E46 BMW Social Directory E46 FAQ 3-Series Discussion Forums BMW Photo Gallery BMW 3-Series Technical Information E46 Fanatics - The Ultimate BMW Resource BMW Vendors General E46 Forum The Tire Rack's Tire Wheel Forum Forced Induction Forum The Off-Topic The E46 BMW Showroom For Sale, For Trade or Wanting to Buy

Welcome to the E46Fanatics forums. E46Fanatics is the premiere website for BMW 3 series owners around the world with interactive forums, a geographical enthusiast directory, photo galleries, and technical information for BMW enthusiasts.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   E46Fanatics > Everything Else > The Off-Topic > General Off-Topic

General Off-Topic
Everything not about BMWs. Posts must be "primetime" safe and in good taste. You must be logged in to see sub-forums.
Click here to browse all new posts.

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 01-24-2013, 04:35 PM   #101
King of Chicago
Registered User
 
Join Date: Dec 1969
Location: Columbus, OH
Posts: 394
My Ride: '09 & '12 Acura MDX
Quote:
Originally Posted by Glight View Post
Why would you ever over pay with rates this low?

Sent from my SCH-I535 using Bimmer App
because debt is debt, even with low rates, a $350k mortgage with a 30 year 3.5% rate still means $250,000 in interest payments. I'd rather put that in the bank. and alot of people also try to play the arbitrage and put money in the market vs paying down their mortgage, not always a good move...I want all my real estate debt paid off before I'm 50, before my kids go to college...
King of Chicago is offline   Reply With Quote
Old 01-24-2013, 05:18 PM   #102
spiffman
Registered User
 
Join Date: Jun 2005
Location: Westlake Village, CA
Posts: 99
My Ride: 08 E90 M3 '13 F800GT
Send a message via AIM to spiffman
I've definitely found that in my area housing prices have gone up significantly as well as the housing market becoming smaller (because they are going into escrow so quickly). Anything around 350k is getting snatched up OVER asking by CASH buyers (investors more commonly) and it made it extremely difficult for us to get into anything. It's impossible to fight cash buyers who are willing to pay over-asking unless you find a seller who is willing to sell for less to accomodate real people.

If I sold my house right now and made 70-100k I don't know if I could find a house with similar specs, even with a big downpayment.

****'s cray right now, but I couldn't be happier in my house.
__________________
2008 E90 M3 - 2013 F800GT - 2005 Yukon XL - 1973 2002 & 2011 1M (Wife's)

"You gotta fix the nut behind the wheel before you fix the bolts on the car"
LoveClub Member #23

Last edited by spiffman; 01-24-2013 at 05:19 PM.
spiffman is offline   Reply With Quote
Old 01-24-2013, 06:08 PM   #103
Glight
Registered User
 
Join Date: Jun 2003
Location: Michigan
Posts: 96
My Ride: 2003 325i
Quote:
Originally Posted by King of Chicago View Post
because debt is debt, even with low rates, a $350k mortgage with a 30 year 3.5% rate still means $250,000 in interest payments. I'd rather put that in the bank. and alot of people also try to play the arbitrage and put money in the market vs paying down their mortgage, not always a good move...I want all my real estate debt paid off before I'm 50, before my kids go to college...
Fair enough and to each their own, but no one has ever amassed real wealth earning 3.5% on their money. If you have enough money that you can over pay on your mortgage presumably you have a decent safety net in place which means you don't need to be all that risk averse.

Again, just my opinion but even a relatively low risk portfolio should be earning a decent margin above 3.5%. Do you have college funds set up for your kids? If not I would personally put money into a 529 or something like that before I would overpay on my mortgage.

Just mho
Glight is offline   Reply With Quote
Old 01-24-2013, 06:17 PM   #104
Amoeba
Registered User
 
Amoeba's Avatar
 
Join Date: Sep 2003
Location: Fremont, CA
Posts: 1,147
My Ride: his: zhp hers: 325ci
Send a message via Yahoo to Amoeba
I disagree. Debt is not just debt. There are good debts and there are bad debts. Mortgage is a good debt.

Just look at the past 5 years, what happens if your home values drops 300k? By paying a mortgage you have the option of walking away and leaving that problem to the mortgage company, at relative manageable penalty to your credit. If you owned your home outright you would've lost all of that equity as cash equivalents.

What happens if the economy tanks, you lose your job and have no liquid money? By tying up all your money in the house, you can't easily get money out (since lenders tighten down on equity loans during bad times). Owning a home outright is really like putting all your eggs in one non-liquid basket.

