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  1. #226
    Atomic Punk Get The Show On The Road's Avatar
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    Quote Originally Posted by CaboChris View Post
    Fixed home rates or adjustable doesn't matter when it comes to catastrophic personal events and a medical emergency is more likely to destroy.

    All the insurance in the world isn't going to offset a major illness such as Cancer, Leukemia, Parkinson's etc and the testing required especially if it's the sole breadwinner that is afflicted. This is why I'm so militant on healthcare.
    It does matter. If you're leveraged to the gills with an adjustable rate mortgage and barely making your payments and keeping afloat when rates are below 4 percent, you're going to be in a shitload of trouble if rates go up to 5 or 6 percent.

    And I see where you're coming from in regards to health issues, but those are rare compared to people who willingly make bad financial decisions.

    Case in point - when we bought our home we looked at several different models. Even though we qualified for one that was more expensive we chose to go with the cheapest model in the neighborhood. We also put around 18 percent down (more on that in a minute). While we were in there I overheard another couple asking the agent how they could finance a more expensive home with only 5 percent down and what "strings" could be pulled for them to qualify for a house they had no business buying. I still remember it to this day because I was shocked to hear it.

    So, lets assume that they put 5 percent down and got an adjustable rate mortgage at 3.25 percent because that's the way they could qualify to get the bigger house. Now, since they only put 5 percent down they're paying mortgage insurance until their equity reaches 20 percent - we only paid it for about a year because we only needed to go up an additional 2 percent. And, we locked in our rate at 3.75 percent and it won't change. So, we kept our payment lower, we didn't pay nearly as much in mortgage insurance, and we're not going to see our mortgage rise by hundreds of dollars a month if interest rates rise. And our payment was well within what we qualified and what we could afford.

    I have no idea if that couple did what I heard. But if they did and they were bumping up against their ceiling for what they could afford because they wanted a bigger house a small increase in interest rates could be a big problem for them from a financial standpoint.
    The only genre I really know is Van Halen.

  2. #227
    Atomic Punk Get The Show On The Road's Avatar
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    Quote Originally Posted by It's Mike View Post
    Sounds like 80 or 81. My parents got me a 500 dollar Canada Savings bond that year (they had a fixed rate of like 17%). Talk about a nice return with no risk.

    We've been lucky we're going an entire mortgage with a high rate of 4%. Granted real estate is also more expensive, kind of balances out.
    1977. I chuckle because he told me this when we were buying this place and I was quibbling about locking in a rate between 3.65 and 3.75 percent.
    The only genre I really know is Van Halen.

  3. #228
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by Get The Show On The Road View Post
    1977. I chuckle because he told me this when we were buying this place and I was quibbling about locking in a rate between 3.65 and 3.75 percent.
    Had the exact same conversation with my dad.

    Sent from blah blah using Tapatalk

  4. #229
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by Get The Show On The Road View Post
    It does matter. If you're leveraged to the gills with an adjustable rate mortgage and barely making your payments and keeping afloat when rates are below 4 percent, you're going to be in a shitload of trouble if rates go up to 5 or 6 percent.

    And I see where you're coming from in regards to health issues, but those are rare compared to people who willingly make bad financial decisions.

    Case in point - when we bought our home we looked at several different models. Even though we qualified for one that was more expensive we chose to go with the cheapest model in the neighborhood. We also put around 18 percent down (more on that in a minute). While we were in there I overheard another couple asking the agent how they could finance a more expensive home with only 5 percent down and what "strings" could be pulled for them to qualify for a house they had no business buying. I still remember it to this day because I was shocked to hear it.

    So, lets assume that they put 5 percent down and got an adjustable rate mortgage at 3.25 percent because that's the way they could qualify to get the bigger house. Now, since they only put 5 percent down they're paying mortgage insurance until their equity reaches 20 percent - we only paid it for about a year because we only needed to go up an additional 2 percent. And, we locked in our rate at 3.75 percent and it won't change. So, we kept our payment lower, we didn't pay nearly as much in mortgage insurance, and we're not going to see our mortgage rise by hundreds of dollars a month if interest rates rise. And our payment was well within what we qualified and what we could afford.

    I have no idea if that couple did what I heard. But if they did and they were bumping up against their ceiling for what they could afford because they wanted a bigger house a small increase in interest rates could be a big problem for them from a financial standpoint.
    The thing most couples don't look at (and for the life of me I don't know why) is if you're borrowing the max available and you're barely scraping by, what happens when you have a kid?

  5. #230
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    Poor financial planning accounts for only 10-12% of homelessness. Most of it is due to sociological imbalances both within the family and from society class geo-politics.

    It ainít rocket science.

