CT subprime mortgages

R

Robdawg

Junior Member
Our R governor announced yesterday that those people in Subprime mortgages who have high variable rates will be allowed to refinance into lower fixed 6% rates.

she was saying that a good housing market is essential to the economy, as well it might as well be, but that doesn't mean that those people who can't afford their homes should get an entitlement. I mean i don't even have a 6% rate and i pay my mortgage on time everytime as its taken out of my bank account.


It just doesn't seem fair. If you buy a house and you can't afford it, you should sell it, if your credit sucks b/c you don't pay your bills on time and you get a high variable rate how is that my problem? You should then get an apartment and pay off your bills and get good credit then buy And why should you get my government taxes to help you out when im hanging on by a thread as it is?
 
I agree. They make it seem like people are going to be in the streets begging. They bought way more house than they could afford and they need to sell them and get something in their price range whether its a rental or a smaller house
 
Chapdog said:
If you have good credit you should be able to get under 6% right now
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I already refinanced, and im not going to do it again, there would be all sorts of costs involved, people have to come out and appraise your house etc. Its just not worth it and its too much to pay.

I don't really have a bad rate at all, but its not 6
 
Robdawg said:
I already refinanced, and im not going to do it again, there would be all sorts of costs involved, people have to come out and appraise your house etc. Its just not worth it and its too much to pay.

I don't really have a bad rate at all, but its not 6
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The place where I got my mortgage was absolutely exceptional.

www.absolutemortgageco.com

It would cost you about $1200 in total and they lock you in and there are no hidden costs whatsoever ($300 for the appraisal & $900 for the lender fees). I've never had a refi, but those are the only lender related costs associated with the loan. Depending on what your rate is it could be worth it.
 
This will benifit you greatly. Your home price will stay higher because of this. You dont want empty bank owned homes sitting in your neighborhood being trashed by vagrants and teens.

If you pay attention you will be able to refy at a lower rate.
 
I refied like 5 times when i first got house.. first time was to eliminate PMI (lol did it after 1 month).. then subsequent for various reasons.. Ended up with a 5% 20Year mortgage.. I then added equity accelerators and that knocked 4 or 5 years off.. and have been paying that for almost 4 years now. I will not refi again.

I will own outright in 11years or so.
 
What's an equity accelerator?

We were thinking about trying to pay ours off in 6 - 8 years
 
LadyT said:
What's an equity accelerator?

We were thinking about trying to pay ours off in 6 - 8 years
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In the simplest terms I can manage: It links your loan to a checking account, money in the account, after your payment is deducted, counts toward your principle thus lowering the amount of interest you pay each month and accellerating the payoff of your mortgage.
 
Robdawg said:
LOL in Jersey?? what you gonna pay 30,000 a month? are you going to whore around Newark to get some quick cash for 8 years?

j/k ;)
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LOL. Well, we don't have kids now and its not like we drive fancy cars. We put 20% down and both make decent money. We definitely CAN pay it off in 6 years if we really wanted to but that would require a lot of sacrifice. We can do 10 easily though
 
Damocles said:
In the simplest terms I can manage: It links your loan to a checking account, money in the account, after your payment is deducted, counts toward your principle thus lowering the amount of interest you pay each month and accellerating the payoff of your mortgage.
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Is that the loan where your savings account counts toward the principal? someone tried to sell us that but it cost like 7.5% or something ridiculous.
 
with EE's you pay electronically deductions out of your account of choice on a weekly or biweekly basis. The results are an additional payment of principal as there is a fraction more then 4 weeks in a month. That fraction accumulates and is put towards principal. By paying down more principal the loan's amortization table shortens.
 
LadyT said:
I agree. They make it seem like people are going to be in the streets begging. They bought way more house than they could afford and they need to sell them and get something in their price range whether its a rental or a smaller house
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I agree. The problem lies in the fact that many owe more than their home would currently get on the market. Which I beleive is why many are allowing the banks to foreclose.
 
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