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View Full Version : Poll - What type of Mortgage do you have?



yamamoto
06-14-2006, 02:40 PM
I was just wondering what types of loans people have used to finance their homes.

Kachina26
06-14-2006, 02:45 PM
I have the bad kind, interest only. But, it is my intention to be out of the house before the chickens come home to roost :D

AZKC
06-14-2006, 02:47 PM
30yr at 5.25 :)

yamamoto
06-14-2006, 02:52 PM
15yr 4.75% fixed

hipcash
06-14-2006, 02:56 PM
15 yr 4.5%....only 12 years left

cxr133
06-14-2006, 02:57 PM
20 year 5.3% 17 years left

Red Eye
06-14-2006, 03:04 PM
Interest only.... I don't plan on ever paying off a mortgage so I might as well have the cheapest payment now.

Outnumbered
06-14-2006, 03:04 PM
I have the bad kind, interest only. But, it is my intention to be out of the house before the chickens come home to roost :D
There is nothing wrong with an I/O mortgage unless its an ADJUSTABLE I/O. They have 30 year fixed I/O's which are actually great mortgages. And again, it all depends on your game plan.

ChumpChange
06-14-2006, 03:10 PM
10 yr Interest only then it goes adjustable.
Same here. Hope to have it paid off by the end of ten years though. Five if I'm lucky.

doesitfloat?
06-14-2006, 03:12 PM
30 year fixed, 5.125% Hopefully paid off in next 12 months...27 years early.

Jbb
06-14-2006, 03:16 PM
15yr @5%

Liberator TJ1984
06-14-2006, 03:17 PM
uuuuuhhhhhhh...................................... .................................................. ..................................None :p

OGShocker
06-14-2006, 03:18 PM
Paid off in 9 years 7 months.

doesitfloat?
06-14-2006, 03:20 PM
uuuuuhhhhhhh...................................... .................................................. ..................................None :p
Now that's where I want to be :cool:
Congrats.

Cole Trickle
06-14-2006, 03:24 PM
10 year fixed interest only and then I have 20 years at a fixed rate to pay off the loan.(I will re-fi or move long before that happens)

NashvilleBound
06-14-2006, 03:26 PM
I dont have any mortages but I sure feel sorry for the guys with interest only......or neg amortization...someone was very mislead.

Liberator TJ1984
06-14-2006, 03:39 PM
Now that's where I want to be :cool:
Congrats.
Thanks but !
things are cheaper here :) fer example.....
I bought.....
wood frame 2300 sq.ft house and then move from previous location about 5mi.away to my land (estate dispute- families just wanted it moved off ) 13k
totally refurbish above home 12k
20 acres land 80K
add 900 sq.ft 3 car/boat garage-enclosed... 7K
fence in about 3 acres around house.....2.5k
plus a few other costs here and there :cool:
all said and done , not even what you bigballers pay for your boats :p

doesitfloat?
06-14-2006, 03:49 PM
Thanks but !
things are cheaper here :) fer example.....
I bought.....
wood frame 2300 sq.ft house and then move from previous location about 5mi.away to my land (estate dispute- families just wanted it moved off ) 13k
totally refurbish above home 12k
20 acres land 80K
add 900 sq.ft 3 car/boat garage-enclosed... 7K
fence in about 3 acres around house.....2.5k
plus a few other costs here and there :cool:
all said and done , not even what you bigballers pay for your boats :p
Great way to build equity (or in your case, "move" equity). :rollside: You've got to make your breaks...and you did it the unconventional way.
I got major grief from family and friends for moving "away" twice (and cashing out) as well as buying properties. Now, those same people smack me on the back and say, "Great moves".
Buying that house for 25K was brilliant. Here in Idaho, they are moving homes constantly as all of the farmland is being developed. Some good deals to be had...

2Driver
06-14-2006, 04:26 PM
0% on 0 balance, feels good too.

Floored
06-14-2006, 04:34 PM
8 yrs left of 11 and owe 40k

MBlaster
06-14-2006, 04:48 PM
15 @5.75
11 to go :)

ChumpChange
06-14-2006, 04:49 PM
I dont have any mortages but I sure feel sorry for the guys with interest only......or neg amortization...someone was very mislead.
You don't need to feel sorry. Yes, some people may have been mislead but for some, an interest only option might be the best due to their financial situation and their forward thinking plans of how long they may be in one place. I myself chose a ten year interest only which started last year. I like a lower payment and the interest that I am paying is low enough to not want to pay it off because it is cheap money and I can find better uses for that money at a better return. To each their own. Of course I'd like to be in your position with no mortgage and I'm sure everybody else would as well.
But a neg am loan? I just cannot find any possible way to stand behind one of those. Yes, there was extreme appreciation but to pay interest on interest is insane.
If the starter of this thread is looking to refinance or purchase, make sure you sit down with someone you trust to help you make the right decision. There is a lot of factors that go into figuring what is YOUR best choice.

