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Demon 170, will any be 100k, probably not

DavidKFla

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When we were buying our first house, mortgages were 17%. We ended up with $40,000, 1040 sq ft ranch on an 11% land contract with a 3-year ballon.
It's hard to remember but I think our 1st was in that range. But prices were 10% of what they are now.
 


Speedy!

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My first house was $105k brand new. 1200 Sq ft with a 2 car garage. Plenty for me and my lab. Rate was 8% and that was on a VA loan.

Hard to believe a Redeye is that much now.

These kids buying today have had practically free money up till now.
 


BULL

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My first house was $105k brand new. 1200 Sq ft with a 2 car garage. Plenty for me and my lab. Rate was 8% and that was on a VA loan.

No wonder you scored with the wife, you actually owned your own house.... ; )



EDIT:
There were 3 of us that went in on a house together, 1 flaked out and then there were only 2 of us and we barely made it...
 


DavidKFla

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No wonder you scored with the wife, you actually owned your own house.... ; )
I rented a room from my wife. I had just ended a long term relationship and was doing a "reset". We didn't get along at all in the beginning.

How did you flake out?
 


BULL

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I rented a room from my wife. I had just ended a long term relationship and was doing a "reset". We didn't get along at all in the beginning.

How did you flake out?


I didn't flake out, the other, 3rd guy did. He was supposed to be a 3rd, silent partner in the house. He didn't ever actually pay for anything, so the mortgage/utilities that was supposed to be "thirds", and then it was "halves"...
 


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Granger clarified
Hornet and Challenger sales will put the dealer into a drawing for an allocation.
Sounds like a big ADM dealer could potentially land even more ADM Demons.

I texted GM of my local one. He is aware but doesn't think he will get one. But I will get a call if does. So there is that.
Good Luck!
 


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When we were buying our first house, mortgages were 17%. We ended up with $40,000, 1040 sq ft ranch on an 11% land contract with a 3-year ballon.
I missed the 17% mortgages, the 13% mortgages was all my heart could take. We were lucky, received a 9%, on a new home build program. A new home was a cheaper payment, than a used home...
 


Jack_Toepfer

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Mortgage before this one was 0.063%, no PMI no downpayment. The one I have now is 1.6 or 1.8, can’t remember. No DP, no PMI… 30 years fixed.
 


hell on wheels

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I’m the bank
 


RAMBLE1

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Mortgage before this one was 0.063%, no PMI no downpayment. The one I have now is 1.6 or 1.8, can’t remember. No DP, no PMI… 30 years fixed.
Some people can fall in and come out smelling like a rose! I never had that kind of luck...
 


Illegal_Demon

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Mortgage before this one was 0.063%, no PMI no downpayment. The one I have now is 1.6 or 1.8, can’t remember. No DP, no PMI… 30 years fixed.
A bank gave you a mortgage LESS than 0.1%? I don't get it...
 


1971demon

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No wonder you scored with the wife, you actually owned your own house.... ; )



EDIT:
There were 3 of us that went in on a house together, 1 flaked out and then there were only 2 of us and we barely made it...
Ya had 2 wives:unsure::unsure:
 


Jack_Toepfer

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A bank gave you a mortgage LESS than 0.1%? I don't get it...
Prepay the interest with points. Helps to start with a mortgage broker that sells below market to begin with.
For example, I showed up at closing with an extra $20k and prepaid the interest on the loan, to the extent that they allowed, which left me with next to no interest owed, hence the low rate. This doesn’t work if your flipping houses, since you have to be in the home for XX months to break even on that interest, but after a couple years you’re way ahead because you’ve saved hundreds per month on interest payments. You could have moved that to principal payments or just enjoyed a lower mortgage payment. I have zero incentive to pay more than my monthly dues on the mortgage because I’m basically not paying interest. The bank got their $20k up front for signing the deal and forfeited their long term play of $100-200k in interest over the life of the loan. They still have the house if I stop paying (as with any other mortgage). Also, because it was an interest payment, I was able to claim it on my taxes and get half of it back the first year. Anyway, it took a bit of work to make it happen, there was no falling into this deal, took months of work.
 


BULL

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Yes!


Ok, well not at the same time...


And also yes, the first one was a deadbeat and didn't/couldn't/wouldn't carry her own. She was too busy sneaking up to Bakersfield to party with the Sunset Strip wanna-be rock bands...
 


1971demon

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Yes!


Ok, well not at the same time...


And also yes, the first one was a deadbeat and didn't/couldn't/wouldn't carry her own. She was too busy sneaking up to Bakersfield to party with the Sunset Strip wanna-be rock bands...
Yikes...:rolleyes:..glad I got lucky with the first one..but then again..the only rock band around here then was Clyde Bonnis and the merry music men...(4 guys played 8 instruments)...the lead singer made CC look like Tom cruise...:eek::eek:;)
 


Illegal_Demon

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Prepay the interest with points. Helps to start with a mortgage broker that sells below market to begin with.
For example, I showed up at closing with an extra $20k and prepaid the interest on the loan, to the extent that they allowed, which left me with next to no interest owed, hence the low rate. This doesn’t work if your flipping houses, since you have to be in the home for XX months to break even on that interest, but after a couple years you’re way ahead because you’ve saved hundreds per month on interest payments. You could have moved that to principal payments or just enjoyed a lower mortgage payment. I have zero incentive to pay more than my monthly dues on the mortgage because I’m basically not paying interest. The bank got their $20k up front for signing the deal and forfeited their long term play of $100-200k in interest over the life of the loan. They still have the house if I stop paying (as with any other mortgage). Also, because it was an interest payment, I was able to claim it on my taxes and get half of it back the first year. Anyway, it took a bit of work to make it happen, there was no falling into this deal, took months of work.
Brilliant. Will all banks "allow" this kind of move at closing?
 


Jack_Toepfer

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Brilliant. Will all banks "allow" this kind of move at closing?
They’ll take points, for sure, but how many they will sell you and for how much is determined by a lot of factors, including the broker and the bank’s appetite for prepaid interest.
In my situation it kinda worked like this -
House - $250k
Interest rate - 3.5%
1 point = .25% off of the interest rate for 1% of the purchase price
1 point = $2500
3.5% - 1 point = 3.25%
14 points = $35,000 = 0% interest

With my current mortgage they wouldn’t sell me 14 points, so I bought what they would give me which got me down to 1%
 


Illegal_Demon

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They’ll take points, for sure, but how many they will sell you and for how much is determined by a lot of factors, including the broker and the bank’s appetite for prepaid interest.
In my situation it kinda worked like this -
House - $250k
Interest rate - 3.5%
1 point = .25% off of the interest rate for 1% of the purchase price
1 point = $2500
3.5% - 1 point = 3.25%
14 points = $35,000 = 0% interest

With my current mortgage they wouldn’t sell me 14 points, so I bought what they would give me which got me down to 1%
Got it. Thank you. Excellent plan especially for a forever house (which will be our next one in about 2 years). Hopefully, we see rates come down considerably by then.
 


OP
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Thread Starter #499
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