My Photo

Linkeroos

GooglyMoogly

« I can't wait 'til we play Seattle | Main | New Theme »

Comments

Frolic

I didn't know that people still paid PMI. Haven't the new combo mortagage with a second mortgage to cover some (sometimes all--not a good idea) of the down payment taken care of that?

ashley

When I was getting my home loan in August, 2005, Whitney (who had the best rate at the time) told me that I needed 20% or I'd have to get PMI.

I tried to get all kinds of creative second mortgages and piggyback loans, since I'm locked into a student loan at 8.25%, and I wanted to get rid of that ASAP, but none of the banks I talked to would do that.

Of course, this is anecdotal. YMMV.

saintseester

I am with on this outrage. My husband and I did not get into our current house until we were 36 years old. Our first house before that we were 30. Why? Because we were saving. And because we only were buying into a house that we only needed one salary to maintain, you know, just in case, being frugal.

So now, those who mortgaged themselves to the hilt to get into a house they can't really afford are unable to keep up payments. WTF?

Now I do feel bad for those people who for whatever reasons, did make prudent choices and due to job loss, relocations, or other situations cannot sell or cannot maintain what they have. We can find ways to help them NOT lose their homes.

The bozos I am angry with are 2 income people I know are making six figures.

oyster

Ashley--

In August of 05 your cat could've gotten a 100% no doc fixed loan. That was the peak of the madness.

Whitney basically explained to you that their "lowest rate" was for 80% Loan to value. (They required 20% down, plus a customary check to make sure their customers wear silk stockings... I kid, I kid...).

Anyway, we can talk about this in person sometime. All I can say is I wish I had known you back then.

droudy

More help for the few at the expense of the many. Not surprising from these bozos.

The comments to this entry are closed.