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This month's figures prove that the so-called "housing bubble" is not only real, but that its cratering faster than anyone had realized. As the UK Guardian reported just yesterday, "the orderly housing slowdown predicted by the Federal Reserve will (soon) become a full-blown crash". All the indicators are now pointing in the wrong direction. Consumer confidence is down, inventory is at a 10 year high, and the number of homes sold in July was 22% lower than last year. As Paul Ashworth, chief economist at Capital Economics said, "Things seem to be getting worse very quickly. Freefall is a strong word, but I think it's the right one to use here." (UK Guardian) The housing bubble is a $10 trillion equity balloon that will explode sometime in 2007 when more than $1 trillion in no-interest, no down payment, adjustable-rate mortgages (ARMs) reset; setting the stage for massive home devaluation, foreclosures and unemployment. ("By some estimates housing activity has accounted for 40% of all the jobs created since 2001". Times Online) July's plunging sales are just the first sign of a major slowdown. The worst is yet to come. The blame for this rapidly-approaching meltdown lies entirely with the Federal Reserve, the privately-owned collection of 10 central banks who cooked up a way to shift wealth from one class to another through low interest rates. Sound crazy? Well, just as high interest rates cause the economy to slow down; low interest rates have the exact opposite effect by stimulating the economy through increased spending. It's all pretty clear-cut. When the stock market nose-dived in 2000 the Fed lowered rates 17 times to an unbelievable 1% to keep the economy sputtering-along while the Bush administration dragged the country to war, gave away $450 billion a year in tax cuts, and awarded zillions in no bid contracts to their friends in big business. All tolled, the Bush-handouts amounted to roughly $3 trillion dollars, the largest heist in history, and it was carried out under the nose of the snoozing American public. At the same time, America's debts and deficits have continued to mushroom behind the smokescreen of low interest rates. Rather than face the recession which should have followed stock market crash, the Fed chose to increase the money supply (which doubled in the last 7 years) and lower the qualifications for getting mortgages. (I read recently that 90% of first time home buyers not only lie on their mortgage applications, but that 50% of them say that they earn TWICE as much as they really do. The applications are not cross-checked with IRS statements) Now, tens of thousands of Americans live in $400,000 and $500,000 homes without a penny of equity in them and with loans that are timed to increase dramatically in 2007. (Many of the monthly payments will double) So, how can we blame the Fed for the reckless and irresponsible behavior of the average homeowner? Well, because they knew the effects of their "cheap money" policy every step of the way. First of all, the Fed knew exactly where the money was going. Greenspan endorsed the shabby new lending-regime which put hundreds of billions of dollars in the hands of people who never should have qualified for mortgages. They were set up to fail just like the victims in the stock market scam who kept dumping their life savings in the NASDAQ when PE's were shooting through the stratosphere. Secondly, the Fed knew that wages had actually regressed (2.3%) since Bush took office, so they knew that the soaring value of real estate was entirely predicated on debt not real wealth. In other words, home values increased because of the availability of cheap money which inevitably creates a buying-frenzy. It had nothing to do with real demand or growth in wages. And, thirdly, according to the Fed's own figures, "the total amount of residential housing wealth in the US just about doubled between 1999 and 2006"up from $10.4 trillion to $20.4 trillion". Times Online. UP $10 TRILLION Hartselle 7 YEARS! That is the very definition of a humongous, economy-killing equity monster. In other words, the Fed knew the ACTUAL SIZE OF THE BUBBLE and chose to steer it towards the nearest iceberg without warning the public. This is what Greenspan called "a little froth". There is no real growth in the American economy. Figure it out. Last year Americans saved less than 0% of their net earnings while they borrowed a whopping $600 billion from their home equity to piss-away on a consumer spending-spree. Once home prices begin to retreat, that $600 billion will evaporate, real GDP will shrivel, and the economy will begin flat-lining. (Consumer spending is 70% of GDP) The Federal Reserve's plan is so simple; we shouldn't dignify it by calling it a conspiracy. It's merely a matter of hypnotizing the masses with low interest rates while trillions of dollars of real wealth is diverted to corporate big-wigs and American plutocrats. It might not be rocket science, but it worked like a charm. Now, the trap-door has been sprung; the country is dead-broke and all the levers are in place for a police state. As the housing-balloon slowly limps towards earth, the new Halliburton detention centers are up and running, the National Guard is in Rummy's control, the Feds are able to listen-in on every phone call we make. The noose is beginning to tighten. New Orleans was just a dress rehearsal for the new world order; 300,000 million Americans reduced to grinding poverty while the economy explodes into sheets of flames.
I invest in real estate and have done so with several different types of financing. If you are looking for a cheaper home you can fix up and boost your equity, you will probably have a hard time with FHA financing. They generally want you to move into a house that meets code and has been updated. They will let you know after their inspection. I would recommend a conventional loan with a locked interest rate for a long stay in the house. With a planned short stay in the home I would recommend an ARM or adjustable rate mortgage. The payments are really low the first five years and gradually increase till the 30th year and then there is a balloon payment. Which if your planning on being there five years you will just sell and pay your loan and take the extra dough you earned fixing the place up. If you are looking for a permanent home and it is nice and meets code I would recommend an FHA loan. Not only do they have special deals such as no money down or no closing costs. but generally they escrow your taxes and insurance. It is all included in your monthly payment. I hope this helps!
