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Aging Cafe` Racer
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8,715 Posts
This is the big one guys, they'll be two fer one by next year, a dime a dozen...


*edit* I guess if they were 2 fer 1 then a dime a dozen wouldn't be as good deal as it sounds... I'm useless at math, product of a miss-spent youth I guess...
 

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Aging Cafe` Racer
Joined
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8,715 Posts
The trick to those super low rates was to re-fi out when the rates started back up. I went from a 7.9% fixed VA to a 3.2%-3 yr. p&i ARM then re-fi'd into a fixed 5.2% p&i conv. after 2 1/2 years and made out like a fat rat. The key is to read the fine print. The ARM I had adjusted up 2% per year until it capped at 12% after the 3 year teaser, there was no way in hell I'd have kept that.

When the fixed 30 year conventional loand s hit 4.9% I started the process but locked in at 5.2%, still an excellent deal. I just completed a deal on my 2nd which is a no-fee drop from 8.2% 15 yr. p&i to 6.9% 15 yr. p&i through my credit union which saves me $9k over the loan life and puts about $65 in my pocket per month.

People that stayed with ARM's or specially the interest only loans they were pushing at the time are getting a shellacking with this. It's the same with any deal, stay within your income range and read the fine print, the banks weren't doing those deals because they're all a nice buncha' guys..
 

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Aging Cafe` Racer
Joined
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8,715 Posts
I have some guns you can borrow.
( shhh, I was just tryin' to sucker 'em in )

My trusty 1918 SMLE Mk. 3 will reach out and touch someone at about 6k yards and I've got the ol' sawed off 12 guage Blunderbuss for close in work,

then I'll call the cops.
 
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