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In article , "Kim W5TIT"
writes: Weren't you folks having a place built, Kim? Or are we talking about the same thing? No, no! We're not having a place built...we are ordering a manufactured home (trailer, whatever-you-want-to-call-it). We are all set with land, and explored building. But, for some reason, neither of us is particularly interested in dealing with having one built (there's not one good experience we've ever had relayed about dealing with builders...LOL). I lump buying/setting up a new manufactured or modular home in with building, though obviously they're not exactly the same. Main thing is you're talking about the same project (getting a new place). Know what? One mortgage company so far has told us, "you have a lot of room to move," meaning that we can get into something much bigger and more expensive than we are looking for. They seem shocked that we aren't interested in "maxxing" out our limit!! Sure. I've encountered that, too, in all sorts of transactions, Their focus is very narrow. And their fees and commissions are based on the selling price. And note that reselling mortgages is pretty standard, so the people who sold you the house and mortgage won't be holding the bag if you do default. Yep, we've already been told as soon as the "deal is done," the mortgage will be sold. I wonder how those folks make their money, with all the paperwork involved, but I suppose that if somebody handles ten million dollars in mortagages per month and gets 0.1% commission, it adds up... And, you're right about bankruptcy, too. When I said to a lender that we weren't comfortable with the expense they were suggesting, they said we could afford it and didn't know what the problem was. Of course not. It's not their money or their house! Or the accomplishment of having excellent credit! Right! You shoulda seen the looks on their faces when I started reciting my credit history..... I told them I think about things like potentially losing my job or my husband losing his. The come back was that we always have bankruptcy available!!! Now *that's* a new one! ;-) Point is that the lenders &tc won't protect us from ourselves. *We* have to do that. Precisely what we're doing... And a good thing too.... Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? 73 de Jim, N2EY |
"N2EY" wrote in message
... In article , "Kim W5TIT" writes: Weren't you folks having a place built, Kim? Or are we talking about the same thing? No, no! We're not having a place built...we are ordering a manufactured home (trailer, whatever-you-want-to-call-it). We are all set with land, and explored building. But, for some reason, neither of us is particularly interested in dealing with having one built (there's not one good experience we've ever had relayed about dealing with builders...LOL). I lump buying/setting up a new manufactured or modular home in with building, though obviously they're not exactly the same. Main thing is you're talking about the same project (getting a new place). Know what? One mortgage company so far has told us, "you have a lot of room to move," meaning that we can get into something much bigger and more expensive than we are looking for. They seem shocked that we aren't interested in "maxxing" out our limit!! Sure. I've encountered that, too, in all sorts of transactions, Their focus is very narrow. And their fees and commissions are based on the selling price. And note that reselling mortgages is pretty standard, so the people who sold you the house and mortgage won't be holding the bag if you do default. Yep, we've already been told as soon as the "deal is done," the mortgage will be sold. I wonder how those folks make their money, with all the paperwork involved, but I suppose that if somebody handles ten million dollars in mortagages per month and gets 0.1% commission, it adds up... And, you're right about bankruptcy, too. When I said to a lender that we weren't comfortable with the expense they were suggesting, they said we could afford it and didn't know what the problem was. Of course not. It's not their money or their house! Or the accomplishment of having excellent credit! Right! You shoulda seen the looks on their faces when I started reciting my credit history..... I told them I think about things like potentially losing my job or my husband losing his. The come back was that we always have bankruptcy available!!! Now *that's* a new one! ;-) Point is that the lenders &tc won't protect us from ourselves. *We* have to do that. Precisely what we're doing... And a good thing too.... Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? 73 de Jim, N2EY snicker Well, believe it or not, that is what we're going for. We thought about the 15-year but what we decided is we'd rather double/triple payments at our own control...just for the very reason of potential job loss. I need to send you an email on another, personal note... I'll do it soon, remind me if I don't! Kim W5TIT |
"Dee D. Flint" wrote in message
y.com... "Dwight Stewart" wrote in message ink.net... "Dee D. Flint" wrote: This would be the ruination of the economy. The government is not, never has been, and never will be competent to manage the economy. The government has managed the economy in some form or another since the very beginning. And, in spite of what you say, this country with that government has done pretty darn well over those many years. No it's more a case of the economy has done well despite the government. Dee D. Flint, N8UZE Watchit Dee! You're going to **** 'im off... :o Kim W5TIT |
N2EY wrote:
Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? My xyl works in the housing industry. There are people who are in their 60's and up getting those mortgages. Go figure. - Mike KB3EIA - |
