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Skidmore (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:05 PM Original message |
Just a minute. If you have a fixed rate mortgage now, |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:06 PM Response to Original message |
1. Yep - I thought his mortgage rate argument was over-hype. |
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emulatorloo (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:19 PM Response to Reply #1 |
10. If your fixed rate mortgage is expiring now your rates will go up if Repubs cause default. |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:22 PM Response to Reply #10 |
11. Few are trying to buy a new house because . |
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Fire1 (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:36 PM Response to Reply #11 |
12. Not so. Great deals on McMansions and luxury homes. |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:39 PM Response to Reply #12 |
14. Are you a lender? nt |
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Fire1 (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:04 PM Response to Reply #14 |
17. I don't have to be a lender to know this. I've recently read the |
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Marrah_G (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:34 PM Response to Reply #12 |
19. New mortgages and refies are at a huge low. |
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Mosby (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:44 PM Response to Reply #19 |
22. It's a buyers market that's for sure |
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Marrah_G (1000+ posts) Send PM | Profile | Ignore | Wed Jul-27-11 03:18 AM Response to Reply #22 |
32. The problem is many are not getting the mortgages to buy |
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Fire1 (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:50 PM Response to Reply #19 |
27. Some were so low I'm sure they were foreclosures but quite a |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 05:23 PM Response to Reply #27 |
31. More than likely investor owners taking money out of the market |
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KatyMan (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:55 PM Response to Reply #11 |
28. There's building going on in our neighborhood and |
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Ruby the Liberal (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:36 PM Response to Reply #10 |
13. Fixed rate mortgages don't "expire". Balloon loans (5/7 yr) do, but they are not "fixed" |
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emulatorloo (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:39 PM Response to Reply #13 |
15. OK, my mistake, All I know is I am in the midst of frantically getting my mother-in-laws |
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Ruby the Liberal (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:43 PM Response to Reply #15 |
16. Be very careful with Balloon notes |
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emulatorloo (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:49 PM Response to Reply #16 |
26. Didn't sound like a lecture to me at all. I appreciate the advice. |
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Ruby the Liberal (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 04:23 PM Response to Reply #26 |
29. Another very good reason for a 5 year. |
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coalition_unwilling (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:36 PM Response to Reply #10 |
20. Fixed rate mortgages by definition cannot go up. They're 'fixed'. - n/t |
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mike_c (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:08 PM Response to Original message |
2. as I understand it, you are correct-- furthermore, if inflation goes up... |
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snooper2 (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:10 PM Response to Original message |
3. Yes, that's why you always get a fixed rate mortgage...The rate will not change |
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Mosby (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:49 PM Response to Reply #3 |
25. The general rule |
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still_one (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:10 PM Response to Original message |
4. Generally true. Those with adjustables may also be affected more immediately, depending how |
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kirby (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:13 PM Response to Original message |
5. ARMs would be impacted... |
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tammywammy (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:14 PM Response to Original message |
6. And the people looking to purchase a house. |
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dkf (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:15 PM Response to Original message |
7. Adjustable mortgages and helocs too. |
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Jazz Ambassador (107 posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:16 PM Response to Original message |
8. Yep. But I suspect the poorer you are |
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Ruby the Liberal (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 02:17 PM Response to Original message |
9. That is correct. It is locked for the life of the mortgage, same with fixed car loans. |
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mrmpa (707 posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:11 PM Response to Original message |
18. I don't think he was talking about current mortgage rates, but |
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Lone_Star_Dem (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:40 PM Response to Original message |
21. I believe there's been a huge increase in ARMs. Something like a 30% increase in the last decade. |
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dmallind (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:48 PM Response to Reply #21 |
24. Which is insane, considering rates have been very low in the last decade |
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slackmaster (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 03:46 PM Response to Original message |
23. Correct. My first mortgage is fixed, but my second (a HELOC) is variable |
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pitohui (1000+ posts) Send PM | Profile | Ignore | Tue Jul-26-11 04:30 PM Response to Original message |
30. yes if you have a fixed rate mortgage you have a fixed rate mortgage |
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