"NOYB" wrote in message
ink.net...

"basskisser" wrote in message
oups.com...

NOYB wrote:
"basskisser" wrote in message
oups.com...

NOYB wrote:

Did the banker who wrote your mortgage feed you this
justification?
Did he
give a shark-like smile as he did so?

No. I used Wells Fargo. I had to talk *him* into it.

I have a friend, who actually worked for the local Wells Fargo
office
here, and he left after six months. Asked why, and he told stories
of
getting people into mortgages that he knew damned well they had no
business being in.


Wells Fargo doesn't do high-risk mortgages.

HORSE****!!!!!!
Perhaps you didn't see the Home Loan Workbench, right there on their
website? Go ahead, try it. Several statements, including poor credit,
bankruptcy, we can tailor a loan for your needs.....
My buddy actually quit working for the company just because of some of
the loans he wrote.



They have some of the strictest
lending requirements of all the lenders. They don't need the
high-risk
stuff, since they're already the number one home mortgage lender in
the
country. One out of every 11 homes is financed by Wells Fargo.

Regardless, your friend didn't work for the division that did my
loan:
http://www.wellsfargo.com/com/corpor...pprivate.jhtml

The Private Mortgage Banking division can do things the other
divisions
can't...but not everyone qualifies.

Did I say anywhere, at anytime, that "everyone qualifies"? Can you ever
objectively analyze anything without completely changing the context of
the debate to fit your particular bull****?


I have a 5-year ARM, interest-only, non-comforming jumbo mortgage for
80% of
the purchase price with a 4.25% interest rate. I financed another
15% with
an equity line at prime plus 1/4. That means I got better than most
people's conforming rates on a non-conforming loan. I paid zero
points.
Ask your friend how many deals he wrote like that. Answer: zero.
Hmm, an interest only loan.....hehe!!

You have no clue about interest only loans, do you?

He doesn't have much of a clue about anything.

A fixed rate interest-only loan is ideal in a market with rapidly
appreciating properties.

It is also ideal for people that do not intend on staying in a house for
more than 5 years.

What you're confusing it with is "minimum payment" loans that have
ridiculously low initial rates of 1.5% or less. Those are dangerous loans,
because as rates rise, you can get into a negative amortization situation.

Especially if they are not capped.


Where is the risk with 5 year fixed-rate interest-only loans?

Very little.....and it is a good risk for the lender as well.....they are
not bound to an interest rate for 30 years.

And how are they any different from a conventional ARM? Answer: they're
not. You pay so little principle in the first 5 years of a conventional
loan, that there's virtually no difference from an interest-only loan.