In article , "Kim W5TIT"
writes: Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paidoff (barring any advance payments). Huh? 73 de Jim, N2EY snicker Well, believe it or not, that is what we're going for. We thought about the 15-year but what we decided is we'd rather double/triple payments at our own control...just for the very reason of potential job loss. Get yerself an amortization printout and notice how little you pay off the principal each month on a 30 year. Which means if you can come up with just that much extra each month, you can take a month off for each month - or more. And as you say, if you run into trouble you just don't put in the extra for a while. There's also a completely opposite philosophy that some folks use. They figure it's *better* to *not* pay off the mortgage any faster than you have to, because the interest is deductible if you itemize, and the lowest rate the average person can get is for a first mortgage of their primary residence. Instead, they say, pay off all your other debt or don't get into it in the first place. I need to send you an email on another, personal note... I'll do it soon, remind me if I don't! Consider yourself reminded! 73 es GL in the new place de Jim, N2EY |
"N2EY" wrote:
But has the country's economy done well because of the government's influence, or in spite of that influence? I guess the answer to that lies in whether you've personally benefited from that influence or not (or, to some extent, which piece of that influence you focus on). Certainly corporations and taxpayers aren't always thrilled by the influence, but those who benefited from the "New Deal," cheap transportation on modern highways, the minimum wage, women's participation in the workplace, and other things that impacted the economy, may have a slightly different opinion. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
"Dee D. Flint" wrote:
No it's more a case of the economy has done well despite the government. Addressed that in my reply to Jim's message. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
"JJ" wrote:
Might as well give it up Dwight, I find it futile to discuss class or good taste with someone who choses a call sign like Kim's. I'm still waiting for her "wicca friends" to cast a spell on me to prove they actually can (a conversation we had many months ago). I posted that challenge after she expressed support for wiccan beliefs and got angry when I said it was all nonsense. After the challenge, she claimed Wicca's don't believe in spells. I then showed at least a dozen web sites, out of hundreds, where Wicca's do indeed claim they can cast spells and charms (including the type of spell in my challenge). As for her callsign, Larry has taken that just about as far as it can go. I'm not offended by her callsign, but I certainly do think she could have made a better choice. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
"Phil Kane" wrote:
From a Clearing in the Silicon Forest Beaverton (Washington County) Oregon Hey, when did you move to Oregon, Phil? You were in SF the last time we talked, weren't you? If so, you move more then we do. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
"N2EY" wrote: Could be - what is it that you expect? Ah, you ought to know the answer to that, Jim. Absolutely everything! I want to live in the country but have all the benefits of the city as close as possible. I want warm weather, but not too warm. I want a business nearby, but don't want to live near anywhere with enough traffic to actually support that business. I want to live near family, but certainly not too close (and haven't decide what too close is). I want to live near water, but don't want to pay the premium prices often associated with living near water. I think you get the idea. ;-) Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
Kim W5TIT wrote: "Dwight Stewart" wrote in message ink.net... "Kim W5TIT" wrote: Maybe, Dwight, you can put what you said a different way, so that it doesn't sound like you are thinking consumers are too busy and stupid. Could ya do that for me? No. I've clarified what I said at least five or six times. I have no intention of doing so again. Dwight Stewart (W5NET) Yeah, it's always the easy way out... Kim W5TIT It's easy all right, until the person tries to get things going again. I worked with a person who's SO declared bankruptcy after getting into a dumb purchase. It took years to get their credit back to something like normal. The one partner had to separate their credit from the other's, and then work the whole way up from the bottom. And that didn't help the person who went bankrupt, only allowed the other to get credit. - Mike KB3EIA - |
In article , "Kim W5TIT"
writes: Kim, I would introduce you to someone like yourself, but I simply haven't met anyone that stupid and dishonest yet. Dwight Stewart (W5NET) Aw, now this is real cute and grown up, Dwight... Kim W5TIT Right, Kim -- the same things you're NOT. 73 de Larry, K3LT |
In article , Mike Coslo
writes: N2EY wrote: Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? My xyl works in the housing industry. There are people who are in their 60's and up getting those mortgages. Go figure. Actually, now that I think about it, there is a certain twisted logic to it. In general, people are living longer now, so the chances of someone actually paying off the mortgage is better than before. Conversely, if the person dies, the mortgage company gets their money quickly, from the estate. On top of all this, such policies insure that the mortgage companies don't have to worry about claims of age discrimination. 73 de Jim, N2EY |
If your interest rate is less than 5%, the best loan to get is a 30 year!