You can sit and speculate all day and night about what type of loan you want and the ones you are qualified to get. The best advise you can get from anyone on this forum is to find yourself a local mortgage "Broker" take all your income documentation such as pay stubs, w-2 forms 2 yrs for each borrower and your fed income tax for 2 yrs, 6 months bank statements, to include your 401k program at your place of employment. Let them give you a pre-approval letter so you may purchase your home that you owe to yourself. Sit down with this person, discuss your ideas as to how long you plan to reside in the house, if you want to sell it and move to another property after a few years. There is no one in the world that knows all about loans even those that work in the mortgage industry. You have to select a mortgage that is good for you presently. Trying to predict the future is something no one know about, if that is the game you want to play you will be here this time next year with the same question or questions. Select the loans that you think you can live with and purchase your home. You will feel a lot better. Please don't wait. Houses don't go down all that much. If your parents purchased a home when you were young, ask them how much they paid for their home and then ask then what it is worth now. There will be slumps and at times rapid appreciation, but over all real estate normally apapreciate. I had an old real estate friend that was a lot older than myself. When I asked one day should I wait to buy real estate. His answer was. "Buy real estate and wait, but what ever you do, do not wait to buy real estate." I hope this has been of some use to you, good luck. "FIGHT ON"
There are two main types of mortgages. The first is a repayment mortgage and the second an interest only mortgage. With the repayment mortgage, each monthly payment you make to the bank pays off a litle of the mortgage capital borrowed, and the rest pays off the interest. This is the safest method as the mortgage is guaranteed to be paid off at the end of the term. Alternatively you could opt for an interest only mortgage. Here, the payments you make to the bank pay off the interest, and at the end of the mortgage term (25 years or whatever) you will still need to pay the bank all the money you borrowed (£200,000 or whatever). There are many variations.on both types. For example, you can have offset mortgages, which is basically a repayment mortgage, but you can pay off as much of the capital each month as you want and not incur any early payment penalties, or there is the pension mortgage, which basically an interest only mortgage, but you pay off the capital owed with the tax free lump sum (25% in the uk) you get when you take your pension. You really need to go see a financial adviser for more info, as there is too much to type here on yahoo answers.
I think the hard part about answering your question is that the right type of mortgage for one person may not be the right type for another. You really should sit down with different banks and go through the same questions with them. Tell them you are shopping around for the best mortgage that "SUITS" you. Ask them to explain every little detail. The mortgage I have right now is a fixed 5 year term at 5.55% on 100% of my open balance. I have the option of paying up to 15% of my principle each calendar year as well. But my friend who is self employed decided to put part of his mortgage into a floating interest line of credit. So a part of his mortgage is fixed and a part is wide opened. The difference between the two is that the wide opened part can be paid down whenever you feel that you have the cash...of course you need to pay a minimum balance each month, but you can pay up the whole amount at any time too. You cannot pay more than the set amount with the fixed portion. I would recommend you ask the following questions of your financial institution: 1) What are the interested rates for the different terms and how does it translate into each month's payment...have them tell you how much principle you will have paid off at the end of the term. 2) How much you can put in in addition to what you pay? There is a limit for fixed mortgages and you should know it beforehand. 3) What are the penalties for breaking the mortgage early? That is, if you decide to sell your home before the mortgage term is up, what do you have to pay them to pay off the remainder of the mortgage? There may be other questions, but they escape me right now. Don't get sucked into any gimmicky stuff like "air miles" or "cash back". They are banks and that money that they give you is all calculated into your mortgage, so you really are paying for it anyway. Just go for the basic mortgage...no gimmicks.
30 year loan rate is at or near all time low. It is only 6.44% last week!!! The super low point was last year around 5.77%. I would get 30 year loan. However, would you consider delaying your plan? In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years. If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price. If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable. Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).
Intrest rates are tricky, they are kind of like the stock market. Right now they are on the rise, I just brought a house and I opted for the 30 yr. fixed rate loan. So I don't get any surprises with intrest rates later, I also got an FHA backed loan, which help me get the lowest intrest rate possible, which was 6% .
I agree you need a good mortgage officer, one who can explain the different types of loans. Also, do you own research on the internet. If you are a first time home buyer, some states have special programs to help with first time home buyers. Get pre-qualified if you can. Where mortgage companies make their money, besides interest, is closing costs. Be sure they give you a good faith estimate of what these costs will be. Check with more than one mortgage person. Remember it's your pocket! I like to stick with the large known mortgage companies and banks if I can. Good luck to you!
If I knew which way interest rates are going, I'll be rich. Better questions to ask are 1. How much down payment do you have? 2. How long do you intent to own that home? 3. What do you expect you income to be in a few years? Answer these question, then contact a mortgage broker. You won't pay any more(usually less) than a bank.
Probably up, but lock it in and you want have to worry about it ,also go for 30 yrs. and pay and extra principal payment each mo.if you can this will knock your loan down to about 171/2 yrs.Make sure the loan does not have a penalty if paid off early. Even if you can't pay extra principal payment every month try paying one or two each year and you would be surprised how fast you can pay it off. Also make sure you are not in flood zone and have to have flood ins. Check on taxes and ins. as they will be added in your payment.
It depends on what form the asbestos is in. If it's just pressed asbestos tiles, like the siding on my house, it poses no risk. If it's fibrous insulation, then there is a serious potential for severe health problems. Hire a home inspector, and get his opinion. If it is dangerous, it might be cost-prohibitive to fix it. Good luck!