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Old 11-10-2007, 03:00 PM
 
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I remember watching several years ago about a person in Australia who built a multi-million dollar house with a 2.99% fixed interest rate. How does someone get this kind of deal? Do you have to have connections?? Or is there a secret that I don't know of?
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Old 11-10-2007, 03:07 PM
 
Location: Northern NJ
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Quote:
Originally Posted by evilnewbie View Post
I remember watching several years ago about a person in Australia who built a multi-million dollar house with a 2.99% fixed interest rate. How does someone get this kind of deal? Do you have to have connections?? Or is there a secret that I don't know of?
Australia? I have no idea. The last 2.99% deal I think I saw was a credit card offer -- which in an of itself could be a good deal for someone, LOL.
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Old 11-10-2007, 03:23 PM
 
20,194 posts, read 21,606,957 times
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Lol... not credit card.. I have 0.0% interest for life (as long as I make 2 purchases a month... so i buy 2 $0.36 items each month). The best thing about it is there is no fee when I opened this account. But I am looking for low interest rate mortgages and heard someone got this kind of deal and was wondering if there was a way I could get onto it...
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Old 11-10-2007, 03:34 PM
 
Location: Northern NJ
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The only time I've ever gotten a deal like that was institutional, short-term, incentive-based, etc. I think you might see partial deals like this from one of the large lender/mortgage companies.
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Old 11-10-2007, 08:34 PM
 
Location: Culloden WV
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Pay a whole lotta points up front I imagine
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Old 11-11-2007, 09:22 AM
 
474 posts, read 2,391,704 times
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Default A Zero Percent Mortgage?

Pardon me for repeating this 'joke' with my mortgage processing son. At breakfast, every morning, I ask him when he is going to give me a zero percent fixed mortgage. He says that it doesn't exist. Then I ask him if he can get me one by paying 100 points. A joke, because 100 points is the total price of the mortgage.

Although this is family fun and games, I seriously wonder what it will take in the real estate business to get a very low APR mortgage? Just like the U.S. automotive industry when auto dealers were trying to sell cars with a zero percent financial situation.

Will this happen someday in the mortgage business if / when houses can not be sold at any price?

This actually happened in the several years before the Great Depression of 1929. It was circa 1927 and in Florida when people drove up the real estate prices so high, that nobody could afford buying land and homes.

Read the book, "The Florida Land Boom" (and Bust) authored by William Frazer. William Frazer is / was a circa 1996 University of Florida economics professor and 1995 - 1996 is the year his famous book was released to the press.

Today, that book is so popular that several book sellers are asking $277 for a copy - - even though the list price is about $101. So there 'you' go for an ebay item(?).

Carter Glass
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