Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Lounge > D.C.

Reply
 
Thread Tools Display Modes
Old 03-02-2013, 06:40 AM  
BigRedChief BigRedChief is offline
Brainwashed
 
BigRedChief's Avatar
 
Join Date: Dec 2003
Location: Swims with fishes
Casino cash: $292185
Interest rates. WTF? Why are we getting almost free money?

I put a contract on a house yesterday. Locked in a rate and loan. Got 3.625 and they gave me $8,800 towards closing costs. Which is obviously more than it costs.

We were able to lower the purchase price because we didn't have any closing costs.

Last time we bought a house we got 5.25% which at the time our loan guy said was the lowest rate since WWII.

So my question for the board is why is the public getting home loans that are maybe 1%-2% above inflation? Where's the money being made or lost?
Posts: 41,506
BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.
  Reply With Quote
Old 08-02-2013, 10:10 PM   #241
rockymtnchief rockymtnchief is offline
Supporter
 
rockymtnchief's Avatar
 

Join Date: Oct 2006
Location: The Crazys of Montana
Casino cash: $1031158966
I applied for my home loan back on April 22nd and got locked in at 3.25. Today, I finally got to close on the house I signed the buy/sell agreement back in May. (Big pain in the ass)

My banker shows up and asks me, "What interest rate did I quote you back in May?" I told him, 3.25.

He tells me that he's got an early Christmas present for me and got me locked in at 2.75 a couple weeks ago. I signed that paperwork as fast as I could before the bank changed their minds!
__________________
Posts: 4,223
rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.
  Reply With Quote
Old 08-03-2013, 05:28 PM   #242
Bob Dole Bob Dole is offline
King Shit of **** Mountain
 

Join Date: Aug 2000
Location: Texarkana, Texas
Casino cash: $90509
Quote:
Originally Posted by BigRedChief View Post
Last time we bought a house we got 5.25% which at the time our loan guy said was the lowest rate since WWII.
When Bob Dole bought in 1988 and got 10%, it was a "Holy crap, that is low!" moment.
Posts: 31,010
Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.Bob Dole is blessed with 50/50 Hindsight.
  Reply With Quote
Old 08-03-2013, 08:44 PM   #243
BigRedChief BigRedChief is offline
Brainwashed
 
BigRedChief's Avatar
 

Join Date: Dec 2003
Location: Swims with fishes
Casino cash: $292185
Quote:
Originally Posted by rockymtnchief View Post
I applied for my home loan back on April 22nd and got locked in at 3.25. Today, I finally got to close on the house I signed the buy/sell agreement back in May. (Big pain in the ass)

My banker shows up and asks me, "What interest rate did I quote you back in May?" I told him, 3.25.

He tells me that he's got an early Christmas present for me and got me locked in at 2.75 a couple weeks ago. I signed that paperwork as fast as I could before the bank changed their minds!
How did you get 2.75% when the going rate is 4.4% with excellent credit?
__________________
Quote:
Originally Posted by Chris616 View Post
There is a place inside man where his life can be terminated on voice command. Its the fail safe device meant to be used at the end of times.
Posts: 41,506
BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.
  Reply With Quote
Old 08-03-2013, 08:45 PM   #244
mlyonsd mlyonsd is online now
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $49450
Quote:
Originally Posted by BigRedChief View Post
How did you get 2.75% when the going rate is 4.4% with excellent credit?
Might be related to Chris Dodd.
Posts: 24,469
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 08-03-2013, 08:46 PM   #245
loochy loochy is online now
That's what she said.
 
loochy's Avatar
 

Join Date: Oct 2008
Location: TECKSIS
Casino cash: $440827301
Quote:
Originally Posted by BigRedChief View Post
How did you get 2.75% when the going rate is 4.4% with excellent credit?
15 year instead of 30?
__________________
Quote:
Originally Posted by big nasty kcnut View Post
yeah i may be a retard but I'll be the one banging your girlfriend when you're out with your friends.
Posts: 16,998
loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.loochy is obviously part of the inner Circle.
  Reply With Quote
Old 08-03-2013, 08:50 PM   #246
rockymtnchief rockymtnchief is offline
Supporter
 
rockymtnchief's Avatar
 

Join Date: Oct 2006
Location: The Crazys of Montana
Casino cash: $1031158966
Quote:
Originally Posted by BigRedChief View Post
How did you get 2.75% when the going rate is 4.4% with excellent credit?
Quote:
Originally Posted by loochy View Post
15 year instead of 30?
30 year fixed.

All my banker told me was that he got "Montana money instead of Wall Street money". I'm not sure what it means, but I like it! I assume it has something to do with buying in a rural area.
__________________
Posts: 4,223
rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.rockymtnchief is obviously part of the inner Circle.
  Reply With Quote
Old 08-03-2013, 09:32 PM   #247
mr. tegu mr. tegu is online now
Gordon broken bats count - 6
 
mr. tegu's Avatar
 

Join Date: Mar 2012
Casino cash: $9462
Back in November when we got our house we got 3.8%. If we had a larger down payment we would have qualified for 3.2%. I am really glad we made the effort to but at that point.
__________________
Royals next five games:

4/25 - @ BAL 6:05
4/26 - @ BAL 6:05
4/27 - @ BAL 12:35
4/29 - vs TOR 7:10
4/30 - vs TOR 7:10
Posts: 8,243
mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.mr. tegu is blessed with 50/50 Hindsight.
  Reply With Quote
Old 08-03-2013, 09:57 PM   #248
Consistent1 Consistent1 is offline
_____________
 

Join Date: Aug 2005
Casino cash: $7719
I believe a lot of this depends on what your getting into regarding house payments. My ex was dead set on buying a house when prices were pretty low. I ended up making an offer of $134K. We were having problems, and I knew the shit would hit the fan, but I wouldn't sign the papers.

She got a pretty nice house, but just bitches constantly about the costs after I had already went over it with her.

In this particular case, I think paying it off would be wise after she has paid for three years. That is if you can do it. Higher dollar homes are a different story perhaps, but I do agree with the pay it off if you can theory.
Posts: 3,096
Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.Consistent1 has just been standing around suckin' on a big ol' chili dog.
  Reply With Quote
Old 08-04-2013, 07:17 AM   #249
BigRedChief BigRedChief is offline
Brainwashed
 
BigRedChief's Avatar
 

Join Date: Dec 2003
Location: Swims with fishes
Casino cash: $292185
Quote:
Originally Posted by Consistent1 View Post
I believe a lot of this depends on what your getting into regarding house payments. My ex was dead set on buying a house when prices were pretty low. I ended up making an offer of $134K. We were having problems, and I knew the shit would hit the fan, but I wouldn't sign the papers.

She got a pretty nice house, but just bitches constantly about the costs after I had already went over it with her.

In this particular case, I think paying it off would be wise after she has paid for three years. That is if you can do it. Higher dollar homes are a different story perhaps, but I do agree with the pay it off if you can theory.
Zero debt is always good. But could that money (borrowed at 3%) be used to pay off the house been used for other purchases, paid off credit cards etc.

I don't think there is a template that can be applied to everyone and every situation.
__________________
Quote:
Originally Posted by Chris616 View Post
There is a place inside man where his life can be terminated on voice command. Its the fail safe device meant to be used at the end of times.
Posts: 41,506
BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump


All times are GMT -6. The time now is 01:01 PM.


Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.