent. Caroline, his wife, lists and sales the house. The whole process is so fucking smooth that you'll think they're scamming you. Obviously they would, cause I rebuffed several fee's that they tried to tack on that were just fucking stupid. "Processing" or some shit like that for $800. Bitch, this aint a fucking car. .. But I'd buy through her again if I could cause I'd knock the brakes off her ass if she gave me the chance.
Its just corruption. I imagine them as Beavis and Butthead, sitting around plotting like "ok, so we'll get a kickback from this developer if we sell more houses. But how do we use tax payer money to do that? .. Bro.. BRO.. Immigrants, bro. The liberals, a large majority of our voter base, will eat that shit up. You know what, Pinky? You're fucking right."
Tmac
Adventurer
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Tmac
Adventurer
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Borzak
Bronze Baron of the Realm
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It was a real company. The loan officer was also an agent. She probably pencil wipped them into loan approval and it fell through at the last minute. Lot of oddball shit was going on pre 2008 with subprime loans.
Agent didn't advertise it or make you aware of it until it fell through and you see it's the same person, but real company. I imagine a lot of shady shit went on when they were almost advertising on the corner with a board "come in and get a home loan today".
Lanx
<Prior Amod>
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fris
Vyemm Raider
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Most banks post their rates, just heard to find on their site without actually signing up for pre-qualification. expect higher of your credit score isn't good, they post the lowest per type term
www.wellsfargo.com
Compare Current Mortgage Interest Rates | Wells Fargo
View daily mortgage and refinance interest rates for a variety of mortgage products, and learn how we can help you reach your home financing goals.
Jysin
Ahn'Qiraj Raider
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I'd rather do a 30yr and make a bunch of early payments. Ties up less capital if something comes up in the future where you need / want cash.
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I'd say if you know you're going to be able to easily pay it off at either term look for the term with the lowest interest rate. If that's the 30, you go that way and just overpay each month applying it to principal.
And yeah, for the most part the posted rates they show on sites are always the "with best possible credit" rates. And IIRC anything over around a 750 can get them.
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Asshat Foler
2024 FoH Asshat
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I’m a first time home buyer from context. What you said never occurred to me - I did the math on 30 year mortgage and the interest paid was insane. I guess by making a bunch of early payments it would cut down on that but also open capital like you said in case of emergency?
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Drinsic
privileged excrementlord
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The interest paid over a 30 year mortgage is going to look crazy with almost any interest rate, it's just a question of whether or not you think you can reliably earn a better return than that interest rate. If not, pay it off early.
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Gravel
Mr. Poopybutthole
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Yeah, I've never understood signing up for a 15 year mortgage when there's not really any penalty for early payment on a 30. And it protects you in the event shit hits the fan in your life and you suddenly can't make the payments on a 15. If you're the type to really min/max your finances, you take the 30 and invest the difference in something that makes more than your interest rate. You can then use the proceeds of that to pay off your mortgage early if you want.
And if you've got the cash to burn, why bother with a mortgage at all?
And if you've got the cash to burn, why bother with a mortgage at all?
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Khane
Got something right about marriage
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The difference in rates between 30 and 15 (and even more for 10) can be substantial. If you plan on paying it off in ~15 years it's wasteful to pay the higher interest on a 30.
I had a 10 year at 3.4%, 30 years at the time I financed were at 5.25%.
You basically want to either just take a 30 and make normal payments while investing the difference, or take the lower term with better rates. How many people actually have the discipline to invest the difference though?
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