15 yr mortgage loan vs 20 vs 30

[Xring01]

If you expect people to take your Seriously, you might want to consider taking an English class at your local Jr. college.

Spelling. Punctuation. Grammer.

Or you could just stick with the Evelyn Woodhead sped red'n course. Me thinks you got an A in that class!

Posting from my phone, most of the time.

 

[pronstar]

Before you guys dig hole deeper..

please share the add value that modern day Mort Brokers provide?
and how the checks balances that are in place, prevent any mis deeds.


I am all ears...

Its real simple...
Who rembers when Ford Explorers had Firestone tires,, with huge % of blow outs resulting in Explores crashing, and rolling over, fatalities, lawsuits, etc etc etc...

I remember it, but why. Ethics violations, both at Ford and Firestone. Qa processes where checked off on the paper work, but not done in reality, due to cost saving initiatives in tire manufacturing resulting in high failure rates... to make matters worse. Firestone emailed Ford Execs all the details on fixing the problem, but tire costs go up... Ford Execs wanted lower cost... uggg that was a deep hole...

But both Ford and Firestone are still in business today? Why?
They publically recognized there failures ( forced to because of Senate Investigations), apologized profusely, paid boat loads of money in lawsuits. MADE CHANGES TO THERE BUSINESS MODEL TO REGAIN THE TRUST OF THE CUSTOMER..

The bold print..
What changes has the mortgage Industry made to regain the consumers trust...

Lets answer that question...
Because there is accountability now, just like Ford and Firestone right? NOPE... none not yet.

Lets fast foreward.
Boeing... 737... thats gonna be truly expensive... All kinds of Ethic violations at all levels of mangement..
Accountibiltty.. well the CEO got fired, thats a good start, what about the Pres of Engineering?... or the QA manager..
What about the $$$$$$ on legal fees and payouts on the lawsuits...
Should Boeing survive?

Business 101...
When faced with loss of trust in Ethics, An industry/business can change and have a chance of survival. Without change, well there may not be any hope...

If Mort Industry was my profession... I would be pushing for change, to prove my value add, and QA processs that limit any mis deeds, proving my value add.

I think Rocket Mortgage/Quicken has driven quite a bit of change.

No middleman, consumers deal directly with them...they’re the #1 mortgage lender and #1 FHA lender in the country.


Sent from my iPhone using Tapatalk Pro

 

[shintoooo]

Jesus, some of you put so much time and effort into this shit just to prove your point which i have learned throughout all these years here, doesn't count for shit.

If you put some of that time and effort into your careers, you would all have paid off your 15 year mortgages by now.

Let it go man....let it go.

 

[LargeOrangeFont]

Jesus, some of you put so much time and effort into this shit just to prove your point which i have learned throughout all these years here, doesn't count for shit.

If you put some of that time and effort into your careers, you would all have paid off your 15 year mortgages by now.

Let it go man....let it go.

Everyone here pays cash for everything Shin.. even wooden shutters.

 

[Mr. C]

Jesus, some of you put so much time and effort into this shit just to prove your point which i have learned throughout all these years here, doesn't count for shit.

If you put some of that time and effort into your careers, you would all have paid off your 15 year mortgages by now.

Let it go man....let it go.

Don't even get them started on accountants.. you know he whole ethical thing and all....

 

[BHC Vic]

Jesus, some of you put so much time and effort into this shit just to prove your point which i have learned throughout all these years here, doesn't count for shit.

If you put some of that time and effort into your careers, you would all have paid off your 15 year mortgages by now.

Let it go man....let it go.

Lol there’s a common denominator here. We are going over fractions this morning here in class

 

[Englewood]

People with horrible credit history and all kinds of bad things in there financial past, where able to buy homes with a few years... Again with zero down... WTF????

This statement tells me all I need to know. Nobody with bad credit is getting a "zero down" loan after 2008...Regardless of what you hear on the blogs or news, it isn't happening. VA can be $0 down, but the buyer must still qualify (unlike during the boom). During the time around 2010, it was a 4 year waiting period after a BK or foreclosure.

The real story here is you bought a house too high, don't have any equity after 13 years, and it's somehow the brokers fault. It's clear that you don't have the slightest clue how the inner workings of a real estate transaction work.

Let's clear up some of your inaccurate statements:
1. Agents never picked the appraiser.
2. There was a 4 year waiting period to buy after a foreclosure or BK. Nobody was back in a house in 2008-2010 at 50% of the cost.
3. Agents never set the value. (With that logic, these "unethical" people would price it lower to make a quick buck.)
4. It is not always a good idea to pay off your mortgage. That is a naive blanket statement that can seriously derail one's net worth.
5. Rocket Mortgage/Quicken has done nothing to change the industry. They are laughed at when submitting an offer. A good agent knows its a longshot at best to get it closed. It is similar to showing up with a Bayliner to the DCB regatta. The costs are also MUCH higher than what a good mortgage broker can provide. Do you even know the difference between Rate and APR?

The Mortgage brokers I use have saved me HUNDREDS OF THOUSANDS of dollars due to their strategic advice.

I don't mean to come off as a dick but the stuff you post has literally made me dumber for having read it.

