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Old 03-02-2013, 06:40 AM  
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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?
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Old 03-02-2013, 02:09 PM   #46
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Yes, for credit cards. For stuff with high interest rates. A mortgage is a different type of beast. A mortgage with a historically low interest rate is a beautiful beast.
No, I mean for everything, especially a mortage. Do you know how much financial security you gain by not having any kind of a mortgage? Again, I don't care how low the rates are. If my home is paid for I can lose my job, watch my savings tank in the market, whatever and I am secure in the fact that I don't have to panic because I don't owe anyone anything.
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Old 03-02-2013, 02:13 PM   #47
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And if 3.5% retrun is so easy to achieve, why are people having to take on more and more risk to get that? Because it's not as easy as you think.
Is there any passive, reputable fund that doesn't have a 15 or 30 year return of at least 3.5%?
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Old 03-02-2013, 02:15 PM   #48
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No, I mean for everything, especially a mortage. Do you know how much financial security you gain by not having any kind of a mortgage? Again, I don't care how low the rates are. If my home is paid for I can lose my job, watch my savings tank in the market, whatever and I am secure in the fact that I don't have to panic because I don't owe anyone anything.
See, to me, that seems short-sighted.
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Old 03-02-2013, 02:16 PM   #49
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See, to me, that seems short-sighted.
Shocking...
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Old 03-02-2013, 02:19 PM   #50
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Originally Posted by La literatura View Post
Is there any passive, reputable fund that doesn't have a 15 or 30 year return of at least 3.5%?
Sure, and you would be much better investing $'s in them that you have a lesser need on than you do $'s you will depend on more
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Old 03-02-2013, 02:25 PM   #51
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It's 3-card Monty at the highest level... and people believe their shit because they get a check.
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Old 03-02-2013, 02:43 PM   #52
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It's 3-card Monty at the highest level... and people believe their shit because they get a check.
Where is pain and where is the BS rainbow?
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WHAT DID I SAY, HUH?!?!?! TELL ME AGAIN?!?! - WHO HAD FAITH IN YOUR TEAM?!?!? WHAT'S MY MOTHER****IN NAME!?!?!
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Old 03-02-2013, 02:50 PM   #53
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You showed exactly that when the dollar falls gas prices rise. A small sample of time is not going to bail you out, sorry and you should be ashamed of even pretending otherwsie.
Again, a pat on the head for knowing oil is denominated in dollars. Being aware of this fact doesnt bail you out for years and years of making wrong predictions, though.
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Old 03-02-2013, 02:51 PM   #54
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Again, a pat on the head for knowing oil is denominated in dollars. Being aware of this fact doesnt bail you out for years and years of making wrong predictions, though.
I made one wrong prediction. Don't be a little bitch because you got caught talking shit.
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Old 03-02-2013, 02:52 PM   #55
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Where is pain and where is the BS rainbow?
Been to the gas station lately?
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Old 03-02-2013, 03:02 PM   #56
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Been to the gas station lately?
Hate to break it to you but the majority of the increase in gas prices is due to monopoly's and cartels controlling the supply and artificially inflating the price of a barrel of oil.

Put your critical thinking hat on...... the world uses less oil than before the recent oil spike. The oil produced in the world has went up considerably. The price has went up over 50%. Why?
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Old 03-02-2013, 03:03 PM   #57
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I made one wrong prediction. Don't be a little bitch because you got caught talking shit.
I guess if you define your whole way of thinking about economics as "one prediction", then you only have one wrong prediction. Congrats, I guess?
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Old 03-02-2013, 03:17 PM   #58
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Originally Posted by BigRedChief View Post
Hate to break it to you but the majority of the increase in gas prices is due to monopoly's and cartels controlling the supply and artificially inflating the price of a barrel of oil.

Put your critical thinking hat on...... the world uses less oil than before the recent oil spike. The oil produced in the world has went up considerably. The price has went up over 50%. Why?
Sorry but no, you're wrong
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Old 03-02-2013, 03:20 PM   #59
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One debt free next yr my wife and I are considering saving a ton of money and either buying a house cash, or only borrowing like 20%. Not sure of the pros or cons of it all just yet though
Never pay cash for a home. First off, if the housing sector crashes again, you've just immediately lost cash. Secondly, the interest write off is beneficial come tax time.

I somewhat understand the obsession with people that want to live "Debt-Free", but home ownership should never be considered "debt". There are far too benefits to owning a home, which of course includes equity.
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Old 03-02-2013, 03:21 PM   #60
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If you can pay cash for 100%, pay cash for 100%. There is not reason, absolutely no reason not too. We paid 100% cash for our rental property and it's awesome knowing should something happen with our renter or what not, we don't have to answer to a bank every month. It's ours. Free and clear. No payments, no nothing.

I can never see any pro to owing someone money when you don't otherwise need too.
This is absolutely awful advice
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