Comments on: “uh, I got a big mortgage…” http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/ Mortgage insiders view on mortgages, real estate, debt, and the housing bubble. site by SoCalMtgGuy, author of - Another F@CKED Borrower Fri, 21 Nov 2008 01:50:54 +0000 http://wordpress.org/?v=2.0.5 by: BestHomeRefinance.info http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-294140 Tue, 12 Jun 2007 03:33:07 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-294140 <strong>BestHomeRefinance.info...</strong> Home Refinance... BestHomeRefinance.info…

Home Refinance…

]]> by: WD http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-102 Mon, 06 Feb 2006 00:03:31 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-102 Lillian/Caroline: I'm in a similar boat as you. I've been renting for five years now and have endured five straight years of pressure and ignorant comments from friends/colleages about how I've missed the boat on housing, how I'm wasting my money on rent, how I NEED a house to be anyone. Some of my friends are on their second houses trading up to keep up with some of our older friends who have much more wealth (which is a losing proposition in my opinion). I fully believe that some people are pushing houses/expensive autos/consumerism because they feel stupid doing it and want to see others doing it as well. Hang in there though, things will get better. Life's been a little lonely around here because my friends can't afford to go out anymore since they are spending so much money on their house. At least I have time to write blog comments. Lillian/Caroline:

I’m in a similar boat as you. I’ve been renting for five years now and have endured five straight years of pressure and ignorant comments from friends/colleages about how I’ve missed the boat on housing, how I’m wasting my money on rent, how I NEED a house to be anyone. Some of my friends are on their second houses trading up to keep up with some of our older friends who have much more wealth (which is a losing proposition in my opinion).

I fully believe that some people are pushing houses/expensive autos/consumerism because they feel stupid doing it and want to see others doing it as well.

Hang in there though, things will get better. Life’s been a little lonely around here because my friends can’t afford to go out anymore since they are spending so much money on their house. At least I have time to write blog comments.

]]> by: Katy http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-101 Sun, 05 Feb 2006 21:36:38 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-101 Pat - excellent post. Maybe the upside to the coming crash will be a return to the radical notion of staying put and building community. Pat - excellent post. Maybe the upside to the coming crash will be a return to the radical notion of staying put and building community.

]]> by: JJ http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-100 Sun, 05 Feb 2006 17:53:25 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-100 Pat Excellent post. Right on the mark. Like I have said many times and others have too... a house is a 'home' not an 'ATM'. And this message goes for the equity strippers, flippers AND people that have cashed out before the plunge. I will be honest and say I have contemplated with the idea of cashing out my equity and renting before the plunge goes into full speed. But I have small children and a wife who adores our 'home'. I finally realized it was greed that was giving me this idea of cashing out. I now realize what's more important is the happines of my family. A home for my children. Pat
Excellent post. Right on the mark. Like I have said many times and others have too… a house is a ‘home’ not an ‘ATM’. And this message goes for the equity strippers, flippers AND people that have cashed out before the plunge.
I will be honest and say I have contemplated with the idea of cashing out my equity and renting before the plunge goes into full speed. But I have small children and a wife who adores our ‘home’. I finally realized it was greed that was giving me this idea of cashing out. I now realize what’s more important is the happines of my family. A home for my children.

]]> by: Pat http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-99 Sun, 05 Feb 2006 16:53:05 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-99 A house used to be a place to live and raise a family. Family was the cornerstone of the concept in that a "home" was where the family had roots, lived their lives, raised kids from little ones to young adults and so forth. Moving was the exception not the rule. One had neighbors and bonds with the neighbors and the neighbors kids. People did not think of a home as an "investment". The goal was to eventually pay off the mortgage, and living somewhere 20, 30, 40 years was not uncommon. So people made darned sure buying the house was a realistic financial commitment that fit comfortably into their lives. The home and neighborhood, was the sun around which the family's life orbited. But people got "smart" in the year 2001 and realized what a "Great Investment" the house could be. No longer a place to live and raise a family since those values matter little compared to the 50's, 60', 70's, it was a place to "build wealth". And instead of home values going up maybe 5% per year (not including all the maintenance and up keep) 20%, 30%, 40% or more became "the norm". Anyone with some life experience and wits knows how this will turn out. My prediction: within a few years, Residential Real Estate will become THE most hated class of "investment," and a house may well be on its way to once again become a home. A house used to be a place to live and raise a family. Family was the cornerstone of the concept in that a “home” was where the family had roots, lived their lives, raised kids from little ones to young adults and so forth. Moving was the exception not the rule. One had neighbors and bonds with the neighbors and the neighbors kids. People did not think of a home as an “investment”. The goal was to eventually pay off the mortgage, and living somewhere 20, 30, 40 years was not uncommon. So people made darned sure buying the house was a realistic financial commitment that fit comfortably into their lives. The home and neighborhood, was the sun around which the family’s life orbited.

