Jesus Hubert Christ

[Bob Vila]

I've come to the conclusion that you don't know wtf you are talking about. Go to ANY Mortgage Calculator:

Here's one for you with a 200k house And look at the amortization table. On a 200k house you are paying about 115% of the house in interest: therefore, a 200k house will ultimately cost you 430k at 6% FIXED.

And on the basics of a mortgage, you won't start evening out on Interest/Principle payments until your 180th payment of a 30 year loan. Not on your third year.

 

[Celerity]

Yes, if you were to do an "interest only" payment, it would take approximately 15 years (I say more) to make a principle payment. That is correct.

a 6% loan "FIXED" is 6% until ... or over... prime. Check your papers. They are all the same.

$1500 a month is coming to $540,000 give or take. That's a best case, all papers-in-order, Simple loan calculator, with the mythical 6% fixed (until or over Prime after how many days)

So it's still managed to jump 2.6 times the original. I'm willing to bet that with a real mortgage loan, it will go to 3.2 times the original. That's typically what happens. Air just got out of this paperwork, and he can vouch.

-> S

 

[Bob Vila]

But your "$1500" payment includes the interest.

And where the frig does prime come into play on a fixed rate mortgage? The whole point of a "FIXED" mortgage, is that it is FIXED for the life of the LOAN. It does not fluctuate with prime, unless its a VARIABLE loan or an ARMS loan.

You are jumbling up all these types of mortgage loans and coming up with the Celerity mortgage ®. Your math skills and reading comprehension are non existant man.

Numbers are numbers, use the tools and calculators and even YOU can come up with the same numbers as prescribed in this thread.

 

[Celerity]

I knew you would all foam at the mouth about this, but please don't make it a personal Celerity attack. Like I said, I was on your side until just a few weeks ago when I learned about it.

Alittle of my background: I'm an I.T. engineer with a mostly financial background. End. Here is the REAL meat of my argument:
My step mother is a real estate lawyer with 8 years behind her. That means she passed the Bar, and has a practice in CT that deals only with real estate law and it's methods. She's been walking me through some houses since 1999 - And everytime I get closer to closing, another wall gets thrown up and I give up. I've been through this 4 times now. And NO ONE is out there to help you. I swear, not even SHE prepared me for this shit. Real Estate people and mortgage brokers do NOTHING but lie, and then tell you up and down that they never lied. They act all surprised when I get so angry I nearly destroy their offices - "Oh, we didn't know that!" they'll say, and then try to calm me into the purchase. Fuck that, they knew. So this time, while working with a mortgage broker that I trust (I trust him as far as I can trust a rabid doberman) and her, we went through a mock closing. What I found made me want to give up and live in a tent in Wyoming for the rest of my life. But everyone that buys a house, goes through this.

"Fixed rate" takes one rate and manages to fixes it to a number that the bank is guaranteed profit. There are many rates in play here. NO ONE will tell you this up front, except YOUR retained and bound Lawyer. You need to hire a lawyer have them explain it. Then, get a second opinion. Then a third. I had to to get to this point.

Now, NONE of this was brought up to me at any stage in my closing for a house. And everyone's promise "We can get you into a modest house for what you are paying in rent" turned into "Twice, maybe 3 times your rent" pretty goddam quick. I simply can't own a box in a field for less than I pay in rent. So I'm not going to. The lawyer backed up my math without exception.

All I can do, really, is end this argument until you .. YOU ... go out and get to the closing tables. And when you do, remember that Cel told you so.

Binces.

-S

 

[TurboMirage]

Originally posted by Celerity@Sep 13 2005, 02:13 PM
Also, that means that when you're done paying for the 95 Civic, you will have given the bank almost $20,000.

Tell me how that makes you feel.

Wait till you buy a house, then you'll have a true hatred for banking. (Typically, a $200,000 house will cost you almost $1,000,000 when you're done paying for it)

[post=553771]Quoted post[/post]​

you kidding? my total cost was 4650 cuz i paid it off so much.

and yes i was paying it off because i decided to buy that junk as fuck 240sx. i shoulda just bought a mirage then.