I can pay my home off but it's better for me not to. With the money I can make cash offer on distressed homes, cars, etc. at significant discount. During the downturn ppl were selling their possessions on craigslist for pennies on the dollar, which you easily can turn over for profit later. Cash is really king and enables you to do a lot more.
__________________

Last edited by Amoeba; 01-24-2013 at 06:17 PM.
Amoeba is offline   Reply With Quote
Old 01-24-2013, 08:14 PM   #105
NJFF26
Registered User
 
Join Date: Nov 2011
Location: NJ
Posts: 178
My Ride: 02 325xi
I had a guy a couple months ago get approved for a motorcycle for 0% for 60 and he still put 4k down even though he was approved with 0 down. It blew my mind

Meant to quote the guy approve me

Last edited by NJFF26; 01-24-2013 at 08:15 PM.
NJFF26 is offline   Reply With Quote
Old 01-25-2013, 12:51 AM   #106
wontonjon
Registered User
 
Join Date: Jun 2002
Location: colorado
Posts: 212
My Ride: grocerymobile
Quote:
Originally Posted by USCTrojanMan29 View Post
Up to $1M with as little as 5% down without PMI (used to be as little as 0% down). If you need a loan amount over $625,500 and under $1M it is a great choice if you or your spouse is an MD.
Ahh. That would've been nice to know before refinancing into a conventional loan to free up my VA loan (thought VA jumbo was going to be my tactic for next house).... Didn't know there were other options like this....maybe I need a new loan officer...
wontonjon is offline   Reply With Quote
Old 01-25-2013, 01:17 AM   #107
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by wontonjon View Post
Ahh. That would've been nice to know before refinancing into a conventional loan to free up my VA loan (thought VA jumbo was going to be my tactic for next house).... Didn't know there were other options like this....maybe I need a new loan officer...
Are you or your spouse a doctor?
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

Last edited by GRIFFIN; 01-25-2013 at 01:18 AM.
GRIFFIN is offline   Reply With Quote
Old 01-25-2013, 01:22 AM   #108
wontonjon
Registered User
 
Join Date: Jun 2002
Location: colorado
Posts: 212
My Ride: grocerymobile
Yup. But no one has ever mentioned that type of loan before. Though when you and USC were discussing, I seem to recall getting mail about this a few years ago when I had just gotten out of residency. Looked at it, laughed as I couldn't afford squat or diddly then and never thought about it again until yesterday when I read your posts...
wontonjon is offline   Reply With Quote
Old 01-25-2013, 01:24 AM   #109
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by wontonjon View Post
Yup. But no one has ever mentioned that type of loan before. Though when you and USC were discussing, I seem to recall getting mail about this a few years ago when I had just gotten out of residency. Looked at it, laughed as I couldn't afford squat or diddly then and never thought about it again until yesterday when I read your posts...
Well that sucks. Might need to call around for a new loan guy.
Let me know if i can help
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

Last edited by GRIFFIN; 01-25-2013 at 01:24 AM.
GRIFFIN is offline   Reply With Quote
Old 01-25-2013, 01:26 AM   #110
wontonjon
Registered User
 
Join Date: Jun 2002
Location: colorado
Posts: 212
My Ride: grocerymobile
Can this md loan be offered as a construction loan to perm? I'm really looking to get away from a tract builder if possible but am finding it hard to stomach a 20% down on land and construction as well as multiple appraisals/funding fees during the process.

Thanks
wontonjon is offline   Reply With Quote
Old 01-25-2013, 01:42 AM   #111
GRIFFIN
NWS
 
GRIFFIN's Avatar
 
Join Date: Mar 2008
Location: California
Posts: 1,700
My Ride: 04 330i zsp,zpp,zcw
Quote:
Originally Posted by wontonjon View Post
Can this md loan be offered as a construction loan to perm? I'm really looking to get away from a tract builder if possible but am finding it hard to stomach a 20% down on land and construction as well as multiple appraisals/funding fees during the process.

Thanks
I have not seen many places doing construction loans. I think you need to contact a retail bank. They will be able to do some financing like you mentioned because they hold their own notes.
__________________

** Removed - Please stop - Tim330i **
*NWS GIF REMOVED*
*GIF REMOVED*
* Continuing to put animated images in your sig will get you banned - Tim330i *
**You make me so horny.- Tim330i **
Quote:
Originally Posted by Hedges View Post
I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
GRIFFIN is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Censor is ON





All times are GMT -5. The time now is 03:02 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
(c) 1999 - 2011 performanceIX Inc - privacy policy - terms of use