It's cheap money. Paying off a house quick is foolish. And the monthly rate is usually a hell of alot less too. Spend the difference of that paying off bills or invest it in a mutual fund or something. Instead of paying off that low interest loan quickly, one is smarter paying off the higher interest loans like automobiles, department and credit card charges, and other loans/debts. -- Ryan KC8PMX "Why is it one careless match can start a forest fire, but it takes a whole box to start a barbecue?" snicker Well, believe it or not, that is what we're going for. We thought about the 15-year but what we decided is we'd rather double/triple payments at our own control...just for the very reason of potential job loss. I need to send you an email on another, personal note... I'll do it soon, remind me if I don't! Kim W5TIT |
(sarcasm mode on)
Well, you all better get on this guy around here with a call like W8SEX as well as others I have seen listed as available for vanity calls.. ...... thats just plain dirty, and leads a person to think about sex!" (sarcasm mode off) -- Ryan KC8PMX "All of us could take a lesson from the weather. It pays no attention to criticism." As for her callsign, Larry has taken that just about as far as it can go. I'm not offended by her callsign, but I certainly do think she could have made a better choice. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
I think what Jim was trying to say, that if a meal at Ma's diner averages
say for instance $5.50, (and a good meal too) and the corporate conglomerate Taco Heaven is around $4.50 for instance, in some cases it is worthwhile supporting the locally owned, Ma's place versus some criminally corporate organization like Taco Heaven. Support the local business before supporting the corporate ones..... And if you find out that all the corporate ones have squeezed out the family and/or locally owned ones, then what ever you have left is your own fault if you didn't support the local ones. Maybe I am wrong, but that's what I got out of Jim's message, and might not have explained it the best. Myself? I believe in supporting the local businessperson whenever and where ever I can FIRST, then supporting the corporations when a locally owned option is not available. Granted there are some exceptions to the rule, as for instance, gasoline. At least I research to find out which ones are locally owned/franchised as opposed to true corporately owned gas stations. Screw Corporate Amerika! (before they screw you) -- Ryan KC8PMX "All of us could take a lesson from the weather. It pays no attention to criticism." Exactly what I meant. If "Ma's Diner" isn't selling what I want then I'm not going to buy regardless of small store, large chain or whatever. I thought however the original post was Dwight's not yours. He seems to be advocating that the government "fix" consumer's purchasing habits so that the local stores stay in business. Dee D. Flint, N8UZE |
"N2EY" wrote:
How do you know they haven't? Because absolutely nothing has happened. Well, would you like if someone called a religion you respect "all nonsense"? If it were a ligitimate religion, no. However, it is a little hard to perceive wicca as a ligitimate religion. Since little is really known of the old pagan religions (especially directly), wicca practices today cannot seriously be linked to paganism. Instead, the practices today mostly seem made up from images and stories in movies, television, and fiction books (old and new). And the people involved often take on the personas of characters directly from those fiction stories. Further, their claims of spells, charms, and so on, are simply hogwash (childish hogwash). Everyone is certainly free to believe what they want, including those who consider the whole thing absolutely ludicrous. By the way, this is not "us versus them." I have no specific religious beliefs, so pointing to a ligitimate religion is not really going to change my opinions of wicca. All religions have their faults and doubters, but I have no doubts about my opinions of wicca. :-) I wonder what the Book of Bokonon has to say about all that... Wasn't it supposedly Books (plural) of Bokonon? Anyway, I'm not so sure all this (wicca) is exactly harmless untruths. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
Adjusted for inflation, that's far LESS than I paid for a comparable house
outside of Seattle in 1974 except that it only had a standard size lot not anything as luxurious as a half an acre. So 1973/1974: Engineers fresh out of college starting wage approximately $10,000 House cost approximately $35,000 in Seattle. Now in 2003: Engineers fresh out of college starting wage approximately $45,000 House quoted above comparable to the one in Seattle costing $75,000 Wages went up 4.5 times and comparable house just over twice as expensives. Hmm yup houses cost more today relatively speaking. That last paragraph is also assuming the facts listed above. If you were referring to my statistical data, I was referring to what would be called a "dump" by 90% of this newsgroup, and would post pics of an example if my newsserver allowed it..... -- Ryan KC8PMX "Give a person a fish and you feed them for a day; teach that person to use The Internet and they won't bother you for weeks." |