But people got “smart” in the year 2001 and realized what a “Great Investment” the house could be. No longer a place to live and raise a family since those values matter little compared to the 50’s, 60′, 70’s, it was a place to “build wealth”. And instead of home values going up maybe 5% per year (not including all the maintenance and up keep) 20%, 30%, 40% or more became “the norm”.

Anyone with some life experience and wits knows how this will turn out.

My prediction: within a few years, Residential Real Estate will become THE most hated class of “investment,” and a house may well be on its way to once again become a home.

]]> by: invest3 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-98 Sun, 05 Feb 2006 13:15:08 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-98 SiliconValley_Geek, The absolute answer is… it depends. There are a lot of factors that go into portfolio allocation, risk tolerance, time horizon, goals, etc. If you want to play a potential collapse in asset prices, I would keep assets in 100% US Treasuries and keep the maturities on the short end, say under 5 years. Even if a collapse hit the economy, the “Helicopter” Ben Bernanke could always print his way out of it. Invest3 SiliconValley_Geek,

The absolute answer is… it depends. There are a lot of factors that go into portfolio allocation, risk tolerance, time horizon, goals, etc. If you want to play a potential collapse in asset prices, I would keep assets in 100% US Treasuries and keep the maturities on the short end, say under 5 years. Even if a collapse hit the economy, the “Helicopter” Ben Bernanke could always print his way out of it.

Invest3

]]> by: housemouse http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-97 Sun, 05 Feb 2006 10:32:13 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-97 Hmpf. I'm definitely not in the camp of "renting is terrific." It blows chunks. I've always rented, and it's always sucked. It just so happens that buying at recent prices would suck even worse. :) Hmpf. I’m definitely not in the camp of “renting is terrific.” It blows chunks. I’ve always rented, and it’s always sucked.

It just so happens that buying at recent prices would suck even worse. :)

]]> by: B. Durbin http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-95 Sat, 04 Feb 2006 23:29:19 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-95 Oh joy! Oh joy! My parents own their house! They paid it off a few days ago and I just heard about it today. Mortgage over, three years early, the house is THEIRS. Thirty year standard mortage, refinanced fifteen years ago. Yes, they're in their sixties. And now they own their house. (Maybe... someday... I will too.) Oh joy! Oh joy! My parents own their house!

They paid it off a few days ago and I just heard about it today. Mortgage over, three years early, the house is THEIRS.

Thirty year standard mortage, refinanced fifteen years ago.

Yes, they’re in their sixties. And now they own their house. (Maybe… someday… I will too.)

]]> by: SoCalMtgGuy http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-94 Sat, 04 Feb 2006 23:26:48 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-94 Don't forgot there is a board in the FORUMS that discusses protecting profits and investments. I would suggest posting there as well for a response. SoCalMtgGuy Don’t forgot there is a board in the FORUMS that discusses protecting profits and investments. I would suggest posting there as well for a response.

SoCalMtgGuy

]]> by: SiliconValley_Geek http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-93 Sat, 04 Feb 2006 23:07:13 +0000 http://housingbubblecasualty.com/uh-i-got-a-big-mortgage/#comment-93 invest3, Where do you suggest one keeps their war chest ? Non USD denominated assets ? If cash, what currency ? Thanks for the good note. invest3,

Where do you suggest one keeps their war chest ?
Non USD denominated assets ? If cash, what currency ?

Thanks for the good note.

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