  6. #231
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    Quote Originally Posted by It's Mike View Post
    The thing most couples don't look at (and for the life of me I don't know why) is if you're borrowing the max available and you're barely scraping by, what happens when you have a kid?
    The problem also, is no developers want to make affordable homes without subsidies anymore

    Nobody makes two bedroom small houses do they? They sure as hell don't in Reno. What happened to the starter house? One that isn't 50 years old and located in the 'hood. The average home price in Reno is almost $400,000.

    I'll probably never own a home but I don't want to at my age anyway. The benefits or equity isn't worth the hassle for me but still...

    What is "affordable housing"? What I've seen...nothing is affordable in housing unless one makes great money or has a two income partnership.

  7. #232
    Atomic Punk Get The Show On The Road's Avatar
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    Quote Originally Posted by It's Mike View Post
    The thing most couples don't look at (and for the life of me I don't know why) is if you're borrowing the max available and you're barely scraping by, what happens when you have a kid?
    Yep.

    How are you going to put any money into retirement or savings accounts? How are you going to afford to take any sort of vacation? What if you're car breaks down?

    We're failing as Americans. Most Americans have little to no money saved for retirement, have little to no savings, and couldn't even afford a $500 emergency bill like a car repair. So they load up and go into debt on credit. And I'm not talking about minimum wage or low paid workers. I'm talking about middle class people earning a decent wage.
    The only genre I really know is Van Halen.

  8. #233
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    Quote Originally Posted by Van Squalen View Post
    Poor financial planning accounts for only 10-12% of homelessness. Most of it is due to sociological imbalances both within the family and from society class geo-politics.

    It ainít rocket science.
    I love Mike but don't...

    Coughlackoftwoparentsinthehomeisthe causeofallsocietalillsCough.

  9. #234
    Atomic Punk Get The Show On The Road's Avatar
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    Quote Originally Posted by CaboChris View Post
    The problem also, is no developers want to make affordable homes without subsidies anymore

    Nobody makes two bedroom small houses do they? They sure as hell don't in Reno. What happened to the starter house? One that isn't 50 years old and located in the 'hood. The average home price in Reno is almost $400,000.

    I'll probably never own a home but I don't want to at my age anyway. The benefits or equity isn't worth the hassle for me but still...

    What is "affordable housing"? What I've seen...nothing is affordable in housing unless one makes great money or has a two income partnership.
    There's a lot of "affordable housing" across the country.

    I could sell my place now, payoff our loan and move to North Carolina and pay cash with what is left over for a house that's bigger than what we own now. Same thing in Texas and a number of other states.

    Location is a big determiner in affordability. Denver is no longer affordable. Our condo that we sold in Denver in 2013 is valued at around $275,000. It's a two bedroom and 1,024 square feet. Hence why we don't live there. And frankly the quality of life where we live is better anyway.

    Most of the big cities are unaffordable due to stupid policies and high demand and limited supply.
    The only genre I really know is Van Halen.

  10. #235
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    Quote Originally Posted by CaboChris View Post
    I love Mike but don't...

    Coughlackoftwoparentsinthehomeisthe causeofallsocietalillsCough.
    Def not what I meant.

    Whatís happening to our society is whatís happened to all economically top heavy class based societies.

    Eventually they will collapse. Until resources are shared and not hoarded, itíll always be like this.

    Nobody pays attention to history.

  11. #236
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    Quote Originally Posted by Van Squalen View Post
    Def not what I meant.

    Whatís happening to our society is whatís happened to all economically top heavy class based societies.

    Eventually they will collapse. Until resources are shared and not hoarded, itíll always be like this.

    Nobody pays attention to history.
    Resources shared? Uh oh. That's SOCIALISM! You Soros puppet.

  12. #237
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by CaboChris View Post
    I love Mike but don't...

    Coughlackoftwoparentsinthehomeisthe causeofallsocietalillsCough.
    homelessness is a special sort of financial problem. Poor financial planning won't often get you to that point. It'll just make you living cheque to cheque your whole life.

  13. #238
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    Quote Originally Posted by CaboChris View Post
    Resources shared? Uh oh. That's SOCIALISM! You Soros puppet.
    Pfft. Thatís just a tactic word. It ainít rocket science. It has nothing to with political views. If we donít start helping other out weíre all going down with the ship. Duh.

    Itís probably too late for us at this point. But who knows the future. Not me. Tho I can make an educated guess based on current evidence I think.

  14. #239
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    Homelessness is far more than a special kind of financial problem. Itís a direct reflection of how a society is faring.

  15. #240
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    Quote Originally Posted by Get The Show On The Road View Post
    There's a lot of "affordable housing" across the country.
    Not in Reno and are our politicians are saying the same thing. One of those rare times when both sides agree on something. I'm not concerned with other parts of the country. I live here.

    A $400,000 home isn't affordable. $150,000 is and developers aren't making those homes here anymore.

 

 

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