Any libs with adjustable rate mortgages?

Discussion in 'Economy' started by Patrick2, Aug 5, 2011.

  1. Patrick2
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    Patrick2 Senior Member

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    Obama's gift to you: with the credit downgrade, raised interest rates.

    I know, I know - you'll still march with the Ear Man over the cliff.
     
  2. iamwhatiseem
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    iamwhatiseem Gold Member

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    I know I am stepping on toes by saying this...but anyone who borrowed $$$$ with an adjustable rate needs their head examined. Then the scores of people who made this bonehead move AND have/had 5 figures of credit card debt? And probably ANOTHER adjustable 2nd mortgage???? Well...your dog has more sense than you.
     
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  3. Zoom-boing
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    Zoom-boing Gold Member

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    I could not agree with this more. When I was in school my Bus. Admin. adviser/teacher said the only people who should be borrowing an equity line-of-credit (against their house) are people who have the money sitting there to pay the bill. Yup. There isn't anything a person needs/wants that's worth risking losing their house over.

    When our neighbor had their house built they put an extra $5,000 onto their mortgage so they could built a deck (which they didn't do until 5 years after they moved in). wtf??? So what's the final cost of the deck again? Duh. I don't get why people do some of the things they do.
     
  4. Truthmatters
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    Truthmatters BANNED

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    So is a credit downgrade now a bad thing in the rights perspective?

    Not long ago the tea party factions was claiming it would mean NOTHING even while they sung it like an Axe at the rest of America.
     
  5. iamwhatiseem
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    iamwhatiseem Gold Member

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    Yuo know...it is a good thing your not a musician. I can't imagine trying to play music with only one string....and out of tune at that.
     
  6. Patrick2
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    Patrick2 Senior Member

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    I of course agree. I have refinanced four times and always at fixed rates. I believe I read that many of the people who got the subprimes, including especially minorities, also got adjustables - they were highly leveraged in a number of ways. One wonders what they think of their hero now that they've been evicted?
     
  7. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    30 year fixed.

    Adjustable rate is nuts.
     
  8. C_Clayton_Jones
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    C_Clayton_Jones Diamond Member

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    They’re too smart for that.
     
  9. Patrick2
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    Patrick2 Senior Member

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    Smart - lib??? A real reality disconnect THERE! :lol:
     
  10. iamwhatiseem
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    iamwhatiseem Gold Member

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    Depends on your age. 20 year fixed is better for anyone over 35.
    Your home should be paid for at least 5 years before you retire - at least.
     

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