NOYB wrote:
"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? A fixed rate
interest-only loan is ideal in a market with rapidly appreciating
properties.

Oh, so then, you plan on keeping your interest only loan for ever? The
lender will GLADLY do that! Do you REALLY think that it's sound
financial advice to tell someone to buy something, paying only the
interest, and not paying down ONE BIT of the principal????

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.

Where is the risk with 5 year fixed-rate interest-only loans? 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.
If you pay the minimum, yes.