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Old 06-27-2016, 11:23 AM  
DaFace DaFace is offline
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Investing megathread extravaganza
A place to talk about investing stuff.
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Old Yesterday, 04:30 PM   #14086
scho63 scho63 is online now
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Fed is ALWAYS wrong.
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Old Yesterday, 04:30 PM   #14087
KCUnited KCUnited is offline
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The **** would you go with a variable rate loan 4 years ago?

How low did they think it would get?
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Old Yesterday, 04:31 PM   #14088
Rain Man Rain Man is offline
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8% is a hell of a lot more than I anticipated.

I guess right now I wouldn't feel too bad about an ARM. Save fees for a refinance.

But my ass would have to buy a shoebox in a gutter if I were going to give up my mortgage today.
I guess an ARM is a good strategy if you know that rates are going to go down. You usually don't know that, but right now? Rates are going to go down. The Fed is committed to that outcome. So an ARM would be a good plan, I think.

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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Old Yesterday, 04:34 PM   #14089
Hog's Gone Fishin Hog's Gone Fishin is offline
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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!
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Old Yesterday, 04:36 PM   #14090
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Originally Posted by Hog's Gone Fishin View Post
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
Holy cow. Are you banking with the mob or something?

I had no idea rates were that high.
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Old Yesterday, 04:37 PM   #14091
KCUnited KCUnited is offline
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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
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Old Yesterday, 04:38 PM   #14092
Buehler445 Buehler445 is offline
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Originally Posted by Hog's Gone Fishin View Post
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 said she had no idea they were even negotiable. Dumb bitch!
LOCs you're going to have to eat the shit, but a primary? Helllllllll no.
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Old Yesterday, 04:40 PM   #14093
lewdog lewdog is offline
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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
No shit. That's just being dumb. We were at historic lows for YEARS.
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Old Yesterday, 04:49 PM   #14094
GloryDayz GloryDayz is offline
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Fed is ALWAYS wrong.
They have screwed the pooch this time.
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Old Yesterday, 05:25 PM   #14095
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by Rain Man View Post
Holy cow. Are you banking with the mob or something?

I had no idea rates were that high.
Investment property carries a different set of risks, according to banks, and you can only get an 80% loan to buy. It sux
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Old Yesterday, 05:36 PM   #14096
Hog's Gone Fishin Hog's Gone Fishin is offline
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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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Old Yesterday, 05:37 PM   #14097
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Originally Posted by Hog's Gone Fishin View Post
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.
Will you still sell boulders? The world needs boulders.
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Old Yesterday, 05:41 PM   #14098
Hog's Gone Fishin Hog's Gone Fishin is offline
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Will you still sell boulders? The world needs boulders.
Absolutely! Best business ever!
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Old Yesterday, 05:56 PM   #14099
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Absolutely! Best business ever!
That's all I needed to hear to have a good weekend.
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Old Yesterday, 07:59 PM   #14100
Buehler445 Buehler445 is offline
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Holy cow. Are you banking with the mob or something?

I had no idea rates were that high.
Rentals are commercial loans. No Fannie/freddie shit.

Quote:
Originally Posted by Hog's Gone Fishin View Post
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.
I get it on commercial loans. I had to fight like hell to get a fixed 20 on my land purchase in 2019.
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