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Aaarrgghhh!!!!!!!!

#1 User is offline   hrothgar 

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Posted 2009-August-21, 17:17

After 43 glorious, debt free years I just had an offer accepted on a condo

30 year fixed rate mortgage
Makes me feel old
VERY VERY old
Alderaan delenda est
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#2 User is offline   Cascade 

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Posted 2009-August-21, 17:42

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.
Wayne Burrows

I believe that the USA currently hold only the World Championship For People Who Still Bid Like Your Auntie Gladys - dburn
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#3 User is offline   kenberg 

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Posted 2009-August-21, 17:53

Old? I tell you about old!!

Congratulations. I recall you were thinking on this a while back. I'll uncork some wine in celebration.

Enjoy!
Ken
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#4 User is offline   hrothgar 

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Posted 2009-August-21, 17:54

Cascade, on Aug 22 2009, 02:42 AM, said:

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.

Actually, it is...

30 year fixed at 4.375%
NICE little promotion
Alderaan delenda est
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#5 User is offline   kenrexford 

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Posted 2009-August-21, 18:32

hrothgar, on Aug 21 2009, 06:54 PM, said:

Cascade, on Aug 22 2009, 02:42 AM, said:

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.

Actually, it is...

30 year fixed at 4.375%
NICE little promotion

What important vote did YOU cast?
"Gibberish in, gibberish out. A trial judge, three sets of lawyers, and now three appellate judges cannot agree on what this law means. And we ask police officers, prosecutors, defense lawyers, and citizens to enforce or abide by it? The legislature continues to write unreadable statutes. Gibberish should not be enforced as law."

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#6 User is offline   jillybean 

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Posted 2009-August-21, 19:17

Congratulations Richard, is the complex rat friendly?
"And no matter what methods you play, it is essential, for anyone aspiring to learn to be a good player, to learn the importance of bidding shape properly. MikeH
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#7 User is offline   Cascade 

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Posted 2009-August-21, 19:19

hrothgar, on Aug 22 2009, 11:54 AM, said:

Cascade, on Aug 22 2009, 02:42 AM, said:

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.

Actually, it is...

30 year fixed at 4.375%
NICE little promotion

wow that is some long term plan.
Wayne Burrows

I believe that the USA currently hold only the World Championship For People Who Still Bid Like Your Auntie Gladys - dburn
dunno how to play 4 card majors - JLOGIC
True but I know Standard American and what better reason could I have for playing Precision? - Hideous Hog
Bidding is an estimation of probabilities SJ Simon

#8 User is offline   Phil 

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Posted 2009-August-21, 20:55

Good for you. Is the same complex you were asking about a few months ago?
Hi y'all!

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#9 User is offline   Winstonm 

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Posted 2009-August-21, 21:31

If it is a non-recourse loan you're not really in debt. :o However, you still are fucking old. :P
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#10 User is offline   Gerben42 

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Posted 2009-August-22, 01:50

Sensible choice to not accept a variable-rate mortgage!
Two wrongs don't make a right, but three lefts do!
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#11 User is offline   Gerardo 

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Posted 2009-August-22, 03:50

Congrats on ownership!

#12 User is offline   hrothgar 

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Posted 2009-August-22, 04:39

kenrexford, on Aug 22 2009, 03:32 AM, said:

hrothgar, on Aug 21 2009, 06:54 PM, said:

Cascade, on Aug 22 2009, 02:42 AM, said:

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.

Actually, it is...

30 year fixed at 4.375%
NICE little promotion

What important vote did YOU cast?

The complex has 24 units

I purchased the 12th unit which brings the complex up to 50% occupancy and causes the condo association to incorporate.

The developers were very anxious to have an operational condo association. (This makes it much easier to sell the remaining units at a high price)
Alderaan delenda est
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#13 User is offline   hrothgar 

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Posted 2009-August-22, 04:48

Phil, on Aug 22 2009, 05:55 AM, said:

Good for you. Is the same complex you were asking about a few months ago?

Yeap

I spend a bunch of time trying to find something I liked better.
I ended up going back to this one.

This is more expensive than most of the stuff out there, however, I loved the location and the design. Equally significant, just about the only high end condos that are moving in / around Natick are moving in this one property.
Alderaan delenda est
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#14 User is offline   hrothgar 

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Posted 2009-August-22, 04:52

Cascade, on Aug 22 2009, 04:19 AM, said:

hrothgar, on Aug 22 2009, 11:54 AM, said:

Cascade, on Aug 22 2009, 02:42 AM, said:

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.

Actually, it is...