"Brian" wrote in message om... "Ryan, KC8PMX" wrote in message ... Around here in this county I live in, home ownership is next to impossible, except for spending at least $75,000 or better. The average small 3 bedroom house, no basement or garage (slab built) on a half to full acre runs *at least* 75 grand or better. Go immediately outside of the county lines of this county, and the similar/equivalent structure is anywhere from 25-50% less. I guess it is something about Midland county I guess. Ryan Ryan, I went to QRZ and looked up your address, so you get one more hit at QRZ.com. Apparently you're betw the Baycityrollers and Saginaw. Yeah, sorta. Midland is the third city making up what is known around here as the "Tri-Cities." Where I live, a 75K home is called a crack-house and a public nuisance. Same here.... Although the math is regionally different around the country, that 75K can buy an WONDERFUL home in Bay City or Saginaw, but barely buy an empty lot in Midland in some or alot of cases. Location(cubed). If you have housing available at 75K, and it is suitable to your desires, and you have a steady job, go see your mortgage lender today! My lender, is willing to back me to the amount of 40K, no money down, stretched over 30 years! Now the hard part is finding a property within Midland County that is close to that. Dilapidated trailers (literally falling apart), with slimy welfare trash neighbors (renters not owners) with more crap strewn within the yard still gets 50K or better!!!!! (((I almost had a really cute 2 bedroom (very large bedrooms) about 2 months ago, after a long bidding war with the people that held the estate. They had it listed for 56K and I countered first with 35K. They countered with 47,500K. I countered again with 37,500 and they countered with 45K but would not budge from that. Now, since it was an estate, and I would be offering them CASH (yes, actual real paper money) for my last offer of 40K, ya think they would have jumped on that?? Problem there was about 6 people in the estate (the kids of the deceased) and not one could agree apparantely.))) Try to locate in a non-restricted neighborhood so that you can play radio. Of course!! Dipoles strewn around the yard enough to catch birds with like it was an overgrown spiders web! LOL -- Ryan KC8PMX "Health is merely the slowest possible rate at which one can die." |
"N2EY" wrote:
Actually, now that I think about it, there is a certain twisted logic to it. In general, people are living longer now, so the chances of someone actually paying off the mortgage is better than before. Conversely, if the person dies, the mortgage company gets their money quickly, from the estate. On top of all this, such policies insure that the mortgage companies don't have to worry about claims of age discrimination. Or, even better, if the mortgage isn't paid off, the mortgage company can foreclose and resell the house for a very tidy profit. That alone is enough to attract many mortgage companies to the elderly. This may also be why some mortgage companies actually seem to seek out those who will likely not fully pay off a mortgage (excessive debt, a history of bad credit, or whatever). After the mortgagor has partially paid down the amount owed on the property, the mortgage company can foreclose and retain the property for a much lower amount than they would have paid in an outright purchase. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
Well to answer the questions below Jim, I guess an actual example of the
houses I am referring to in this thread is more relevant to the conversation. A two or three bedroom house can actually take on different shapes and sizes. The message originally was a comparision to the immediate surrounding counties and the property values in this county of which I live. It is merely something about Midland County!!!!!! In surrounding counties, that same 75K can get twice the house!!!! "N2EY" wrote in message ... In article , "Ryan, KC8PMX" writes: Around here in this county I live in, home ownership is next to impossible, except for spending at least $75,000 or better. That;s very inexpensive, Ryan. The average small 3 bedroom house, no basement or garage (slab built) on a half to full acre runs *at least* 75 grand or better. What would you consider reasonable? Check out http://www.realtor.com for an idea what houses cost in other parts of the country. You can search by zip code, town name, etc. Set limits on house size, price, etc. You don't want to know what a house costs around here. Yeah.... probably not.... Guess it would depend on what you are getting. Go immediately outside of the county lines of this county, and the similar/equivalent structure is anywhere from 25-50% less. I guess it is something about Midland county I guess. Under $50,000? Amazing. But remember the three most important things about real estate.... Yeah... most all of the properties I have considered are in the townships outside of the county seat/City of Midland which do not have all the benefits of certain things like city water, sewage, trash pickup, and in some case road maintenance as that is usually left up to the county. These are areas where the value listed is merely a function of how much the real estate agent wants to get as a commision on the property. The more he/she wants to make the higher the property value/listing price needs to be..... What are the taxes like? Between 500 and 1000 dolllars yearly depending on what is on the property. (size etc.) -- Ryan KC8PMX "Health is merely the slowest possible rate at which one can die." |
