loumeinhart 0 #1 April 27, 2006 Wow, might make sense in a stronger market but not here in Ohio. http://www.bankrate.com/brm/news/mortgages/20060427a1.asp according to this: http://ray.met.fsu.edu/~bret/amortize.html $120,000 at 6.75% for 50yrs = Total Repaid: $419,490.00 no wonder all the big buildings have bank names on them! Quote Share this post Link to post Share on other sites
jumpjunkie2004 0 #2 April 27, 2006 This ranks right up there with the interest only mortgage!Jump, Land, Pack, Repeat... Quote Share this post Link to post Share on other sites
Slappie 9 #3 April 27, 2006 A starter home here in the Houston area is about 150k. With this new improved 50-yr supersized bahemoth of a loan... Principal borrowed: $150000.00 Annual Payments: 12 Total Payments: 600 Annual interest rate: 8.00% Periodic interest rate: 0.6667% Regular Payment amount: $1018.91 Final Balloon Payment: $0.00 The following results are estimates which do not account for values being rounded to the nearest cent. Total Repaid: $611346.00 Total Interest Paid: $461346.00 Interest as percentage of Principal: 307.564% "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
squirrel 0 #4 April 27, 2006 i figure i will be able to easily pickup more rental property in 5 to 10 years through foreclosures. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
loumeinhart 0 #5 April 27, 2006 Quotepickup more rental property in 5 to 10 years heh try this summer! homeowners are feeling it with the 'fixed' period of 2-3 years maturing and rates jumping up. or better yet, find someone in f/c then negotiate a deal with their bank. Buy the house, sell it back to them on rent-to-own. Quote Share this post Link to post Share on other sites
squirrel 0 #6 April 27, 2006 QuoteQuotepickup more rental property in 5 to 10 years heh try this summer! homeowners are feeling it with the 'fixed' period of 2-3 years maturing and rates jumping up. or better yet, find someone in f/c then negotiate a deal with their bank. Buy the house, sell it back to them on rent-to-own. been doing that for awile now... this move in mortage just fuels people to actually put less down on a house, and spend more on depreciable items like cars and such. i am the vulture waiting for my next meal... the rent to own plan is the best for the owner, and worst for the buyer...the buyer rarely (according to statisics) cleans up thier credit enough to actually buy the house. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
Slappie 9 #7 April 27, 2006 DAMN DAMN DAMN!! As a peon in the workforce I'll bever EVER afford to buy another house or townhouse. /*kickself in the ass for quiting college... This whole subject really fucks me up.. I get so frustrated and feel so worthless. I've worked my ass off to get good credit back and pay off debt etc.. Since 99' just so I could buy a new(used) place. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
squirrel 0 #8 April 27, 2006 why wont you be able to afford a house? i'll be straight up...if you are a compitent person, go work for yourself...why make others money, just because they had the nerve to start thier own company. you will make more this way. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
jumpingjimmy 0 #9 April 27, 2006 QuoteThis ranks right up there with the interest only mortgage! an interest only mortgage has two good points..... 1. if house prices go up (they always do) you get the profit when you sell it 2. when you rent it out, because the interest only mortgage is generally lower than the rent you'll charge, you have rental income each month, very nice interest only mortgages are there for a reason, and thats to enable people to buy who could not afford to otherwise, or/and to enable people to become landlords and make some money off stupid/poor fuckers who rent Quote Share this post Link to post Share on other sites
ryoder 1,400 #10 April 27, 2006 Quote $120,000 at 6.75% for 50yrs = Total Repaid: $419,490.00 On the bright side, you won't actually pay that much because you'll die of old age first."There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
MarkM 0 #11 April 28, 2006 I'm surprised they're not doing this in my area. A starter home in SE Florida is $300k and rising. Quote Share this post Link to post Share on other sites
loumeinhart 0 #12 April 28, 2006 QuoteI'm surprised they're not doing this in my area It depends what wholesale lender carries it as a product, and if they do business in FL. Quote Share this post Link to post Share on other sites
