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Started By
Message
re: Nearly a Million Americans Fear Losing Their Home to Foreclosure in the next two months
Posted on 10/20/22 at 11:11 am to lsu777
Posted on 10/20/22 at 11:11 am to lsu777
quote:
preach about how dumb taking out certain loans are
Don't waste your time arguing. There's a hard line "only pay cash for cars" group in here.
0
Posted on 10/20/22 at 11:14 am to Mootsman
quote:
Where do you suggest investing the cash from the mortgage you take out on your paid off home that's costing 3% per year. The S&P? Gamestop? Ornamental Gourd futures?
over a 30 year period???? are you seriously asking this??
or are you one of those guys that only sees the market for what it is today/this week/this month???
Posted on 10/20/22 at 11:15 am to lsu777
Answer the question. What would you suggest cross collateralizing your primary residence with right now?
Posted on 10/20/22 at 11:15 am to stout
Time to buy foreclosures...
Posted on 10/20/22 at 11:16 am to deltaland
quote:
deltaland
Me and the fiancée bought a 3,000 sq ft house in January 2021 for 139k and paid cash in full.
Where? Thailand
Posted on 10/20/22 at 11:19 am to molsusports
quote:I am going to guess Mississippi delta
deltaland
Posted on 10/20/22 at 11:20 am to lsu777
quote:
i laugh at those that insist its a great financial decision or should i say was as right now its a pretty good decision with current rates.
This is just idiotic. There is 0 downside to paying things off. It is a great financial decision to pay things off. Laughing at those who say so is just stupid.
quote:
im just making fun of those that get on here that are poor yet get on here and preach about how dumb taking out certain loans are.
You literally get on here and preach how dumb it is to pay things off. You're the exact same person as those you bitch about.
quote:
if you want to pay something off....go ahead, just do preach at others about how dumb they are with debt if you dont want to be called out on it.
You mock people that pay stuff off. I can literally twist your quote and apply it to you "if you want to not pay stuff off and keep taking on debt/loans when interest is low.. go ahead, just don't preach at others about how dumb they are paying off stuff if you don't want to be called out on it"
Posted on 10/20/22 at 11:26 am to Mootsman
quote:
Answer the question. What would you suggest cross collateralizing your primary residence with right now?
right now? for 30 years? i would have to go look at the top performing mutual funds and that would be where I start.
but i think you are missing the point. most people that pay cash, dont have it sitting in some low yield savings account. they pull that money out the market to do that.
that was my point. sure if its some 1% earned interest account sure...be my guess, pay off the house. but if its in the market...dont pull that money out.
Posted on 10/20/22 at 11:28 am to stout
I don't think a depreciation of equity is driving this. I would think unemployment or income loss is a major player.
Most people are living in homes much cheaper than they could if faced with starting over. The logical thing to do is keep the house at all costs.
Most people are living in homes much cheaper than they could if faced with starting over. The logical thing to do is keep the house at all costs.
Posted on 10/20/22 at 11:29 am to bubbaprohn
quote:
This is just idiotic. There is 0 downside to paying things off. It is a great financial decision to pay things off. Laughing at those who say so is just stupid
yes there is
if i take money out the market to pay off something when interest rates where below 3% and inflation was over 5%....yea thats a huge downside.
essentially your loan is free money, the banks money is worth less every year.
im done arguing about it though. yall do you and be happy when you retire at 63 with that 400k in the retirement and paid off 1500 sf house.
Posted on 10/20/22 at 11:30 am to stout
It’s almost time to feast on investment properties
Posted on 10/20/22 at 11:30 am to upgrayedd
quote:
I think you're missing the point here. He's saying that he's happy his house is paid off in a time of uncertain economic instability, especially in the housing market.
Goddamn, some of you people can't help but be pretentious douche nozzles for no reason whatsoever. But please continue frothing at the mouth.
I'm mad I missed the negative rate insanity but my new plan is to stack paper to put a big chunk down to give some stability in uncertain times. I understand the EV calculation on the rates but security and peace of mind is worth something, too.
Posted on 10/20/22 at 11:31 am to stout
It seems remarkable there’s a significant number of people worried about foreclosure. I think the real story is the number of people realizing their current mortgage is far cheaper than even a comparable rental. If they can’t afford their current situation, there’s no possibility for them to laterally transition.
Posted on 10/20/22 at 11:31 am to Broke
quote:
Are you telling me that if you raise Mtg rates to 7.15% people are going to buy homes at the same rate as before. Because that's not what the data shows at all. And home prices won't stabilize, but will drop because of a lack of demand. It's really quite simple.
A lot of people won't be selling and looking to move when they are already in a house with sub 4 percent interest rates either. So things will be static for a while.
Posted on 10/20/22 at 11:32 am to lsu777
Yeah so you would have taken the 3% loan in December/Jan. Invested in the VOO and have lost 25% of the value of your investment in six months. It sounds like this guy is older given he's paid off two 15 year mortgages. So why the frick would he want to make payments indefinitely until the VOO gets back to it's all time high when he could use the cash flow from not having said mortgage and bought the same equities at a substantial discount.
Posted on 10/20/22 at 11:33 am to Dragula
Not yet...
Posted on 10/20/22 at 11:37 am to Mootsman
quote:
Yeah so you would have taken the 3% loan in December/Jan. Invested in the VOO and have lost 25% of the value of your investment in six months
again who gives a shite, looking at a 30 year window, not 6 months lol.
quote:
t sounds like this guy is older given he's paid off two 15 year mortgages
and i specifically addressed this to him. but there are plenty of 35-40 year olds that come on here and make fun of very low interest loans because it fits an agenda.
quote:
cash flow from not having said mortgage and bought the same equities at a substantial discount.
he wouldnt and like i said, specifically addressed this
Posted on 10/20/22 at 11:40 am to lsu777
quote:
but i think you are missing the point
You're missing the point here.
The guy simply said he was glad he paid off his homes and you went bezerk. You have no idea about his situation but you went straight to him being inept then bragging about being inept.
Like upgrayed said, douche.
Posted on 10/20/22 at 11:40 am to stout
I’m impressed that 35% own their own home already.
Posted on 10/20/22 at 11:40 am to lsu777
Ok Nostradamus. I get it's a 30 year window. But when do you expect the market to be back to all time highs when you bought these "great" dividend paying mutual funds. For all you know it could be 10 years. Also for all you know this guy is trying to retire soon. You're making all sorts of accusations and know absolutely nothing about the situation you're smugly criticizing.
This post was edited on 10/20/22 at 11:43 am
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