People allow themselves to fail and become victims of circumstance. Following that logic, then the people IN the WTC buildings are also as well then...... No it does not follow. The people in the WTC buildings were subject to a circumstance that no one could ever have even guessed might happen or foreseen might happen. That was not within their power to prevent or solve. Dee D. Flint, N8UZE According to your statement, an absolutism, yes they were in control. THEY chose to work in that building. THEY chose to go to work that day, not calling in sick or taking a vacation day. -- Ryan KC8PMX "Never take life too seriously. Nobody gets out alive anyway." |
"N2EY" wrote
I wonder what the Book of Bokonon has to say about all that... from the Last Rites of Bokonism.... God made mud. God got lonesome. So God said to some of the mud, "Sit up!" "See all I've made," said God, "the hills, the sea, the sky, the stars." And I was some of the mud that got to sit up and look around. Lucky me, lucky mud. I, mud, sat up and saw what a nice job God had done. Nice going, God. Nobody but you could have done it, God! I certainly couldn't have. I feel very unimportant compared to You. The only way I can feel the least bit important is to think of all the mud that didn't even get to sit up and look around. I got so much, and most mud got so little. Thank you for the honor! Now mud lies down again and goes to sleep. What memories for mud to have! What interesting other kinds of sitting-up mud I met! I loved everything I saw! Good night. I will go to heaven now. I can hardly wait... To find out for certain what my wampeter was... And who was in my karass... And all the good things our karass did for you. Amen. -- I found it! http://tinyurl.com/upn9 |
Ryan, KC8PMX wrote:
If your interest rate is less than 5%, the best loan to get is a 30 year! It's cheap money. Paying off a house quick is foolish. And the monthly rate is usually a hell of alot less too. Spend the difference of that paying off bills or invest it in a mutual fund or something. Ahh, a financial truism! This belongs with: The stock market ALWAYS goes up! (It soitanly do, but over long time periods that are not relevant to most of us who don't live over 150 years. More importantly it is what the market is doing around the time you take your money out.) Move your money into high yield accounts shortly before you retire, that way you'll have more money when you retire! I've listened to investment consultants actually pull this one out of their hats. I know some older folk who have done this and now have almost no retirement funds. I have to chuckle at your truism. first, because your friend the real estate agent uses those sort of arguments to talk you into buying several thousand or tens of thousands more dollars worht of house. Second is that You are saying a person who gets out of debt is foolish. Best way to not be a fool is to not go heavily into debt in the first place. I have a 5 percent loan, but I'll pay it off quickly, I think. Instead of paying off that low interest loan quickly, one is smarter paying off the higher interest loans like automobiles, department and credit card charges, and other loans/debts. Again, it's better to not get into a situation where you would have to choose which loan you're paying off early. - Mike KB3EIA - |
On 17 Nov 2003 01:28:48 GMT, N2EY wrote:
Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? We got a 30-year mortgage four years ago notwithstanding that I was retired on a moderate pension, my wife was an independent contract employee close to retirement age, and both of us would be over 90 when it matured. Not only that, we refinanced it last year starting a new 30 year clock. In reality we rent the place from Fannie May or Freddy Mac, whomever wound up with the paper..... We know it, they know it..... -- 73 de K2ASP - Phil Kane From a Clearing in the Silicon Forest Beaverton (Washington County) Oregon |
On Mon, 17 Nov 2003 01:08:51 GMT, Dee D. Flint wrote:
OTOH, there are several "successful" enterprises that we just wouldn't patronize - Wal-Mart leads that list. I would go if they had a product I wanted but see no reason to do so if they are not selling the products that I want. We do not shop there because we do not like their business attitudes in specific areas - hiring folks desperate for a job but only for 19 hours a week not to exceed two years' tenure, thereby avoiding paying much above minimum wage and granting no employee benefits, certain shenanigans about forced unpaid hours (subject of several lawsuits across the country), and trashing the local merchants and moving on whenever they pleased, leaving disaster in their wake. Our choice. -- 73 de K2ASP - Phil Kane From a Clearing in the Silicon Forest Beaverton (Washington County) Oregon |
On Mon, 17 Nov 2003 12:08:16 GMT, Dwight Stewart wrote:
"Phil Kane" wrote: From a Clearing in the Silicon Forest Beaverton (Washington County) Oregon Hey, when did you move to Oregon, Phil? You were in SF the last time we talked, weren't you? If so, you move more then we do. September 1999 - four years ago. Last major move before that was to the SF area in 1967. -- 73 de K2ASP - Phil Kane |
