 No more 100% loans |
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| No more 100% loans |
 Aug 29 2008, 09:49 AM
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#1
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 Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48  |
Apparently this is the case. It's fucking bullshit but oh well what can you do. Oh and the banks are STILL handing out interest only ARM loans
 . But they won't hand out a 100% FIXED rate loan. Even in Houston which is pretty much the best market in the country right now. Guess I'll have to settle in for another fun year w/the parents. Or pay some douchebag way too much money to rent. Get used to the shit housing market people, it's here to stay.
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Aug 29 2008, 11:35 AM
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#2
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 Group: Admin Posts: 3,403 Joined: 23-February 06 From: PDX/TXL Member No.: 35 |
I thought ARMs weren't that bad?!
 Why not put a little money down? -------------------- "There is a level of cowardice lower than that of the conformist: that of the fashionable non-conformist." |
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Aug 29 2008, 11:54 AM
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#3
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Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48 |
Not sure what the winky is about, I never defended ARM loans in any way. In fact I was the one coming out against them in all those discussions we had.
And it looks like I have no choice on whether to point money down. Personally I think it's pointless for the consumer. It's so the banks can pad their assets from the get go. |
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Aug 29 2008, 12:34 PM
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#4
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Group: Admin Posts: 3,403 Joined: 23-February 06 From: PDX/TXL Member No.: 35 |
QUOTE (impala454 @ Aug 29 2008, 12:54 PM)  Not sure what the winky is about, I never defended ARM loans in any way. In fact I was the one coming out against them in all those discussions we had. And it looks like I have no choice on whether to point money down. Personally I think it's pointless for the consumer. It's so the banks can pad their assets from the get go. Yes, you attacked the banks giving the ARMs out. I think ARMs are great for short term investments. You want the bank to be responsible some how by not requiring a down payment. I say that a down payment is a great thing to require. You don't rent an apartment without some sort of security deposit. You do not by a car without putting something down. I am not sure how it's "padding assets". -------------------- "There is a level of cowardice lower than that of the conformist: that of the fashionable non-conformist." |
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Aug 29 2008, 12:41 PM
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#5
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Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48 |
That's a horrible analogy. You pay a deposit on an apartment so they can withhold it to pay for repairs when you leave. And no you don't have to put money down to buy a car. It's padding the banks assets because they get 5% of your payments up front
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Aug 29 2008, 12:49 PM
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#6
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Group: Admin Posts: 3,403 Joined: 23-February 06 From: PDX/TXL Member No.: 35 |
QUOTE (impala454 @ Aug 29 2008, 01:41 PM) That's a horrible analogy. You pay a deposit on an apartment so they can withhold it to pay for repairs when you leave. And no you don't have to put money down to buy a car. It's padding the banks assets because they get 5% of your payments up front Yeah, that's a bad analogy. Most car places I have been to require some sort of down payment, even if it's a trade-in. What lending agency is requiring a down payment? -------------------- "There is a level of cowardice lower than that of the conformist: that of the fashionable non-conformist." |
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Aug 29 2008, 01:20 PM
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#7
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Group: Members Posts: 10,620 Joined: 23-February 06 From: Houston, TX Member No.: 48 |
Well I talked to BoA since I have so many accounts through them. Haven't talked to anyone else yet but it seemed like that was the general consensus across the industry. I'll try a few more just to be sure though.
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| Lo-Fi Version | Time is now: 9th June 2026 - 08:05 PM |
