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+--- Thread: Now doesn't this sound more practical? (/showthread.php?tid=2726)
RE: Now doesn't this sound more practical? - nanasohana - 09-30-2008
I have a credit score of 780[
]. Sorry, it just gave me an opportunity to brag...I had to be very dillignet to get that score and not too much bad luck. Now if I could just spell.
RE: Now doesn't this sound more practical? - Jon - 09-30-2008
your not alone... mine is way to high for my own good. I could easily be one of those with more credit bills than income.
Transplanted Texan
"I am here to chew bubble gum and kick some *** ... and I'm all out of bubble gum"
RE: Now doesn't this sound more practical? - StillHope - 09-30-2008
I am joining "780" club.
But what good it will do if the banks have no money to lend???[
]
RE: Now doesn't this sound more practical? - Jon - 09-30-2008
Banks will have money.... but if you score in in the 500s you wont get a low rate.
FYI I work for a bank in Texas. In IT so don't think I am an banker, but I have quick access to them.
we are still doing loans.
Transplanted Texan
"I am here to chew bubble gum and kick some *** ... and I'm all out of bubble gum"
RE: Now doesn't this sound more practical? - punafish - 09-30-2008
Since we're bragging about good credit...I'm wondering if a great credit score means anything today if you're self-employed. Last I checked, mine was 807. Ya think they'd at least give me a pat on the ass and an "attaboy" for being so responsible :-)
Funny thing is, being "employed" by someone other than yourself somehow makes lenders feel warm and fuzzy about giving you money--even today. And they are deluded. How many of the "big boys" will fall? Keep an eye on the U.S. automotive industry.
RE: Now doesn't this sound more practical? - Jon - 09-30-2008
quote:
Originally posted by StillHope
Thank you,Jon!
Do you know if locking the rate is difficult right now?
Kani mentioned she couldn't do it in Hawaii.
In Texas, no, it does not seem to be a problem.
in Hawaii, 6 months ago it was a problem, so it might still be.
Our mortgage division in Texas says they are not seeing the crunch yet.
Transplanted Texan
"I am here to chew bubble gum and kick some *** ... and I'm all out of bubble gum"
RE: Now doesn't this sound more practical? - Guest - 09-30-2008
Neither a borrower nor lender be. That's my motto.
Today it is hard to go all cash, but it is even harder if you start off with the mind set that borrowing money is good.
Once the creditors get their tentacles around you, you are often theirs for life.
It is especially hard to go cash if you resist learning skills, so you are so often at the mercy of skilled people.
There is a saying: "Life's tough, but it's tougher if you're stupid"
Most of the time people will borrow and spend money to fix a problem, instead of using some of that grey matter to figure how to do it themselves.
Take buying a solar water heater. For some strange reason it seems that the basic laws of thermodynamics eludes people. So they are suckered in to a scheme where the govt will give them a tax credit for 1000.00 to buy something for 5000.00 that they could make themselves out of common and cheaply had parts for a 100 bux.
And they will finance the balance just so they can be comfortable taking a hot shower.
It blows my mind.
Here is some interesting reading by Ben Franklin
http://itech.fgcu.edu/faculty/wohlpart/alra/franklin.htm
RE: Now doesn't this sound more practical? - Guest - 09-30-2008
quote:
Originally posted by StillHope
Esnap,if you have the cash to buy a house,that's wonderful.
Unfortunately,most of people don't.
No, I am saying that one should save their money and do with out for years. Then Buy a small chunk of land cash, then build your self a small house cash. You can do this actually very cheaply and in just a few years of scrimping and saving. Once you have your little shack (that you own out right) you can really sock away some cash.
Still, you have to stay with in your means (that means no Starbucks etc.) Now that you are living in your own place, pay yourself the same amount you would pay a bank for a mortgage of the house that you want.
In about 4- 8 years you have enough money saved to build that house cash, especially if you build it yourself.
But the real key to happiness is not always getting what you want but wanting what you have.
RE: Now doesn't this sound more practical? - nanasohana - 09-30-2008
We have been self employed for many years. About 1980 we decided we wanted to have a home and no one would give us a mortgage and we decided we didn't want one. We had cash to buy a lot, took a loan on our van and used credit cards to buy materials.
We had about $10,000 to use and we did it. We built a home. It was a simple aframe type home and in a small town in Oklahoma.
We did most of the work ourselves and had friends that helped too. And all the kids worked after school and on the weekends.
In 2 years all was paid off. For several more years, we improved it and built on, still with no mortgage.
Our kids saw this and have always been proud of us for doing that. It gave them great confidence on being able to do things that they want to do.
It is the reason we were able to come to Hawaii and build this home with cash.
We now are paying cash for a home in Oklahoma and in Florida...all because we did what others didn't see possible doing.
RE: Now doesn't this sound more practical? - rusty h - 09-30-2008
ensap and nancy, my thoughts as well. we paid cash for our land and will build with cash. sure it will be a cabin but it will be paid for.
peace