Brian wrote:

Nor did you check out my response, which sstated what you just said.

Sorry Brian, but the posts don't always come in right in order.

Perhaps we accept more debt today (as a ratio to income) than ever before.

Perhaps "we" will get what we deserve for running our finances so close
to the edge. 8^)

- Mike KB3EIA -

Mike Coslo wrote in message t...
Brian wrote:

Perhaps we accept more debt today (as a ratio to income) than ever before.

Perhaps "we" will get what we deserve for running our finances so close
to the edge. 8^)

- Mike KB3EIA -

Some do.

And that's why this country fears lay-offs so much. There is so very
little slop in one's income to expenses that even a couple of months
out of work spells ruination.

No rainy-day accounts either.

But bankruptcy is easy to get, so everyone else ends up paying for
their houses, SUVs, and big-screen TVs.

"Brian" wrote in message
...
Mike Coslo wrote in message
t...
Brian wrote:

Perhaps we accept more debt today (as a ratio to income) than ever
before.

Perhaps "we" will get what we deserve for running our finances so close
to the edge. 8^)

- Mike KB3EIA -

Some do.

And that's why this country fears lay-offs so much. There is so very
little slop in one's income to expenses that even a couple of months
out of work spells ruination.

No rainy-day accounts either.

But bankruptcy is easy to get, so everyone else ends up paying for
their houses, SUVs, and big-screen TVs.


I couldn't agree more on that, Brian! For sure, as they would say. I am
shopping for a new home and my husband and I have decided what we are
comfortable spending, what we need and desire in a new place, what kind of
interest rate we'll accept, and what payment we want. 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!!

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. 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!!!

Good grief...

Kim W5TIT

In article , "Kim W5TIT"
writes:

I am
shopping for a new home and my husband and I have decided what we are
comfortable spending, what we need and desire in a new place, what kind of
interest rate we'll accept, and what payment we want.

Weren't you folks having a place built, Kim? Or are we talking about the same
thing?

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.

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!

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.

73 de Jim, N2EY

"N2EY" wrote in message
...
In article , "Kim W5TIT"

writes:

I am
shopping for a new home and my husband and I have decided what we are
comfortable spending, what we need and desire in a new place, what kind
of
interest rate we'll accept, and what payment we want.

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).


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.


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!


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.

73 de Jim, N2EY

Precisely what we're doing...

Kim W5TIT

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

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 -

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

Kim W5TIT wrote:
"Brian" wrote in message
...

Mike Coslo wrote in message

t...

Brian wrote:

Perhaps we accept more debt today (as a ratio to income) than ever

before.

Perhaps "we" will get what we deserve for running our finances so close
to the edge. 8^)

- Mike KB3EIA -

Some do.

And that's why this country fears lay-offs so much. There is so very
little slop in one's income to expenses that even a couple of months
out of work spells ruination.

No rainy-day accounts either.

But bankruptcy is easy to get, so everyone else ends up paying for
their houses, SUVs, and big-screen TVs.



I couldn't agree more on that, Brian! For sure, as they would say. I am
shopping for a new home and my husband and I have decided what we are
comfortable spending, what we need and desire in a new place, what kind of
interest rate we'll accept, and what payment we want. 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!!

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. 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!!!

Good grief...

They do soooo love their commission, and the more you spend, the more
they make. A person is better served by thinking of the real estate
agent as their enemy, rather than friend. We went through several
agents, one I left after telling them if they showed us one more house
that cost more than what we were looking for I was walking. Yup, the
next house was more! There should be an i.q. portion of that test they take!

- Mike KB3EIA -