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Are you saying 80% of homeowners in CA have adjustable loans?
Oh no!! 80% of the loans that were taken out LASTyear, including refi's were ARMS or interest only loans. Not ALL homes that were ever financed for goodness sake.
Oh no!! 80% of the loans that were taken out LASTyear, including refi's were ARMS or interest only loans. Not ALL homes that were ever financed for goodness sake.
So what you are saying is that 80% of the loans taken out last year are going to somehow all go into default. Do you know what percentage of all the mortgage debt this 80% represents?
And pay more interest? That's not any better. It's bad to be a payment shopper.
Your saying interest only loans are better than doing a 40yr instead? If so, I disagree. I would think you would too! Paying on principal is better that not paying at all! 40yr saves you money over a 30yr. Not much, but it does. I would rather see someone do a 40yr to save money than a 1% interest only!
Your saying interest only loans are better than doing a 40yr instead? If so, I disagree. I would think you would too! Paying on principal is better that not paying at all! 40yr saves you money over a 30yr. Not much, but it does. I would rather see someone do a 40yr to save money than a 1% interest only!
OMG NO!!! I never said that. I think they are both bad ideas.
OMG NO!!! I never said that. I think they are both bad ideas.
People had an option 1%, 30yr or 40yr and you say 80% took 1%. So, from those stats I would say 40yr would have stopped some of the foreclosure from people going from a ARM to a fixed.
So what you are saying is that 80% of the loans taken out last year are going to somehow all go into default. Do you know what percentage of all the mortgage debt this 80% represents?
No!! That is not what I am saying. I said nothing about them going into default. Although i think a large % will. Alot of young families who got in that way barely squeaked by. What's going to happen when their payment goes up and incomes havent caught up? It's already happening. Start looking up foreclosures. Look I'm going to send you one of many articles in a pm ok. It's getting late Im starting to feel loopy! lol
People had an option 1%, 30yr or 40yr and you say 80% took 1%. So, from those stats I would say 40yr would have stopped some of the foreclosure from people going from a ARM to a fixed.
I still say that 80% is more like 33% IMHO.
I didn't say 80% took 1%......I said they took ARM's or interest only loans. I'll send you an article ok.
This is what the Mortgage Bankers Association says about home loans in America.
35% of owners own their home outright.
50% have fixed rate loans, many refinancing to lower rates with fewer years.
15% have adjustable rate/ interest – 8% of those being high wealth income earners.
That leaves you with 7% of all mortgages are rate sensitive.
There is $7.3 trillion in mortgage debt, $83 billion are adjustable.
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