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#14086 |
Politically Incorrect
Join Date: Feb 2009
Location: Scottsdale, AZ
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Fed is ALWAYS wrong.
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Posts: 51,421
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#14087 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
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The **** would you go with a variable rate loan 4 years ago?
How low did they think it would get? |
Posts: 34,538
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#14088 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Quote:
When I bought my house, I got a fixed rate that was over 7 percent. Rates kept going down and I kept refinancing. I think I was paying at or under 3 percent when I finally paid the house off. Maybe I should have done ARMs for 20 years. But I didn't know that we would have 20 years of declines. At some point I got a HELOC at some ridiculously low rate, and that's what I used for my last big rehab project on the house (redoing the kitchen, adding a deck, finishing off the third floor, etc.) I think it might have been under 2 percent, so I paid off the main mortgage before I paid that one off. At some point the lender stopped offering it, and that was a sad day. |
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Posts: 142,135
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#14089 |
Fish are scared of me
Join Date: Nov 2001
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My LOC I use on my Rental properties is at 8.75% also. It has to renew every year so I get the bullet. They were going to put it at 10.5% this last renewal and I called the President of the bank and said LOOK. I've been with you since 1998, never been late on a payment, had over 30 mortgages , would you at least drop it to my current rate on my rentals at 8.75%, and he said he'd talk to loan committee. They called back an hour later and said that would work. WooHoo , excited about an 8.75% loan victory. LOL
And what's funny is that the loan officer that's been there 20 years said she had no idea they were even negotiable. Dumb bitch! |
Posts: 40,599
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#14090 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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I had no idea rates were that high. |
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Posts: 142,135
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#14091 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
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30 years were in the 3’s 4 years ago
If you took an ARM in 2020 then you deserve it |
Posts: 34,538
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#14092 | |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,321
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#14093 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Posts: 45,899
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#14094 |
(Sir/Yes Sir/Aye Aye Sir)
Join Date: Oct 2009
Location: Diving
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Posts: 117,472
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#14095 |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,599
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#14096 |
Fish are scared of me
Join Date: Nov 2001
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Taking an ARM at the time gave me the best interest rate 10 years ago. I'm almost out from under my mortgages completely so timing worked out OK. I got 15 year Mortgages with 5 year ARM's and have paid ahead on everything. 12 more months and I'm debt free. I'm selling a couple properties and will dump about 150K into high yield dividend funds and pull 50% of those divi's to finish paying off my existing debt.
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Posts: 40,599
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#14097 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Posts: 142,135
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#14098 |
Fish are scared of me
Join Date: Nov 2001
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Posts: 40,599
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#14099 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
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Posts: 142,135
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#14100 | ||
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Posts: 57,321
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