" I own a home"

[-G$-]

yea not a problem dog

keep in mind with interest rates…banks/lenders/credit unions are gonna tell you what you want to hear…so try not to be so rate driven they feed off of that

sometimes the lowest rate isn't the best move

also idk if you are shopping…. but if you are….request a lock-in agreement if you find a program/rate you like

if they can't provide a lock-in thats red flag

i just closed on my mortgage in dec, was just trying to get a feel for how rates have moved since then.

 

[cleanface coney]

Do you mind briefly explaining the benefit of an interest only loan?

depends on your situation and if you can make t work

but if I'm only staying somewhere for 5-10 years…why would i pay towards the principle? i don't care about owning this house free/clear

the beginning of your mortgage is mostly interest anyway

i would just throw large chunks towards the principle if i wanna pay it off

if you wanna leave it to your kids then a interest only is a bad move

 

[cleanface coney]

i just closed on my mortgage in dec, was just trying to get a feel for how rates have moved since then.

fha? conventional? what type of program if you don't mind me asking

 

[-G$-]

fha? conventional? what type of program if you don't mind me asking

30 yr fixed jumbo thru wells direct

 

[Field Marshall Bradley]

depends on your situation and if you can make t work

but if I'm only staying somewhere for 5-10 years…why would i pay towards the principle? i don't care about owning this house free/clear

the beginning of your mortgage is mostly interest anyway

i would just throw large chunks towards the principle if i wanna pay it off

if you wanna leave it to your kids then a interest only is a bad move

So its just what it sounds like.. All you do is pay the interest on the loan...... Is that into perpetuity? Do you have to restructure the loan to eventually start paying on the principal?

 

[cleanface coney]

So its just what it sounds like.. All you do is pay the interest on the loan...... Is that into perpetuity? Do you have to restructure the loan to eventually start paying on the principal?

yes that would be forever

if you wanted it in your payment yes…if not no you can just throw money towards the principle

idk but most places nowadays don't have prepayment penalties…i know my company doesnt charge to pay it off

man i feel like if you got better shyt to do with your money ….then do it

people be killing themselves to make a mortgage payment….

when you can go interest only…and lets say it gets tight….you can walk away no harm no foul

but like i said if you plan on leaving to ya kids its a bad move

 

[Paper Boi]

no such thing, u still have to pay taxes plus the govt can take it under the
eminent domain

came here to say this.

 

[cleanface coney]

30 yr fixed jumbo thru wells direct

i can honestly say wells fargo has a better jumbo product than us( thats it though)

those are the only loans we sell off…so its hard for me to get aggressive with the pricing

more than likely your in a good spot, unless you wanted to make a significant change to your program

 

[-G$-]

i can honestly say wells fargo has a better jumbo product than us( thats it though)

those are the only loans we sell off…so its hard for me to get aggressive with the pricing

more than likely your in a good spot, unless you wanted to make a significant change to your program

yeah, i'm at 3 5/8%, w no pts, closing costs were absolute min. they did right by me. i have what they consider a "family relationship" w wells so i've been told i did pretty well rate wise. haven't heard of any 30yr jumbos going thru tighter than that in the last 6-9 months.

appreciate the marker color.

 

[cleanface coney]

yeah, i'm at 3 5/8%, w no pts, closing costs were absolute min. they did right by me. i have what they consider a "family relationship" w wells so i've been told i did pretty well rate wise. haven't heard of any 30yr jumbos going thru tighter than that in the last 6-9 months.

appreciate the marker color.

yea not too many people are getting that…i wouldn't refi unless something blew me away

 

[Tupac in a Business Suit]

2.75 is lowest right now depending on your LTV and credit scores… 5/7/10 terms fixed on 30 year amortization schedule

of course that 2.75 is gonna come with points…ARMs are kinda hard to qualify for

15 year fixed 2.99

30 year fixed 3.75

What are the qualifications for an ARM; preferably a 5/1 with stellar credit and a great debt to asset ratio.

 

[cleanface coney]

What are the qualifications for an ARM; preferably a 5/1 with stellar credit and a great debt to asset ratio.

to be honest i wouldn't and couldn't even answer this question without looking at your credit

if your banker isn't looking at your credit/locking rates…. you're wasting you're time with him/her

and i only say that to your benefit

but if your scores are under 700... you're gonna get hit with a lot of points

debt to income ratio has to be 45%

what would be your plan with the ARM?

 

[Cynic]

Almost NOTHIN' outperforms decent IPOs. I did the off Wall St thing for a lil while. Made damn near as much on IPOs as I did in commissions.

But don't move the goal post though. That has nothin' to do with mutual funds or what the average person has access to. You ain't doin' those numbers with a mutual fund.

Decent or not...the returns for me and my team and our partners have been godly. Shame only 20 off these hit the market every year...Well that pass a certain criteria

I never mentioned mutual funds, your average person expects average returns and uses average models. People are too damn lazy to research their own opportunities.

The concept is what's important. Owning equity/convertible debt has a better upside than real estate.

 

[Tupac in a Business Suit]

to be honest i wouldn't and couldn't even answer this question without looking at your credit

if your banker isn't looking at your credit/locking rates…. you're wasting you're time with him/her

and i only say that to you

but if your scores are under 700... you're gonna get hit with a lot of points

debt to income ratio has to be 45%

what would be your plan with the ARM?

I have been in my place for years but I am looking to sell. I want to go to a different neighborhood but I want to ensure that the prices remain stable before I pull the trigger (Brooklyn).

My score is crazy high because I dont have any debt past my mortage and a sizeable income.

My plan with the arm would be to get in the place with a low rate in a popular neighborhood 20% down and have tenants somehow subsidize the interest only part while making principle payments within the five years.

After the rate is set to expire, either I cash out or re-fi for a fixed rate at 15 years.

 

[CouldntBeMeTho]

Let's look at this from a (common) law perspective:

The land is held absolutely by the territorial sovereign.

This stems from the English Common Law doctrine that the king owns all land by radical title.

Subjects (citizens) hold (tenure) an abstract of the land titled an estate.

The representation of this grant is a deed. There are six different types of deeds in the U.S.
The deed has rights attached there to. These bundles of rights are called titles. A title is a bundle of rights.

In addition to rights, there will be obligations attached to ownership of this abstract. In medieval times, it may have been serving in the king's army, paying a quit-rent, or paying a rent charge.

Today, this obligation, in part, is taxes assessed by the county. The county being an administrative sub-division of the state. The state being a (public) corporation.

We could get into the financing aspect of all this from a legal perspective, but I'll save that for later if anyone is interested.

If anyone is interested, ask me about land patents.

And who is the largest "land owner" in the world? Its the bloody queen of England mate


I'm curious about land patents @dark_magic