US Housing Market Faggotry

dorian gray said:
Is London the most expensive city in the world? I thought I heard that somewhere.
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Adding to those cities Russell listed, I think Paris is up there.

JayKeeley: 4.625 is ridiculously low. Expect to get 7% minimum now. If you can afford the difference, then no big deal. My point was that most people can't and they're causing a ruckus in the housing market by foreclosing.
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So let me ask this...how does APR actually work?

For example, if I'm on a 5% APR rate today and then I go to a 10% APR rate, does that basically mean that my monthly mortgage payments double? Is it as proportional as that?
 
Reign in Acai said:
It boggles my God damn mind bro! Unless you're planning on driving the car for the next 15 years, which 99% of these twits never do.
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I went in with that exact plan. I recognize that a car will only depreciate in value so I might as well stick with the vehicle for as long as I can. I bought a Lexus certified pre-owned 5 years ago and I just recently paid it off. The reason why I went for a Lexus is because I wanted it to last me a good 10 years. I'm not going to get that reliability with a Ford or Kia so it does make sense to get one great vehicle and stick with it. I mean, why would I want to get a new car and start new payments all over again? I'm glad to be rid of the loan, now I just pay the insurance.
 
JayKeeley said:
So let me ask this...how does APR actually work?

For example, if I'm on a 5% APR rate today and then I go to a 10% APR rate, does that basically mean that my monthly mortgage payments double? Is it as proportional as that?
Click to expand...

It's not exactly as simple as that as the loan is amortized, meaning you spend a million years just paying down the interest and tiny tiny portion of the principal. After the interest is entirely paid off, somewhere around year number 500,000, all you have left is the principal. This explains how you can pay off a 30 year loan in 10 years just by making a few extra payments per year.
So, no, it wouldn't be exactly twice the amount but it would be a pretty fucking big increase.
Use a mortgage calculator on countrywide.com to find out
 
LOL! I have a Ford!
It's a Ranger though, which is basically some steel welded together and a cast-iron engine thrown on top. There's literally nothing to break. It does squeek and rattle at 15,000 miles though. :lol:
My Mom's Taurus break constantly.
Actually, all cars do. From an engineering standpoint, they are pieces of shit. Disgrace in design. If they made bridges like they made cars....oh wait
 
JayKeeley said:
So let me ask this...how does APR actually work?

For example, if I'm on a 5% APR rate today and then I go to a 10% APR rate, does that basically mean that my monthly mortgage payments double? Is it as proportional as that?
Click to expand...

Try this calc Ali
http://www.yourmortgagecalculator.com/

Depending on how much you owe, even a small percentage increase can make a dent in your paycheck.

A friend of mine and his wife, just signed some papers on a house in Brooklyn. A $900K house at that. They have the income, will make a nice downpayment and should be able to get a good rate as they are not a risk, but cannot get anyhting less than 7.5% from anywhere right now.
That's between $6K-$7K just for the house when you add on property tax and other crap. Personally I think they are insane to have that on their shoulders month to month .... but hey, they'll have a pool so I will be there to freeload once in a while :loco:
 
me and my ex had a fixed apr and would pay an extra $100-200 towards principal every month. all these shmucks who signed them weird fluctuating apr's and oddball loans are out of their minds and are all losing their shit now.
 
there is a show on one of the cable channels called Real Estate COnfidential ... its 2 Asian bints that have an RE office in LA and each episode they show a buyer different properties.

Last week there was this chick, who looked like some Sunset Strip crawling baluga, that wanted to buy a 2 bedroom condo in Hollywood for about $400K.

OK.

She had no money for downpayment or savings ... but guess what? She found a place and got approved for a mortgage. Something called 80/20 ... where 80% was from one bank to pay the "big chunk of the mortgage" and the 20% from another bank to handle the downpayment.

Now this chick came from an apartment where she was paying $1500 a month in rent ... and instantly overnight she went to close to double that with NO SAVINGS!

Need I say more?
 
Seconded.
We're selling our house and I'm looking for something that is in the range of $125,000 less than our selling price. The idea being to put a ridiculous downpayment on the next house, pay off school/auto loans and double our already substantial (compared to your average American) savings. I'm of the opinion that you should own all your shit, including your house, as quickly as possible. When you have people (family) relying on you, you should also get some hefty insurance, which isn't cheap.

Oh, in case you were wondering how I'm going to do this: I'm just moving to a more affordable market.
 
Also, LOL @ a $900,000 house. A typical "nice" house in a "desirable" hood here is, I'd say, $350,000. To me, that's insane. It's a goddam house. Work less, save more, give away more, do something other than spend several thousand dollars a month on something in which you watch TV and take shits.
 
dorian gray said:
Also, LOL @ a $900,000 house. A typical "nice" house in a "desirable" hood here is, I'd say, $350,000. To me, that's insane. It's a goddam house. Work less, save more, give away more, do something other than spend several thousand dollars a month on something in which you watch TV and take shits.
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I agree with you whole heartedly ... when I am ready to buy, I need some type of body of water next to my home and a very reasonable price. I have a very good feeling it won't be in NY as IT IS impossible.

re: the $900K house ... did I mention the $200K in upgrades they are already planning in the first year? :ill:

dorian ... where do you live again? Virginia?
 
some day people will learn that Texas is cheap. until then, keep spending thousands more dollars than you need to.

again, my house is in one of the "upscale" outside-of-houston neighborhoods, and we paid $152000 with an OK down payment.

i admit we bought before we should have, but the market was just too cheap to pass up
 
tornado like blowjobs, tons of great premium barbecue, lots of relaxed people and none of that hustle and bustle new york nonsense, etc..

yeah, it's hot, and there's tons of spics, but maybe that's why housing is cheap. cheap labor is a good thing sometimes.
 
@ Lurch: Nashville

@Doomcifer: I've been to Providence. I liked it. I'd hang out with you but it's a bit of a drive. How bout you just send me some single malt via FedEx? :lol:

@ J.: Texas still retains one of (if not the) lowest costs of living in the country. My understanding though, is that the cheap places are the cities in the middle of nowhere, like West Texas. You can buy up entire counties out there without anyone noticing.

The South is no longer the cheapest area in which to live. Growth of cities like Nashville, Raleigh, and Atlanta have made them very appealing to transplants from the West Coast. Aside from places like Nowheresville, Montana, I bet the Midwest is now the cheapest place to live.
 
Btw, it's a fucking 100 degrees today with the highest humidity I've ever experienced, yet the drought continues.
 
@J ... I remember some time ago you posted some outside shots of your house and I was blown away to what you got for the money ...

care to repost them? ... trying to show my g/f what you can get there.
 
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