Quote:
Originally Posted by irishgrl
I think ARM's are evil. The way housing prices have climbed, the mortgage behemoth sensed a killing and boy did they. I have yet to meet anyone who actually puts the money they save from an ARM onto the principal of the house. as I said, most people pay bills, take a vacation, buy a car, get braces for the kids etc. And if your job is in a certain place you are behooved to buy a HOME there too. so you are stuck with the housing prices in your job area  What a crappy attitude you have Jason, very um, well....."elitist" comes to mind.....
I would NEVER go for an ARM. NEVER. I told my broker I could afford X amount to pay for a mortgage and no more. He worked with me and I found something I could afford. I know what I have to pay for the next 25 years. I got lucky tho, I found the last decent affordable house in my area. its the commute to work that kills me. I pay two-thirds as much for gas as I do for my house. Thats just crazy. |
Your disdain of ARM's shows you know nothing of finance and the ability to make money in the housing market. Again, it for the most part would take seven to ten years for an ARM to reach the usually much higher rate of a fixed rate mortgage, if it ever gets there because some ARM's are capped at like 2%. But, whatever.
As for the elitist - how is holding someone liable to what they signed that. I am sick and fukcing tired of the lack of personal responsibility in America. You, obviously are not and think that people should have no liability for making poor choices or a choice that is made poor by a subsequent event, such as losing your job, not getting a raise, etc.
I mean if I get drunk as a skunk and go to a strip club and spend thousands of dollars, who do I have to blame in the morning - the hottie who took the cash with a glint in their eye - or me for being stupid enough to do that. The answer is me.
Yet, you seem to be saying that people bought houses that they qualified for (using conventional and other mortgages mind mind you - not the ARM's you ignorantly demonize) and then they lost their jobs and can't pay the mortgage (any kind) anymore. That sucks and I hate that for these poor people, but how is that in any way the mtg company's fault
Moreover and for the last time, if they lose their job and have an ARM as opposed to a fixed rate mtg. , they likely can make the lower payment an ARM provides if they can make any payment at all. So, why are you demonizing ARM's? To me, that makes you sound ignorant on this issue.
Anyway - last word is your's