30 year fixed at 4.375%
NICE little promotion

wow that is some long term plan.

30 years mortgages seem to be fairly common here in the US.

One of the main reasons that I decided to purchase was my desire to build a better inflation hedge into my portfolio.

Honking big fixed rate mortgage is one hell of an inflation hedge.
Alderaan delenda est
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#15 User is offline   Gerben42 

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Posted 2009-August-22, 07:13

Quote

30 years mortgages seem to be fairly common here in the US.


I think the best mortgages are either rather short (15 years) or rather long (30 years). The short ones are based on "I want to be out of debt soon, so I can live without worries". The long ones are based on "I want to pay as little as possible each month because my interest rate is so low, I'd rather keep the loan a bit longer."

In the current market, I think the rates are so low that you don't really want to pay the loan back very soon and rather invest the extra money (that you would have put in paying back the loan) with a profit that is higher than the interest rate.
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#16 User is offline   kenrexford 

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Posted 2009-August-22, 07:23

Gerben42, on Aug 22 2009, 08:13 AM, said:

Quote

30 years mortgages seem to be fairly common here in the US.


I think the best mortgages are either rather short (15 years) or rather long (30 years). The short ones are based on "I want to be out of debt soon, so I can live without worries". The long ones are based on "I want to pay as little as possible each month because my interest rate is so low, I'd rather keep the loan a bit longer."

In the current market, I think the rates are so low that you don't really want to pay the loan back very soon and rather invest the extra money (that you would have put in paying back the loan) with a profit that is higher than the interest rate.

I tried to negotiate a 100-year mortgage, but they wouldn't have it.

Actually, these days, we have been talking more and more abou 10-year loans in the U.S., because...

(end of joke, depending on politics, follows)

...of the Obama Health Care Plan.

...of all of the protesters and the state of our health care system.
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#17 User is offline   Phil 

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Posted 2009-August-22, 10:58

Frankly what Richard did shows the system isn't broken.

You buy a house to own and to occupy. You don't buy a house to escrow, and try to flip to the next sucker. You don't buy a house to scam a bank claiming that you are living in it, and have twelve other owner-occupied loans simultaneously.

Here's to a(n) (eventual) recovery.
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#18 User is offline   Cascade 

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Posted 2009-August-22, 14:12

hrothgar, on Aug 22 2009, 10:52 PM, said:

Cascade, on Aug 22 2009, 04:19 AM, said:

hrothgar, on Aug 22 2009, 11:54 AM, said:

Cascade, on Aug 22 2009, 02:42 AM, said:

I bet the rate is not really fixed for 30 years.

Good luck and congratulations on your purchase.

Actually, it is...

30 year fixed at 4.375%
NICE little promotion

wow that is some long term plan.

30 years mortgages seem to be fairly common here in the US.

One of the main reasons that I decided to purchase was my desire to build a better inflation hedge into my portfolio.

Honking big fixed rate mortgage is one hell of an inflation hedge.

I have never had one but here I think a fixed interest home loan means it will be fixed for the next 2 years (or whatever short term).

That is you might takeout a mortgage for 25 or 30 years but the rate is commonly fixed every couple of years or so. I am not sure if you can fix for ten years or more. I don't recall ever hearing of that.

Don't get me wrong we have our mortgage but ours is basically just like an overdraft on our chequing account and the rate is floating - I am not sure how regularly it gets revised.
Wayne Burrows

I believe that the USA currently hold only the World Championship For People Who Still Bid Like Your Auntie Gladys - dburn
dunno how to play 4 card majors - JLOGIC
True but I know Standard American and what better reason could I have for playing Precision? - Hideous Hog
Bidding is an estimation of probabilities SJ Simon

#19 User is offline   Al_U_Card 

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Posted 2009-August-22, 14:28

Phil, on Aug 22 2009, 11:58 AM, said:

Frankly what Richard did shows the system isn't broken.

You buy a house to own and to occupy. You don't buy a house to escrow, and try to flip to the next sucker. You don't buy a house to scam a bank claiming that you are living in it, and have twelve other owner-occupied loans simultaneously.

Here's to a(n) (eventual) recovery.

And neither is the yoke.

You just need a good job for 30 years.

And a solvent bank for 30 years.

And no natural disasters for 30 years.

And no unnatural (government imposed) disasters for 30 years.

Did I mention good health for 30 years?

Piece of (low cholesterol) cake. ;)
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#20 User is offline   helene_t 

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Posted 2009-August-22, 14:40

Yeah, fixing for decades is normal in Denmark, too. Here in UK it is usually only fixed for a few years.
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