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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (3275)	8/20/2002 7:58:22 AM
From: loantech	Read Replies (2) \| Respond to of 4051

gt, <FWIW, that is how we financed our first home, with a 35K/30yr mortgage in 1968 at 5.25%, complete with whole life policy and credit life kicker. Now THAT's was a good deal. And never did a refi either. Why would I? House payments on a 2800 square foot brand new ranch on fenced 1/2 acre in established sub-division of Wichita Kansas? House payment: $120 per month of $168 mortgage, with $48 being life insurance portion.>(Your quote) Which is it GT a good deal or did you hate it? LOL. GEt it straight. BTW 35K at 5.525% for 30 years is around 193/month principal and interest. At the time you could have gotten 35K in term life for around $10.00 bucks per month or less. You were green as an insurance purchaser. Now gt I am sure glad most people who own housing or farmland don't think like you. Whew! If not for financing most of these people would not be owners including investors. There would be no farmland to lease and my brother did it and made money for 30 years and so did the guy who financed the land he leased from. In addition where would be this fabulous cheap rental pool you speak of. Sorry GT most people including most investors don't have the cash to pay for a home outright so good or bad there would not be construction or ownership and you would be back in your teepee. And you didn't say <NEVER A BORROWER NOR A LENDER BE> a certain play write who came around several hundred years before you did. So basically you are just full of yourself again. But as I don't try to skewer everything in a discussion as you do GT let's point out some of what you are correct in and possibly we can be in agreement on. In some areas of the country including where you live and myself I "think" we are in a real estate bubble. But I was wrong when I thought that several years back and prices continued to climb as rates continue to fall. Now that is not my fault you, can blame Alan Greenspan but last time I checked he wasn't conferring with me or reading this board. Of course as inflation has been continuing unabated for years some people think you can always pay your home off with cheaper dollars in the future. Time will tell. But back to what you did and did not say. Sometimes all types of property are poor investments and it would pay to rent. I agree. But that is not for me to decide. BTW there has been more personal wealth created for families over the decades by buying property that has been made mining or selling scrap gold or investing in the stock market. So I guess its timing. Same as in gold or silver stocks. Buy low and sell high. Now paying 4 times as you say for a mortgage does hurt over time but if as in my case I bought in Oregon as you may have in a lower part of the real estate price cycle, it is for me cheaper to pay a mortgage than it was to rent at the time or close enough to justify ownership. So at the end of 30 years or less I will own what the tax man doesn't. Timing. Now it may pay to rent. But then those in Silicon valley who paid $100K for their homes and are now selling at 700K are glad they bought. BTW I don't believe in leasing or renting a car either. So now that cars are much more $$ than they used to be do you advise people to lease? Maybe you could even rent or lease your furniture? Now go and find me one of those mortgages like you got where the amortization is only 62% of what it should be, I want to save on my payment. Your turn, Tom