 

[Battle Pope]

Speaking of Mirages, what's the deal with the Eagle Summit? Is it kind of a Talon/Eclipse type relationship?

 

[TurboMirage]

yeah.

dodge colt/eagle summit/mitsu mirage.

plymouth laser/eagle talon/mitsu eclipse.

weirdly enough, the summit/colts never came with power options on the 4g, or in a full sedan form, only the coupe-sedan which is my car with 2 more doors. gross. also, the mirage sedan never came with the 1.8.

 

[Battle Pope]

That's odd cause there's a red '94 Summit ESi for sale in my area that's a 2-door...

 

[Celerity]

The WRX over 3 years, with $12,000 down will come to $17,700 at the end of the game.

With a $15,500 price tag.

 

[TurboMirage]

Originally posted by Battle Pope@Sep 13 2005, 04:13 PM
That's odd cause there's a red '94 Summit ESi for sale in my area that's a 2-door...

[post=553859]Quoted post[/post]​

yeah, they come in coupes with the 1.8L.

 

[dveit]

Hondaswap has turned into Mortgageloan.com ........

 

[Bob Vila]

Originally posted by Celerity@Sep 13 2005, 04:26 PM
I knew you would all foam at the mouth about this, but please don't make it a personal Celerity attack. Like I said, I was on your side until just a few weeks ago when I learned about it.

Alittle of my background: I'm an I.T. engineer with a mostly financial background. End. Here is the REAL meat of my argument:
My step mother is a real estate lawyer with 8 years behind her. That means she passed the Bar, and has a practice in CT that deals only with real estate law and it's methods. She's been walking me through some houses since 1999 - And everytime I get closer to closing, another wall gets thrown up and I give up. I've been through this 4 times now. And NO ONE is out there to help you. I swear, not even SHE prepared me for this shit. Real Estate people and mortgage brokers do NOTHING but lie, and then tell you up and down that they never lied. They act all surprised when I get so angry I nearly destroy their offices - "Oh, we didn't know that!" they'll say, and then try to calm me into the purchase. Fuck that, they knew. So this time, while working with a mortgage broker that I trust (I trust him as far as I can trust a rabid doberman) and her, we went through a mock closing. What I found made me want to give up and live in a tent in Wyoming for the rest of my life. But everyone that buys a house, goes through this.

"Fixed rate" takes one rate and manages to fixes it to a number that the bank is guaranteed profit. There are many rates in play here. NO ONE will tell you this up front, except YOUR retained and bound Lawyer. You need to hire a lawyer have them explain it. Then, get a second opinion. Then a third. I had to to get to this point.

Now, NONE of this was brought up to me at any stage in my closing for a house. And everyone's promise "We can get you into a modest house for what you are paying in rent" turned into "Twice, maybe 3 times your rent" pretty goddam quick. I simply can't own a box in a field for less than I pay in rent. So I'm not going to. The lawyer backed up my math without exception.

All I can do, really, is end this argument until you .. YOU ... go out and get to the closing tables. And when you do, remember that Cel told you so.

Binces.

-S

[post=553823]Quoted post[/post]​

Not one single sentence in this post has made a backup argument to your numbers and your way of thinking in regards to mortgages. Maybe you haven't closed on a house do to you being arrogant and unwilling to learn what is real and what is not.

 

[Airjockie]

I had no problem with the realitors, the lawyers, or the bank...well..a small problem at the bank...but it wasn't that life-threatening...my closing went smooth...a little hastened with some shit...but I still closed and moved into the house with no stress..except for a bad back...

If you just make one extra mortage payment per year...then you will be surprized what happens...

my mortgage is $944 a month...I try to dump $1050 or more when I can...I already got about $500 of the prime loaned knocked off this year...not much...but on a $134K variable rate at 7.44%...anything can help....and thats a 30 years...I plan to refinance ASAP...which will be at the begining of Dec...one year after the original loan went thru...and I hope to try to pull out a little equity.....once I learn about the up's and downs of that little loan...

