Getting a mortgage

NEW -> Contingent Buyer Assistance Program
nirvinerealtor - Ill will? I don't see any ill will in here on anybody's part. I was taking the opportunity to point out to bigmoneysalsa what folks resort to when they have taken a position that is untenable and cannot be backed up with facts. They use anecdotal evidence which is contrary to the norm, they call names and put down irrelevancies to obfuscate a dearth of real evidence. Nothing personal; bigmoneysalsa was wondering why anyone would refer to anyone in here as a permabear and I pointed out why. There is an old saying, "If you don't have the facts on your side, pound the table." But, it seems he already realizes that, doesn't he?
 
NIR....you seem to be wishy washy. I mean in earlier blogs you talk about talking up appreciation to your clients and all this does is dilute their equity. On top of that if they sell in 5 yrs then they are again penalized for early termination.
 
Talked my wife out of it!!!


HI everyone, remember i was gonna take the plunge at Lantana back in May? well i stopped short of siging the contract, although i had my loan approval lined up, just couldn't do it with all these facts in front of me!





My wife now agrees with me that the market will be even worse by 2008, and may be that is when we should be getting more for our money, thanks IrvineRenter, Graphrix and everyone's knowledgble comments.





I just drove back from a tennis game from Heritage Park, and stopped by Veranda. their Plan 3, has just dropped to 699,990, for a 2390 sq ft home. it was priced at $760,000 in Jan, and dropped to 730. in May, and now its in the 600's, this is for their first phase homes.





and now with all the higher interest rates, more people will be dropping out of these contracts. first phase move in is October/ Nov, and there are still homes left, frames are up thru Phase 3, so more discounts coming later on this year for sure.





Thanks IrvineRenter for this great site!
 
<p>I was wondering about how it was going for you now hardwareguy? </p>

<p>I am glad you only nibbled instead of biting. Another alternative financing option when you put such a large down payment is a fixed home equity line of credit. They go up to $400K now with loan terms up to 20 years. Best part is only appraisal is needed. No title insurance, and other garbage fees. Penfed has one for 6.25% fixed., see link. Of course it is full doc. </p>

<p><a href="https://www.penfed.org/productsAndRates/mortgages/homeEquity.asp">https://www.penfed.org/productsAndRates/mortgages/homeEquity.asp</a></p>
 
If you have 500k to put down as a down payment, don't. Put the money into a CD that earns 5.5%. That breaks down to almost 2300 a month in interest. rent for 2 years and use the interest to offset your rent. In 2 years you'll be able to buy nice place for 500K cash
 
<p>I concur with lending maestro.</p>

<p>Also, there is no such thing as a 'free' loan. You really think the bank (it's not their money, either!) is going to take on the risk of lending $350,000.00 just for fun? :)</p>

<p>You are paying for it somehow, someway. Unless you believe that banks are charitable organizations!</p>
 
<p>Masterofdamoney,</p>

<p>It is not a free loan, you are paying for a home appraisal and you pay interest every month on it. I am just offering a different view for financing a primary residence. </p>

<p>By using a fixed home equity loan, for those of us who have at least 20% equity in your home. It used to be in 2005 that home equity loans were limited to $200K for a max of 10 years. Now it is $400K and 20 years. </p>

<p>Penfed will forgo the appraisal if you use the property tax valuation. Of couse in CA with Prop 13 that isn't very advantageous, since the tax basis is so low if you live in your home for 15 years.</p>

<p>Doing the fixed home equity loan was pretty easy, like a car loan. And the free 90 day lock was definitely honored. </p>

<p>Call them and check it out. Don't take my word for it. </p>

<p>Oh and anyone can join in the credit union PenFed by purchasing membership in NMFA.</p>
 
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