Intrest Hike

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Replied by erikko on topic Re: How high did YOUR mortgage go up?

Here in Cleveland, I have a scary story -- and you might want to check into this! Our city passed a levy this past spring to raise taxes for some needed repairs and renovations to the community. Needless to say, we thought it was a good idea -- until we realized our mortgage jumped from $1303 -- to $1405 a month!

Lesson learned. If you want to raise taxes in your community, better find out just how MUCH it can affect your property taxes before voting for it.

http://www.scribesunlimited.com[/URL][/quote]


that's really scary to think that you payed that much for the things that you don't really do
11 years 2 months ago #1

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Replied by KIEJON9 on topic Re: Intrest Hike

well I Have A Fixed 30 Yr...3.5 The 1st Year, 4.5 The Second And 5.5 The Third And It Tops Out On The 5.5% For The Remaining 27 Years. We Just Closed On Our New House And We Are Moving Now... Meya If You Are Looking To Buy A House...do It Now! Rates Are Low And You Can Get Some Great Deals Now.


Will Erice Yes Its A Good Time To Buy And Me And My Wife Just Got Are New Home And I Am Happy To Have It Cuz I Was Renting A Townhome For Like 2400
11 years 2 months ago #2

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Replied by Meya on topic Re: Intrest Hike

believe it or not, I am not ready. I see this is the best time, but I still have a baddie on my report, and i have not fully saved for a down payment. I wish i could afford it now, Lord knows I do1:dumbfounded:
11 years 2 months ago #3

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Replied by Rob72830 on topic Re: Intrest Hike

Exactly, that is why I am curious about who survived it. I think i would have went crazy bro, I have been dying to own a house for years, not to let a housing crunch take it away from me

Meya, I would think that if you are financially able to buy a house, now would be a good time to buy. With some many foreclosures, I would think the banks would be begging people to buy. Also you would have many more houses available to pick from. :cheesing:
11 years 2 months ago #4

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Replied by Meya on topic Re: Intrest Hike

Exactly, that is why I am curious about who survived it. I think i would have went crazy bro, I have been dying to own a house for years, not to let a housing crunch take it away from me.:confused:
11 years 2 months ago #5

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Replied by hjm331 on topic Re: Intrest Hike

There are a lot foreclosures going on, that is what's really hurting our economy.
11 years 2 months ago #6

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Replied by Meya on topic Re: Intrest Hike

Has anyone found relief (those whe were affected) from the housing crunch? I would love to hear your story.
11 years 2 months ago #7

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Replied by shark6 on topic Re: How high did YOUR mortgage go up?

Thanks for the article SMCC. I think the lesson for us who are concerned with our credit and those of us who have Amex, to avoid a FR or DCL is to pay more than the minimum and really only use the cards if we have to.

The first part is easy for me but the second part is a bit harder so I have to put as much impediments in my way to lessen the chances of me using the cards i.e first step: remove from my wallet :)

Home Equity Line

I know of two people who have had the LOC Home Equity Loan closed due to the value of their home dropping. I told all of my friends, if you have money remaining on your LOC and you forsee needing it in the future, remove it and put it in another account, because banks are closing of the line of credits.

IT is clear to me and has been for some time, we are in a recession and we have not seen the bottom yet.
11 years 3 months ago #8

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Replied by smcc on topic Another Must Read for all of us!

Found this article in USA Today and thought it would be interesting reading for all of us.

http://www.usatoday.com/money/perfi/credit/2008-07-02-home-equity-delinquencies_N.htm

A wake up call for all of us!
11 years 3 months ago #9

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Replied by Scribes on topic Here in Cleveland, I have

Here in Cleveland, I have a scary story -- and you might want to check into this! Our city passed a levy this past spring to raise taxes for some needed repairs and renovations to the community. Needless to say, we thought it was a good idea -- until we realized our mortgage jumped from $1303 -- to $1405 a month!

Lesson learned. If you want to raise taxes in your community, better find out just how MUCH it can affect your property taxes before voting for it. :-(

Paul
http://www.scribesunlimited.com
11 years 6 months ago #10

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Replied by porgy1000 on topic Yes, you are better off

Yes, you are better off waiting until you are ready in your life for a mortgage, you are doing the right thing :cool:
11 years 8 months ago #11

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Replied by Meya on topic This is the reason for

This is the reason for being irritated. I cant buy right now. A hairstylist can not jump and move out of state, where are you going to get your clients from when it comes down to pay the mortgage? My husband credit is not on the good foot, we are talking low 400's if not in the 300's. My goal is to purchase 2 years after I graduate (in 08) and start a new job because I have to be in a workplace to pay mortgage. I cant leave my job here and find one in another state because I am self employed.

The only thing that I do have it made with, on my husband behalf, is that his job is willing to transfer him to GA because they have a company down there so he will go straight to work. My husbands job is who we are going to contract with to build our home. The finance part will NOT[/b] include my husband...oh noooooooo, not while he owes a mortgage worth of child support from his prior x's and o's.
:scared: :scared:
11 years 8 months ago #12

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Replied by porgy1000 on topic In 2010 or 2011 thats

In 2010 or 2011 thats when prices should rebound, you should buy while prices are still low while a recession is in view.

11 years 8 months ago #13

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Replied by Meya on topic Meya if you are looking

Meya if you are looking to buy a house...DO it NOW!


Wish I could, but my goals are not going to be executed until 2010-2011 at the earliest. Goodness you and porgy have me irritable from excitement.
:laugh: :fun:
11 years 8 months ago #14

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Replied by porgy1000 on topic Eric that sounds like a

Eric that sounds like a great mortgage. Is there any NEG AM the first 2 years? I have been buying foreclosures with 5.5% fixed for 30 years, however, unlike you, these are for investment and I stated that I will NOT be living in the homes. I guess I could have had a better rate if I lied, but I wont lie, I have to sleep at night LOL :confused:
11 years 8 months ago #15

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