Phil Kane wrote:
On Mon, 17 Nov 2003 01:08:51 GMT, Dee D. Flint wrote: OTOH, there are several "successful" enterprises that we just wouldn't patronize - Wal-Mart leads that list. I would go if they had a product I wanted but see no reason to do so if they are not selling the products that I want. We do not shop there because we do not like their business attitudes in specific areas - hiring folks desperate for a job but only for 19 hours a week not to exceed two years' tenure, thereby avoiding paying much above minimum wage and granting no employee benefits, certain shenanigans about forced unpaid hours (subject of several lawsuits across the country), and trashing the local merchants and moving on whenever they pleased, leaving disaster in their wake. Our choice. Don't forget they hire illegal aliens to do some of the work..... Oh hey! that ws one of the original OT parts of this thread. Here we go full circle! - Mike KB3EIA - |
Dwight Stewart wrote:
"N2EY" wrote: Actually, now that I think about it, there is a certain twisted logic to it. In general, people are living longer now, so the chances of someone actually paying off the mortgage is better than before. Conversely, if the person dies, the mortgage company gets their money quickly, from the estate. On top of all this, such policies insure that the mortgage companies don't have to worry about claims of age discrimination. Or, even better, if the mortgage isn't paid off, the mortgage company can foreclose and resell the house for a very tidy profit. That alone is enough to attract many mortgage companies to the elderly. It's not as lucrative as you make it sound, Dwight. Also, these people are reasonably well off, retiring with money equivalent to upper middle class or better. This may also be why some mortgage companies actually seem to seek out those who will likely not fully pay off a mortgage (excessive debt, a history of bad credit, or whatever). After the mortgagor has partially paid down the amount owed on the property, the mortgage company can foreclose and retain the property for a much lower amount than they would have paid in an outright purchase. Hmm, there are some places I've seen that seem to cater to those without stellar credit ratings, but they are places like furniture/appliance/electronics rental places. Plus deadbeats have a tendency to default pretty quickly, so a mortgage company would have a real nuisance on thie hands. - Mike KB3EIA - |
Actually Jim, I think the things I am gonna mention are what are called
reverse mortgages. My dad (going on 68) is contemplating taking both of his residences and reverse mortgaging them. Apparently the bank gives him money ahead of time for the value of the house (a little less than market value) and upon his death, the property is immediately transferred to the mortgage company. I may be a little bit off on the explanation but it is kinda my understanding of how it works. I guess this way he gets the opportunity to enjoy the money/value of the residences now, while he is still alive, as opposed to leaving it to my sister and I. -- Ryan KC8PMX "Give a person a fish and you feed them for a day; teach that person to use The Internet and they won't bother you for weeks." 60's and up getting those mortgages. Go figure. Actually, now that I think about it, there is a certain twisted logic to it. In general, people are living longer now, so the chances of someone actually paying off the mortgage is better than before. Conversely, if the person dies, the mortgage company gets their money quickly, from the estate. On top of all this, such policies insure that the mortgage companies don't have to worry about claims of age discrimination. 73 de Jim, N2EY |
"Mike Coslo" wrote in message ... Ryan, KC8PMX wrote: If your interest rate is less than 5%, the best loan to get is a 30 year! It's cheap money. Paying off a house quick is foolish. And the monthly rate is usually a hell of alot less too. Spend the difference of that paying off bills or invest it in a mutual fund or something. Ahh, a financial truism! This belongs with: The stock market ALWAYS goes up! What goes up must come down as well too. But that is the beauty of the stock market. It is a cyclical thing. Ideally it would be like a good sinus rhythm. It is just merely the knowledge of where to jump in at. (It soitanly do, but over long time periods that are not relevant to most of us who don't live over 150 years. More importantly it is what the market is doing around the time you take your money out.) Move your money into high yield accounts shortly before you retire, that way you'll have more money when you retire! Only if you know what you are doing and have a really good grasp of the market. I've listened to investment consultants actually pull this one out of their hats. I know some older folk who have done this and now have almost no retirement funds. Yep... not for the weak or feable to try on thier own if not knowledgeable. I have to chuckle at your truism. first, because your friend the real estate agent uses those sort of arguments to talk you into buying several thousand or tens of thousands more dollars worht of house. Second is that You are saying a person who gets out of debt is