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[impala454]

so I'm on facebook and you know they have ads... well apparently this ad wasn't quite worded properly. They forgot the "huge tit blondes" part...

[FORSAKENR320]

so I'm on facebook and you know they have ads... well apparently this ad wasn't quite worded properly. They forgot the "huge tit blondes" part...

yea, been seeing that one alot. one of them is a girl i SWEAR is a pornstar

[THECHICKEN]

This is old, but just seen it again and wanted to let everyone appreciate it. (about the 15 sec. marker).

http://www.break.com/index/dancefaceplant8.html

[Spectatrix]

With all the trouble over subprime mortgages in the past year+, is anyone else disgusted at STILL hearing a ton of ads for zero-down mortgages?

And yes, I know that zero-down loans are not necessarily subprime, but I do generally think that people who can't scrape together at least a small down payment should NOT be buying a home.

This post has been edited by Spectatrix: Jul 14 2008, 08:10 AM

[impala454]

down payments are pointless imho. especially the way the home market is right now. you're throwing money in the garbage with a down payment.

saving $10,000 in cash has nothing to do with buying a home or responsibility to make payments.

[Spectatrix]

I'm not saying that everyone who goes with 100% financing is irresponsible, unable to make payments, etc. But I do think saving up a down payment shows discipline. Home owners need to be somewhat better at saving than renters because they have the added concern of house repairs, which can be unexpected and costly. Having a down payment also means that you have equity in the home from the get-go, so there's less of a chance of being upside-down on your loan... granted, that's not so much of a concern right now, since home prices are bottoming out.

There are also the added benefits of getting a lower interest rate on your mortgage and not having to pay for mortgage insurance if you've got a 20% or more down payment. But, those only do a person good if they view the down payment as a means to lower the amount they're borrowing, as opposed to an excuse to buy a bigger, more expensive house.

[impala454]

All I'm saying is the down payment money doesn't get you much. $10,000 in equity does you nothing. You're better off taking that $10,000 and using it for all the expenses associated with buying a new home (appliances/furniture/moving costs/etc). And saving a 20%+ down payment just to save a small amount of interest is definitely money better spent/invested elsewhere. Home loans aren't a terribly high interest rate to begin with. It's kinda like people who go out of their way to pay off school loans that have a 3% interest rate, when they should be paying off their 15% CC or their 9% vehicle.

But if you have a good, reliable vehicle that you're happy with that's paid off and <5 years old, have zero other debt, already have all the furniture & appliances you're going to need, all the resources to paint/redo a few things in your new house, deposit money for utilities/services you're going to start, and don't need to beef up other investments which will return far more money, and a large amount of savings in addition to the $25k you're about to drop, then I suppose throwing down $25,000 to save a 1/2 point or so (and what I mention below) is worth it

The reason some suggest a 20% down payment (actually should be something like 20.01% at least) is to let you go without mortgage insurance. To me, I'll take mortgage insurance over 20% cash out of pocket any day of the week. Mine is $58/month. $25,000 cash or $58/mo for 5-6 years? Cash thanks

[Spectatrix]

You have some very good points. The stuff I've read on zero-down mortgages generally recommends them more for young couples -- folks who have a lot of earning potential down the line (and good incomes now), but simply haven't had the time to save up a 20% down payment. I'm cool with that, as long as they recognize that they *do* need to have savings for house repairs and other emergency expenses.

I do, however, question the wisdom of giving zero-down mortgages to folks with weak credit... which the mortgage companies have been more than happy to do.

Me and my boyfriend... well, our cars aren't <5 years old (both are 2002 models), but they are paid off and in great condition. No debt, retirement accounts fully funded. We probably will buy some new furniture/appliances when we buy a house, but it's not like we're starting from scratch. And by the time we get around to buying a house (probably about a year from now)... we could put 40+% down on a house, with plenty left over for emergency savings and fixing up the place.

This post has been edited by Spectatrix: Jul 14 2008, 09:34 AM

[impala454]

Heh yeah, consider yourself in the mega small group (you know, those that have their shit together). definitely agreed on not giving 0 down loans to weak credit people.

And one thing to add on buying new furniture/appliances, it's more often than not nowadays that you can get financing at 0% over 2-3 years, so that's definitely something to consider as well.

[Epic]

see, that's why i need to meet a woman with a job. for some reason every time i start seeing someone i realize that she's got a dead end job with no ambition

[impala454]

yeah that's why I want a woman that makes more than I do. i aint no damn sugar daddy!

[Epic]

i went out with a woman on friday, first date and she actually says to me "well i'm in nursing school, but i'd prefer a man who has enough ambition to make enough money for both of us so I could stay home and work out."

I asked for separate checks and told her she's got a lot of work to do if she wants to be a trophy wife

pissed me the hell off.

[impala454]

wow...

[Epic]

yeah, i know there are guys out there looking for this kind of a woman, but dont' assume that i'm not ambitious enough just because i can't afford to pay your way of life too. i hope she enjoys her life as a server at red robin.

[Spectatrix]

Wow, what kind of dumbass woman actually admits shit like that? I mean, seriously...