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Thousands line up for zero-down-payment, subprime mortgages

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  • Kaepsknee
    Kaepsknee Member Posts: 14,919
    sarktastic said:

    Fuck off. These buyers are fucking buried with NO way out other than Forclosure and/or bk

    The only beneficiary here is the home seller


    But But... The guy in the article cashing commission checks says that no one defaults on these loans!!!

    The real troublesome part is that they don’t require mortgage insurance.
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  • Kaepsknee
    Kaepsknee Member Posts: 14,919
    2001400ex said:

    greenblood said:

    2001400ex said:

    greenblood said:

    It looks like “The Big Short” is going to have a sequel. Can’t wait...

    While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.
    I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.
    Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.
    0% in Oregon.
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  • 2001400ex
    2001400ex Member Posts: 29,457
    salemcoog said:

    2001400ex said:

    greenblood said:

    2001400ex said:

    greenblood said:

    It looks like “The Big Short” is going to have a sequel. Can’t wait...

    While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.
    I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.
    Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.
    0% in Oregon.
    You don't pay real estate fees in Oregon now? Chinteresting.
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  • Pitchfork51
    Pitchfork51 Member Posts: 27,692
    edited October 2018
    salemcoog said:

    Pitchfork51 said:

    Everyone in such a rush to buy a house

    For younger people I think mobility is like the biggest asset you have

    False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.

    I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%.
    Okay. So say I buy a house and rent it out, deal with repairs and upkeep, maybe a month every year or two with no rent payment...

    This vs putting money in the market you're talking like one bar night a month difference .
    A couple hundred bucks at most.
    Plus literally no worry.

    I'm not saying it's not a good thing to do but people make it out like being a total moron not to.

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  • greenblood
    greenblood Member Posts: 14,573
    2001400ex said:

    salemcoog said:

    2001400ex said:

    greenblood said:

    2001400ex said:

    greenblood said:

    It looks like “The Big Short” is going to have a sequel. Can’t wait...

    While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.
    I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.
    Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.
    0% in Oregon.
    You don't pay real estate fees in Oregon now? Chinteresting.
    unless you're offering to pay for brokerage fees or title and escrow fees for the buyer, the only cost is the realtor commission, which usually runs around 6%. You can always go with the sell by owner and pay nothing I guess.
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  • Kaepsknee
    Kaepsknee Member Posts: 14,919
    2001400ex said:

    salemcoog said:

    2001400ex said:

    greenblood said:

    2001400ex said:

    greenblood said:

    It looks like “The Big Short” is going to have a sequel. Can’t wait...

    While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.
    I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.
    Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.
    0% in Oregon.
    You don't pay real estate fees in Oregon now? Chinteresting.
    You said excise tax you fucking moron. Fuck it l!!!’ @DerekJohnson, PM me your number to ban this abortion aka Hondo for a month.
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  • Kaepsknee
    Kaepsknee Member Posts: 14,919
    edited October 2018
    Pitchfork51 said:

    salemcoog said:

    Pitchfork51 said:

    Everyone in such a rush to buy a house

    For younger people I think mobility is like the biggest asset you have

    False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.

    I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%.
    Okay. So say I buy a house and rent it out, deal with repairs and upkeep, maybe a month every year or two with no rent payment...

    This vs putting money in the market you're talking like one bar night a month difference .
    A couple hundred bucks at most.
    Plus literally no worry.

    I'm not saying it's not a good thing to do but people make it out like being a total moron not to.


    Easy fix my friend. Buy the Home warranty and make sure your management company makes your tenants pay for a year of renters insurance upfront at the beginning of the lease and renewal. That way you’re covered for peanuts if they trash your house and also if the pipes leak, furnace, fridge,stove, etc goes out. I can rent my humble abode out for over double what my mortgage is.
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  • 2001400ex
    2001400ex Member Posts: 29,457
    salemcoog said:

    2001400ex said:

    salemcoog said:

    2001400ex said:

    greenblood said:

    2001400ex said:

    greenblood said:

    It looks like “The Big Short” is going to have a sequel. Can’t wait...

    While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.
    I’m also not a fan of zero down. At least put 2-3% down. Especially when it looks like housing prices might have peaked. Not good to start day one of your new house underwater.
    Right. And in Washington with excise tax, it's about 9% cost to sell your house. Other states it's 7% minimum.
    0% in Oregon.
    You don't pay real estate fees in Oregon now? Chinteresting.
    You said excise tax you fucking moron. Fuck it l!!!’ @DerekJohnson, PM me your number to ban this abortion aka Hondo for a month.
    I can't help it if you can't read. I said "after excise tax it's 9%".
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  • creepycoug
    creepycoug Member Posts: 24,414
    YellowSnow said:

    Lending money to those w/o proven means to make the payment or credit worthiness is FS.

    didn't we do this once before? I forget.
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  • Mosster47
    Mosster47 Member Posts: 6,246
    salemcoog said:

    Pitchfork51 said:

    Everyone in such a rush to buy a house

    For younger people I think mobility is like the biggest asset you have

    False. You can buy a house and still be mobile. If you have to or want to move, you can have somebody else pay for your appreciating asset and have a couple hundred bucks left over when you rent it out.

    I bought high 12 years ago. But even with the crash and the fact I bought high, the homes value has appreciated 50%.
    Yep. There is never a reason to sell a home you aren't at least 20% up on.
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