foolish. Actually the person I got this truism from and believe in it is Bruce Williams, the talkshow host. If you do the math, it is fairly true. Best way to not be a fool is to not go heavily into debt in the first place. I have a 5 percent loan, but I'll pay it off quickly, I think. I wouldn't but thats me. What I would do is see if you can refinance at all to a lower rate. I have actually seen a interest rate recently somewhere in the 3 percent range!! Talk about a cheap loan, hell, I would refinance/remortgage my neighbors house if I could legally get away with it! LOL Instead of paying off that low interest loan quickly, one is smarter paying off the higher interest loans like automobiles, department and credit card charges, and other loans/debts. Again, it's better to not get into a situation where you would have to choose which loan you're paying off early. Well, its not paying the principle that kills ya, its the interest that does over a long time. The lesser the interest rate, the less I am interested in rushing to pay it off extra early. Either way, one needs to do the math or find someone who does understand real estate finance and other financal calculations to make sure in their own individual circumstances. -- Ryan KC8PMX "All of us could take a lesson from the weather. It pays no attention to criticism." |
"Phil Kane" wrote:
Dwight Stewart wrote: Hey, when did you move to Oregon, Phil? You were in SF the last time we talked, weren't you? If so, you move more then we do. September 1999 - four years ago. Last major move before that was to the SF area in 1967. Well, I know we've talked more recently than four years ago. I guess I just didn't know about the move. Anyway, we considered moving to the Grants Pass/Medford/Ashland area a few years ago, or perhaps even Coos Bay (in other words, the Southwestern part of the State). In fact, we may still do so - it's on the short list of possible places to move. I was in Sacramento in 1967. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
"Mike Coslo" wrote:
It's not as lucrative as you make it sound, Dwight. Also, these people are reasonably well off, retiring with money equivalent to upper middle class or better. (snip) I have no idea how lucrative it is. An acquaintance (hard to call this guy a friend) works for a mortgage company and just loves to talk about the shady side of that industry. The company he works for (a nation-wide franchise chain) just switched to more agressive foreclosure practices and, based on the stories he tells, I most certainly would not want to be a customer of that company. Of course, this company has always had questionable (in my opinion) foreclosure practices. He told me years ago (late 80's, early 90's) that, mainly because of increasing property values, it was far more profitable to foreclose on older properties than to maintain the mortgage. As such, the company used every opportunity to foreclose on those mortgages. Today, according to him, long term mortgage foreclosure offers the most gain. Therefore, they now actively seek those who have the greatest possibility of foreclosure years from now, such as the elderly, those with speading habits that suggest possible credit problems down the road, and so on. Now, since I don't work in that industry, I have no idea if this is entirely true or even widespread. But, I've seen enough written about these types of practices to suggest there is at least some truth to it. Dwight Stewart (W5NET) http://www.qsl.net/w5net/ |
"Ryan, KC8PMX" wrote
If your interest rate is less than 5%, the best loan to get is a 30 year! It's cheap money. Paying off a house quick is foolish. You've been brainwashed!!! Instead of paying off that low interest loan quickly, one is smarter paying off the higher interest loans like automobiles, department and credit card charges, and other loans/debts. Then there are the rocket scientists (NOT!!!!) who refinance their house, grab some equity cash, and pay off the remaining 3 year loan on their SUV that they really couldn't afford in the first place. Now they're paying for 30 years on a truck that will be 25-years in the scrap-yard before it's paid off. Brilliant financial wizards!!! 73, de Hans, K0HB |
Ryan, KC8PMX wrote:
Actually Jim, I think the things I am gonna mention are what are called reverse mortgages. My dad (going on 68) is contemplating taking both of his residences and reverse mortgaging them. Apparently the bank gives him money ahead of time for the value of the house (a little less than market value) and upon his death, the property is immediately transferred to the mortgage company. I may be a little bit off on the explanation but it is kinda my understanding of how it works. I guess this way he gets the opportunity to enjoy the money/value of the residences now, while he is still alive, as opposed to leaving it to my sister and I. Trust me, that is a better solution. - Mike KB3EIA - |
Yep. That's it. The bank loans him a little bit of money each month (or
