All aboard!!

[Paulie]

You think the new President is any different? Have you seen his appointments? Same Wall St insider crowd EVERY President appoints. Obama has already backed off cancelling the Bush Tax Cuts. Already admitted there will be no new big health care reform. Nothing is changing, nothing at all.....

Shhhh, don't ruin the surprise.

 

[Zoomie1980]

Paul....i agree with you BUT WHY would they try to DICK (WITH A BIG ONE), me and matt in the rear, who have never paid a thing late, have a credit rating nearing 800....?

Seems to me, THEY ARE MAKING this situation worse by this kind of treatment to those of us who are willing to spend and always pays their bills?

THEY are holding the economy BACK with MORE stupid, knee jerk decisions!!!!

I've got a 750 and I have three mortgages, one is a 100% finance, and got two of them in the past two months to pay for rentals. Just got a 7.9% credit card line upped to 50,000 last week, and I didn't even ask for it????

Not sure who is not lending you money but your rating is higher than mine and I have had NO problem getting credit at reasonable rates....

 

[Care4all]

I've got a 750 and I have three mortgages, one is a 100% finance, and got two of them in the past two months to pay for rentals. Just got a 7.9% credit card line upped to 50,000 last week, and I didn't even ask for it????

Not sure who is not lending you money but your rating is higher than mine and I have had NO problem getting credit at reasonable rates....

Thanks for the heads up for 7.9%...now i know what to try to negotiate further on....

Pretty much, for the past 6 years, we have had a ZERO% interest rate, because new banks were sending us offers to transfer balances at zero....which we did, when the promo expired, if it wasn't paid off yet, we transferred it with no fees to another credit card that was offering the zero percent for another grace period....till we paid them off....

We got zero percent offers from various banks, maybe once every 2 weeks in the mail, some had penalties for transfers and some didn't, we litterally had our choice....

the past 6 months we have gotten nothing but one zero percent offer, and that was if you transferred a balance and that balance was held at 7.5% interest.

Things are most certainly changing....at least in our arena....we ain't looking for a mortgage, we planned diligently to not have a mortgage and paid cash for this home..... i am a stay at home wife, and we are living on my hubby's...pretty much... part time income, which would be impossible with a mortgage Zoomie.

 

[indago]

Things are most certainly changing....at least in our arena....we ain't looking for a mortgage, we planned diligently to not have a mortgage and paid cash for this home..... i am a stay at home wife, and we are living on my hubby's...pretty much... part time income

Then you and yours are in far better shape than many others in this country...

 

[Care4all]

Then you and yours are in far better shape than many others in this country...

Well, not really...though we paid cash 2 years ago, the VALUE of our investment in this home has gone down GREATLY in this housing market....that makes us concerned some and we really don't make that much money now, which is possible to live on without a mortgage, by no means are we wealthy, we gotta watch every dime and live a very simple life now, but it is a much more relaxed life, no stress....very laid back....smelling the roses now.

 

[indago]

we paid cash 2 years ago, the VALUE of our investment in this home has gone down GREATLY in this housing market..

Since the "value" of the house has "gone down", make sure that your local "assessed valuation" goes down also so that your taxes are reduced accordingly. Of course, revenues for the community will shrink also, and the community, and State, will have to shrink services and expenditures, and that means more jobs lost.

This is what happens when an economic system regresses...

 

[Paulie]

Since the "value" of the house has "gone down", make sure that your local "assessed valuation" goes down also so that your taxes are reduced accordingly. Of course, revenues for the community will shrink also, and the community, and State, will have to shrink services and expenditures, and that means more jobs lost.

This is what happens when an economic system regresses...

Yes, this is an excellent point. Most people don't know to check into this.

A lot of people are still paying property tax based on their house's previous over-inflated value.

And Care, there's really not much need to worry that your house's value is dropping. If you didn't buy it to flip it, who really cares? You'll live in it long enough that you'll see its valuation run up and down the ladder many times, most likely.

The only reason to worry about the value at this point is if you're looking to sell, which you don't sound like you are, and probably shouldn't anyway.

 

[Zoomie1980]

Thanks for the heads up for 7.9%...now i know what to try to negotiate further on....

Pretty much, for the past 6 years, we have had a ZERO% interest rate, because new banks were sending us offers to transfer balances at zero....which we did, when the promo expired, if it wasn't paid off yet, we transferred it with no fees to another credit card that was offering the zero percent for another grace period....till we paid them off....

We got zero percent offers from various banks, maybe once every 2 weeks in the mail, some had penalties for transfers and some didn't, we litterally had our choice....

the past 6 months we have gotten nothing but one zero percent offer, and that was if you transferred a balance and that balance was held at 7.5% interest.

Things are most certainly changing....at least in our arena....we ain't looking for a mortgage, we planned diligently to not have a mortgage and paid cash for this home..... i am a stay at home wife, and we are living on my hubby's...pretty much... part time income, which would be impossible with a mortgage Zoomie.

I pretty much stay 100% mortgaged and always will, if they let me. I either plow it into improvements or invest it. 5.25% and I know, even in a recession, I can beat the hell out of that investing. Funny thing is for the first time in a decade, I can by a house, mortgage it 100% and still make more on rent than I pay in mortgage, insurance and taxes. Reason, mainly is I can buy $150,000 houses now for $80,000 and still get $800-$1000/mo rent out of them with $700 mo mortgage payment. then in five years when the housing market is good again, sell the things for $150,000 or more again....talk about a near can't lose deal..... And I'm buying grossly depressed stocks with the positive cash flow!

 

[Paulie]

This sounds good Zoomie, but in 5 years we may very well be on the brink of the next bubble burst.

And you KNOW it's coming.