Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-23-2007, 06:50 AM
 
22 posts, read 87,253 times
Reputation: 25

Advertisements

I bought a 169K house near Memphis TN in Jan 05. I agreed to a split mortgage to avoid PMI. The 1st loan is at 132K and 5.5% and will reset in 2013. The 2nd loan is down to 13K at 8.35. I plan to pay off the smaller loan by September 08. My monthly mortgage is just under $1200 and I bring home about 5K a month. Did I get screwed? Thanks for any good advice.

PS: I have a paid off -160 acre farm in MO, and 10 yrs to go before "retirement". I will be 47 in May. I am an out-of-state landlord and so far it's been going well.
Reply With Quote Quick reply to this message

 
Old 12-23-2007, 12:28 PM
 
Location: NC
1,268 posts, read 2,327,484 times
Reputation: 566
Did you get screwed? By who or what? I'm not sure I understand your question. You agreed to a loan that two years ago made sense to you. You took out a 10 year ARM at a great rate. The rate on your 2nd appears to be pretty good. You're paying off the 2nd within 9 months....you look to be in good shape. What's the problem?
Reply With Quote Quick reply to this message
 
Old 12-24-2007, 11:09 AM
 
5,340 posts, read 14,093,027 times
Reputation: 4699
I agree with Chip. Looks like a good deal to me.
Reply With Quote Quick reply to this message
 
Old 12-24-2007, 02:30 PM
 
69,368 posts, read 63,918,092 times
Reputation: 9383
Quote:
Originally Posted by lo6xzm View Post
I bought a 169K house near Memphis TN in Jan 05. I agreed to a split mortgage to avoid PMI. The 1st loan is at 132K and 5.5% and will reset in 2013. The 2nd loan is down to 13K at 8.35. I plan to pay off the smaller loan by September 08. My monthly mortgage is just under $1200 and I bring home about 5K a month. Did I get screwed? Thanks for any good advice.

PS: I have a paid off -160 acre farm in MO, and 10 yrs to go before "retirement". I will be 47 in May. I am an out-of-state landlord and so far it's been going well.
Not unless you were having personal relationships with your banker, but somehow, I dont think that was the question you were asking..

January 2005, and January 2008 is 2 different economies, so unless you could get a better rate in Jan 2005, no you didnt. if you could get a better rate at that time, then yes, yes you did, but it would have been a choice of your to not go get the better rate.

overall, the interest rates seem very reasonable even in todays economy.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top