yamamoto
06-14-2006, 04:56 PM
You don't need to feel sorry. Yes, some people may have been mislead but for some, an interest only option might be the best due to their financial situation and their forward thinking plans of how long they may be in one place. I myself chose a ten year interest only which started last year. I like a lower payment and the interest that I am paying is low enough to not want to pay it off because it is cheap money and I can find better uses for that money at a better return. To each their own. Of course I'd like to be in your position with no mortgage and I'm sure everybody else would as well.
But a neg am loan? I just cannot find any possible way to stand behind one of those. Yes, there was extreme appreciation but to pay interest on interest is insane.
If the starter of this thread is looking to refinance or purchase, make sure you sit down with someone you trust to help you make the right decision. There is a lot of factors that go into figuring what is YOUR best choice.
I started the thread but I am not looking for a new loan. I have a 4.75 fixed with 12 yrs left. The reason why i started this thread was because I heard that last year, 70% of new loans in cali were either I/O or Neg Am loans. I know there are situations to use a loan like this, but I find it hard to believe that these loans were the right choice for 70% of the people last year.

JB in so cal
06-14-2006, 04:56 PM
Over 60 % in fixed mortgages...

bchbum
06-14-2006, 06:02 PM
less than 10 years on a 15 year at 5.5% . We roundup our payment to the next hundred. Plan on having it paid off 2 years early , so I can fully fund my 457 plan at work . :cool:

Kilrtoy
06-14-2006, 06:04 PM
An Expensive one

Outnumbered
06-14-2006, 06:12 PM
You don't need to feel sorry. Yes, some people may have been mislead but for some, an interest only option might be the best due to their financial situation and their forward thinking plans of how long they may be in one place. I myself chose a ten year interest only which started last year. I like a lower payment and the interest that I am paying is low enough to not want to pay it off because it is cheap money and I can find better uses for that money at a better return. To each their own. Of course I'd like to be in your position with no mortgage and I'm sure everybody else would as well.
But a neg am loan? I just cannot find any possible way to stand behind one of those. Yes, there was extreme appreciation but to pay interest on interest is insane.
If the starter of this thread is looking to refinance or purchase, make sure you sit down with someone you trust to help you make the right decision. There is a lot of factors that go into figuring what is YOUR best choice.
Well said. There is no blanket right answer. Each situation is unique.

Fast Freddy
06-14-2006, 10:27 PM
well this one place i have is paid off but the other place i have has a 15 year fixed at 4.75%.

Not So Fast
06-14-2006, 10:53 PM
The kind that says "Balance due $0.00" God it feels good too! :cool: NSF

YeLLowBoaT
06-14-2006, 11:25 PM
just a little fyi if you have a standard 30 year fixed loan. If you pay 1 extra payment a year, you will cut years off your loan and save thousands ( all depending on your intrest rate)

RiverRatMike
06-15-2006, 02:15 AM
I was just wondering what types of loans people have used to finance their homes.
30 Year at 5.3 fixed also refinanced 2004 and 2006 took out a home equidy line. That is variable at 8% and it sucks!

NashvilleBound
06-15-2006, 03:41 AM
You don't need to feel sorry. Yes, some people may have been mislead but for some, an interest only option might be the best due to their financial situation and their forward thinking plans of how long they may be in one place. I myself chose a ten year interest only which started last year. I like a lower payment and the interest that I am paying is low enough to not want to pay it off because it is cheap money and I can find better uses for that money at a better return. To each their own. Of course I'd like to be in your position with no mortgage and I'm sure everybody else would as well.
But a neg am loan? I just cannot find any possible way to stand behind one of those. Yes, there was extreme appreciation but to pay interest on interest is insane.
If the starter of this thread is looking to refinance or purchase, make sure you sit down with someone you trust to help you make the right decision. There is a lot of factors that go into figuring what is YOUR best choice.
Your right. In certain short term situations (2 years or less to flip house for the capitol gains benefit) a interest only might be the best way for cheap money. I see most all closings that go through our office as well as others. The points and fees some people pay to get these strange loans amaze me. But, like you said, to each their own and if their happy we're happy.

UpRiver
06-15-2006, 06:47 AM
Paid mine off last June. 4 years 3months. Now I pay myself the $3,500.00 every month. I have never slept so good!!!!