whatever period) and adds it to the loan balance. If he lasts long enough he will be paid the full amount of the house and the bank owns it. Steve K;9;d;c;i "Mike Coslo" wrote in message ... Ryan, KC8PMX wrote: Actually Jim, I think the things I am gonna mention are what are called reverse mortgages. My dad (going on 68) is contemplating taking both of his residences and reverse mortgaging them. Apparently the bank gives him money ahead of time for the value of the house (a little less than market value) and upon his death, the property is immediately transferred to the mortgage company. I may be a little bit off on the explanation but it is kinda my understanding of how it works. I guess this way he gets the opportunity to enjoy the money/value of the residences now, while he is still alive, as opposed to leaving it to my sister and I. Trust me, that is a better solution. - Mike KB3EIA - |
"Mike Coslo" wrote in message ... Ryan, KC8PMX wrote: Actually Jim, I think the things I am gonna mention are what are called reverse mortgages. My dad (going on 68) is contemplating taking both of his residences and reverse mortgaging them. Apparently the bank gives him money ahead of time for the value of the house (a little less than market value) and upon his death, the property is immediately transferred to the mortgage company. I may be a little bit off on the explanation but it is kinda my understanding of how it works. I guess this way he gets the opportunity to enjoy the money/value of the residences now, while he is still alive, as opposed to leaving it to my sister and I. Trust me, that is a better solution. - Mike KB3EIA - Reffering to the old man leaving money to the kids, versus enjoying it now?? He stated a long time ago, that my sister gets everything! Don't really care as long as he doesn't leave expenses we might be liable for. I have actually provided for myself since I moved out after I turned 18. Now if others want to leave me in their will, that is just fine HIHI! :) -- Ryan KC8PMX "All of us could take a lesson from the weather. It pays no attention to criticism." |
In article , "Ryan, KC8PMX"
writes: Actually Jim, I think the things I am gonna mention are what are called reverse mortgages. My dad (going on 68) is contemplating taking both of his residences and reverse mortgaging them. Apparently the bank gives him money ahead of time for the value of the house (a little less than market value) and upon his death, the property is immediately transferred to the mortgage company. I may be a little bit off on the explanation but it is kinda my understanding of how it works. I guess this way he gets the opportunity to enjoy the money/value of the residences now, while he is still alive, as opposed to leaving it to my sister and I. Yep, those are reverse mortgages, and they're a useful tool. Essentially they let a person get the equity out of a paid-off house without selling it. But there are certain things to check very carefully. For example, what interest rate is used and what are the tax ramifications? What happens if, heaven forbid, you dad signs the papers and passes away a few days/weeks/months later? Or, what about just the opposite, if he outlives the mortgage? (I know a 93-year-old still active and living alone in his own, paid-off house). There's also the issue of what happens if he has to go into a nursing home-type situation somewhere down the road. 73 de Jim, N2EY |
"Ryan, KC8PMX" wrote in message ... People allow themselves to fail and become victims of circumstance. Following that logic, then the people IN the WTC buildings are also as well then...... No it does not follow. The people in the WTC buildings were subject to a circumstance that no one could ever have even guessed might happen or foreseen might happen. That was not within their power to prevent or solve. Dee D. Flint, N8UZE According to your statement, an absolutism, yes they were in control. THEY chose to work in that building. THEY chose to go to work that day, not calling in sick or taking a vacation day. No you are misinterpreting my point of view. There was no data for them to base a choice on so no choice was truly possible and there was no possibility for them to control their fate. The WTC terror allowed no more choice than a lightning bolt does. However people who chose to stay on welfare instead of move when the local economy in their area crashed, have chosen to fail. They have data. The local business closed. They can evaluate or guess whether it will ever reopen. They can choose to follow the jobs or they can choose to stay there and be poor. There are still people in Portsmouth, Ohio waiting for the steel mills to reopen. These mills closed decades ago yet people are still waiting. Dee D. Flint, N8UZE |
"Phil Kane" wrote in message .net... On 17 Nov 2003 01:28:48 GMT, N2EY wrote: Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? We got a 30-year mortgage four years ago notwithstanding that I was retired on a moderate pension, my wife was an independent contract employee close to retirement age, and both of us would be over 90 when it matured. Not only that, we refinanced it last year starting a new 30 year clock. In reality we rent the place from Fannie May or Freddy Mac, whomever wound up with the paper..... We know it, they know it..... But there are advantages. As the owner (even though heavily mortgaged), you can put up antennas or remodel or whatever without asking the landlord. And since the interest is tax deductable, you can have a nicer place for the same money than if it was just a rental. Dee D. Flint, N8UZE |
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