I just come home and my wife is watching one of those shows with a first time home buyer. The woman was all excited about her new town home, that was nice. But the terms I thought were bad, $197,000 at 7% for 40 years! The show was taped in 2007.
An example of over buying I would say.
__________________
Vote out all republicans and democrats,
Vote Libertarian!
Did the show say if she finance 100%? I know some first timer programs allow that, hell I had 103% financed. But I paid about 2.5 times the for first payment
anyways maybe it was a secondary lender? she prob has some sh*tty credit.
no 749. 40 yr mortgages are now available to everyone who can qualify for one, and the guidlines determing whether or not one qualifies are the same as the 30 and 15 year notes. people who do these are generally people buying in markets where the values are so high that they can't afford the 30yr payment. i know 'cause this is what i do for a living. the three main products being used are the 30 and 15 yr fixed and 5/1 arm mortgages. i've had people ask me about 40 yr notes, but i've yet to have somoene go through with it. imo, that's too damn long to finance a home.
__________________
"i wonder if this grief would ever let me go? i feel like i am the king...king of sorrow."
no 749. 40 yr mortgages are now available to everyone who can qualify for one, and the guidlines determing whether or not one qualifies are the same as the 30 and 15 year notes. people who do these are generally people buying in markets where the values are so high that they can't afford the 30yr payment. i know 'cause this is what i do for a living. the three main products being used are the 30 and 15 yr fixed and 5/1 arm mortgages. i've had people ask me about 40 yr notes, but i've yet to have somoene go through with it. imo, that's too damn long to finance a home.
that would be just asking for trouble IMO... especially in this market.
Man I wish homes in SoCal were anything near $197k...
maybe its just because i'm used to the sticker shock, but i'm just thankful the median home price in SD have gone from $545k to $360k!!! Not to make home owners feel bad, but it's good for prospective buyers...
maybe its just because i'm used to the sticker shock, but i'm just thankful the median home price in SD have gone from $545k to $360k!!! Not to make home owners feel bad, but it's good for prospective buyers...
Yes, the median prices have definitely come down. One thing though, these "median" prices hardly tell the tale for prices of homes in the "hot" neighborhoods. Some areas in LA have held their prices level since the melt down, which is amazing.
__________________ Always outnumbered, never outgunned.
I've seen new condo developments open for $100k less than projected opening prices here in LA. Plus they're throwing in free options, so yes, they're definitely feeling it. It's good that things have come down some, but I'd just like some stability back in the RE market.
__________________ Always outnumbered, never outgunned.
AutoForums.com is the premier network of enthusiast-owned
enthusiast-operated automotive communities.
We operate more than 100 automotive forums where our users consult peers for shopping information and advice, and share
experiences and opinions as a community.
7% 40 years
