today I talked to my mom. she told me that, clearly, the lender lady must not have a clue who I am--pushing me doesn't help. if you push me I just dig my heels in harder. she said I've always been like that. and if someone has exact facts contrary to my opinion/stance I'm totally willing to hear and consider them, but they gotta be good.
lender lady came back with an interest only loan. let me say that again AN INTEREST ONLY LOAN. what? cheaper payment by $35 but ~$300 more in closing cost and no equity building. for the same amount of money I'd have $120 that I WASN'T saving.
she tried to talk me into this.
like I was an idiot or something.
so I did the math.
and I sure showed her.
so yeah. on track to get the other loan. the appraiser and inspector are both fha certified so it looks like everything will work out nice nice nice. cross your fingers, please, we're kinda rushing on this one...
Thursday, June 05, 2008
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5 comments:
dude, i'm sorry, but with the well-publicized debaucle the mortgage industry has created for itself, it's downright insulting to a person's intelligence to offer them an interest-only loan, unless they're taking out the loan to flip a house and don't care about equity.
jeez. i can't stand that woman! go carrie!
Wishing you lots of luck!
I would have not so nicely told her where to take her interest-only loan and shove it! Seriously. Does she not realize that those loans are the breaking point that caused (and is causing) so many to lose their homes? Jeez! Now I want to kick her ass!
Finally caught up on your blog -- wow! I'm saying a prayer that everything regarding the FHA loan goes well today -- I think it will. Once you know that's all good you can get excited again :) !
Hang in there and keep us updated!
Hugs!
I'm with melissa...I am completely SHOCKED that this woman would even offer that to you! My understanding is most reputable mortgage brokers aren't even dealing in those right now...(at least, that's what our supposedly reputable mortgage broker in steamboat told us!) just because of all of the bad publicity recently!
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