 

[rivermobster]

Jesus, some of you put so much time and effort into this shit just to prove your point which i have learned throughout all these years here, doesn't count for shit.

If you put some of that time and effort into your careers, you would all have paid off your 15 year mortgages by now.

Let it go man....let it go.

It was a slow day at work for me yesterday...

Plus it was just too much fun watching xRing digging that hole!!!!

:biggreenface:

 

[LargeOrangeFont]

It was a slow day at work for me yesterday...

Plus it was just too much fun watching xRing digging that hole!!!!

:biggreenface:

And what a hole it is...

 

[BHC Vic]

It’s funny how people get on different sides. I agree with most everything xring has said. And after spending the last few days researching asking questions and getting different numbers I agree even more. Very very shady people in that business. Not all but most.

 

[BHC Vic]

Lof really lives up to his name. He argues in every thread like a highschool girl. It’s kind of funny. You need to get a life lof. Seriously... Bpracing said it best. A bunch of miserable divorced guys that come on here to feel important This thread has run its course.

 

[78Southwind]

It’s funny how people get on different sides. I agree with most everything xring has said. And after spending the last few days researching asking questions and getting different numbers I agree even more. Very very shady people in that business. Not all but most.

So did you run the numbers, is your broker's numbers correct? What you want to do is run the new numbers and compare them to your current loan going forward with the increased payment to match the time horizon. It's just a guess since I don't have the real numbers but it looks like your broker is overstating the savings with the new loan. The current payments up to this point in time are sunk costs which shouldn't be used in comparing the loans. Again, it's just a guess but it looks like your broker is comparing Apples to Oranges. Though, in this case there is a savings none the less.

 

[LargeOrangeFont]

Lof really lives up to his name. He argues in every thread like a highschool girl. It’s kind of funny. You need to get a life lof. Seriously... Bpracing said it best. A bunch of miserable divorced guys that come on here to feel important This thread has run its course.

I got a great life and family Vic. I certainly don't need your validation or approval on how I live my life. I just believe in taking personal responsibility for myself, my actions and being informed in my decisions before I make them. Guys like you and Xring clearly have a different philosophy on living your life.

If you like living your life as an uninformed victim of the world around you, go ahead. It is not my fault neither you or Xring can put together a cohesive, reasonable argument.

 

[BHC Vic]

I got a great life and family Vic. I certainly don't need your validation or approval on how I live my life. I just believe in taking personal responsibility for myself, my actions and being informed in my decisions before I make them. Guys like you and Xring clearly have a different philosophy on living your life.

If you like living your life as an uninformed victim of the world around you, go ahead.

Lol ok bud... it’s your fairytale tell it how you want. I’m not going to go back and forth with you there’s no point. You’re a sad little man

 

[LargeOrangeFont]

Lol ok bud... it’s your fairytale tell it how you want. I’m not going to go back and forth with you there’s no point. You’re a sad little man

You wont because you can't Vic. You got nothing. Keep it on the Doctagon bud.

 

[shintoooo]

There's no need to get personal here gentlemen. You guys are taking this way too far and too seriously. You guys are both good people. Everyone is different and sees things differently. Let's leave it at that.

This thread is officially done.

 

[RiverDave]

So I just wanted to chime in here on a few things..

@Xring01 yousaid several times in this thread that you were being an asshole. To the point at some points in this thread you were being an asshole just for the sake of being an asshole.

Whatever points you were making were lost on me because I couldn’t get past the being an insufferable asshole part.
So I would like to sum up a few key points I think you missed. You are entitled to your opinion as is everyone. What you aren’t entitled too is being an asshole on rdp. Please try not to be an asshole in the future.

Secindly (and I’m not looking for a response, but just something for you to ponder..). In virtually any sales job you can think of, the first goal
Is to close the customer.

The natural interest of business would be
Commission
Employer
Customers interests

in that order..

You believe you have unlocked some magical thing that nobody else is aware of, and it honestly is just common sense and virtually everybody on planet earth is aware of it. Saying it like an asshole doesn’t make it original or innovative.. it’s just saying it like an asshole which reduces the validity of the point.

To get directly to the point, loan officers do have to be bound by certain ethics regulations. You are completely misinformed on that. Same as Real Estate agents etc..

by your logic though you say if their are no regulations or penalties then they all must be unethical. The reality is they are bound by ethics regulations & policies and even laws.. no matter what their are ethical people and unethical people in every field regardless of the field or the regulations they are bound by.

Just because someone is in the mortgage industry doesn’t mean they are unethical, and it’s kinda BS to imply that they are..

Finally you are making case points to change the entire mortgage industry based on google search results of you being an ass on rdp. Lol. Do ya see how maybe making a good argument in a professional manner would get ya farther in your end goal of change?

just things to consider.. but something to know, don’t be an asshole on here anymore or you will find yourself being an asshole somewhere else.

@LargeOrangeFont is it really necessary to argue in circles for six pages.. you made your valid points in the first two responses and just reaffirmed them in the next 20.. lol. We know how to read and this ain’t rack storage.

@BHC Vic the shot at LOF was unnecessary. He wasn’t even talking to you, and YOU decided to create that friction this time..

People need to be nicer to each other on here or management is gonna get involved.. It really isn’t that hard to not be rude if you give it minimal
effort.

RD