Re: This is just stupid...

On 15 Mar 2007 I stormed the castle called alt.2600 and heard
PerfectReign cry out in news:pan.2007.03.15.12.51.05@xxxxxxxxxxxxxxxxxx

On Wed, 14 Mar 2007 23:27:30 +0000, a rock fell the sky, hitting
FrozenNorth on the head, and inspiring the following:

PerfectReign tossed the following at the wall, and it stuck:

On Wed, 14 Mar 2007 21:56:45 +0000, a rock fell the sky, hitting
FrozenNorth on the head, and inspiring the following:

-=Biscuit=- tossed the following at the wall, and it stuck:

FrozenNorth <frozennorth123@xxxxxxxxx> delighted us to no end by
taking a lime green crayon and scribbling in
news:1388985.8Q82ROuIOC@xxxxxxxxxxxxxx, on the hallowed day of Wed
14 Mar 2007 02:45:10p:

It's the freakiest thing, I swear. See what happens when I try
to be a responsible PC owner and defrag and uninstall un-needed
***?

Yeah, ntkernel.exe is a waste of space isn't it. ;-)


Bite me, Cannuck :)

Oh, btw, wait til you hear the latest story! lol The mortgage
company wired the money last night, filed for bankruptcy today, so
the BK trustees put a freeze on all the wire transfers.

Just saw a story about that on the local news, apparently several
mortgage lenders in the States are going down the toilet.
Thankfully things are done differently here.


What? You cannucks just go shoot each other or sommfing?

Assuming you can get a conventional mortgage, there are only really
five banks to deal with (they all make billions in profits), houses
are amortized over 25 years, you get 1, 2 or a 5 year term fixed or
variable, open or closed mortgage. I bought in 1997 will be paid of
in 2011 (crosses fingers), I've got open 5 year mortgages, and have
thrown extra cash at it a few times.


Ahh, those terms are very different that what we've got here. I
personally have a 20-year fixed mortgage that I started early last
year after refinancing to redo the pool, get new windows and have
some landscaping done. I figure I'll pay it off in 15. I'm only paying
$35/ month extra for that.

We have so many loan programs it'll make your head spin. You can get
"conventional" 10-year, 15-year, 20-year 30-year or even 40-year
loans, where you have a straight amortizing schedule rate. You can
also get adjustable mortgages where the rate can be fixed for x years
then adjust or always adjust. You can get interest-only loans where
you pay on the interest only.

The funny loans are the ones where you get a certain number of years
where you pay off a minimum payment that doesn't even cover interest.
Let's say you have a $500,000 loan amount. You pay $100 in the
mortgage for some years. Well, your loan interest that you aren't
paying just gets tacked onto the balance, which never goes down. At
some point you're forced to pay the full amortized rate.

You can even get an 80/20 loan. If - like my wife and I did on our
first house - you don't have 20% of the loan value paid off, the
lender will require private mortgage insurance. Back in '95 when we
did this, it wasn't a big deal. Now it is for some reason. Those who
are buying houses now often will get an 80% loan to cover the house
and a 20% loan to ensure the down payment. This will give them the
ability to not pay this PMI. I had several friends do that in the past
few years. The beauty was that the house would increase in value in
less than a year, so you could refinance, and your original loan
amount would be less than 80% of the value of the house. Those who
took this on the past year or two are - well - screwed.

It will be interesting for a few years. I expect my house value to
drop a bit. Of course, I'm not selling ever, so I don't really care.
In fact, I told my mom the other day, I want to "buy" her house in the
next five years. She just bought a new one last year. The beauty is
that her taxes are computed on the last house she bought in '85
because she's over 55 years old. When I buy her house from her (she'll
stay put) I'll retain title and still pay taxes on the '85 rate
because it will be a parent- child transfer. The reason I'm doing this
is to ensure - if she ever needs medical - the State won't base her
assets on the house value, since I'll retain title. At some point -
way in the future - I can just pass it on to my kids.

daddy?


:)

--
ThePsyko
Public Enemy #7



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