 

[dohcvtec_accord]

Celerity, when you spoke about never making a principle payment, you're talking about "interest-only" loans...I think. My first payment included the largest interest amount for the 360 (projected) payments I'd make toward the condo. I think it was something like, 80% interest and 20% principle. Maybe even higher interest, I forget. With every payment I make, the amount applied toward interest becomes lower, and the amount applied toward principle becomes higher. I've been building equity since day one.

And also, my rate is FIXED at 5% after my refinance (which originally was a 6% fixed). It never changes. If interest rates skyrocket - too bad for my lending institution. That's why fixed rates are slightly higher than ARM rates at any given point in time.

If you got screwed as badly as you did, perhaps you need to find a new real estate agent and/or lender. My process was smooth, from start to finish, without any hidden information or numbers.

 

[Celerity]

And that 134k turns out to be $340k at the end of the loan. The simple mortgage calculator puts that at $335k (Give or take) paid at the end of the loan. And that's if the interest rate stays at 7%.

About Triple - That's all I'm saying.

Not one single sentence in this post has made a backup argument to your numbers and your way of thinking in regards to mortgages. Maybe you haven't closed on a house do to you being arrogant and unwilling to learn what is real and what is not.

Hah, I was just saying, in an IM window, "Sheesh.. that wasn't even an argument and everyone shut up".

All I'm saying is what I said at the beginning - About Triple, if you're lucky. By putting down a huge downpayment Airjockie managed to save himself about... $300,000 over the course of 30 years.

At a good rate of 6%, you will pay about 3 times the asking price for that house.

No one said "6% over the life of the loan". It's 6% every payment.

Do the math. 30 year loan, 12 months a year - with $10k down on a 240k house ($230k) it's $1700 a month with no points. $612,000 total.

IT's about 3 times what you think you are paying. Do the math.

See ? Three times. Now put your rifle down.

Lets now get back to the subject at hand - This Honda that's being financed at the high interest rates. Maybe if Jared gets the car, he can give us the downpayment, the cost, and interest rate and we'll do the math. Or, better yet, take the payment amount, multiplied by the amount of payments, added to the downpayment and find out what it will REALLY cost to own that car, at that interest rate. I'm more willing to bet the numbers are closer to mine than yours.

-> Steve

I know you all hate me with a passion, but why ?

 

[Battle Pope]

I won't be getting that shitty loan, even if I get the car. I'm borrowing the money from a family member at no interest charge.

 

[TurboMirage]

Originally posted by Battle Pope@Sep 14 2005, 10:11 AM
I won't be getting that shitty loan, even if I get the car. I'm borrowing the money from a family member at no interest charge.

[post=554262]Quoted post[/post]​

are you buying a mirage? :unsure:

 

[Battle Pope]

Fuck no. I'm probably buying the Civic I've been looking at.

 

[totalburnout]

Originally posted by Battle Pope@Sep 13 2005, 01:08 PM
I just found out that for me to get a car loan on a 1995 Civic DX I would be paying... wait for it...

16.5% interest.

Mother of God.

[post=553733]Quoted post[/post]​

This is with a co-sign but through state farm I can get 5.24% on a used car loan. Through a traditional bank the rates that I saw when I was shopping for a loan were around 8%.

I didn't read the rest of the thread so I don't know if your credit is poor but those rates are insane.

 

[totalburnout]

Originally posted by Bob Vila@Sep 13 2005, 01:11 PM
Yeah, even CU's are getting a little ridiculous for new and used car loans. Hell, my new truck was at 5.5% and thats with top tier credit. Interest rates are going through the roof on car loans.

[post=553736]Quoted post[/post]​

Whaaaaaaaaaaaaaaaaat?


New car loan in New Jersey is around 2.2%. My used car loan was less than your new car loan.