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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: haqihana who wrote (117154)	5/30/2005 2:00:28 PM
From: Lane3	Read Replies (1) \| Respond to of 793757

Interest is like throwing money into the trash can. It wasn't always. During that period of runaway inflation it made sense to buy on credit because you were paying back with cheaper dollars, particularly. If we ever have that scenario again, it will probably make sense again, if you employed and can get a fixed rate mortgage, that is.

To: haqihana who wrote (117154)	5/30/2005 4:13:03 PM
From: Ish	Read Replies (1) \| Respond to of 793757

<<Interest is like throwing money into the trash can.>> It depends. When I saw the house I have now the asking price was $145k and they had turned down $135k two months before. Two months without another offer and winter was coming. I had $70k on hand and got an ok on a personal loan at the bank and offered them $105k with no waiting for a bank loan and they took it. 2 months later I had some CDs come due and I paid it off. The first house I owned I assumed the 7% loan. By '79 the interest had zoomed up and I had a Jumbo CD at the same S&L that was paying 18%. They asked me to come in for a review of my home loan and I went in. The gist is they wanted me to take $24k out of the Jumbo and pay off the 7% loan and save me the interest like I was the village idiot. I said that was ok and how much would they knock off the principle? They acted like I walked in with a gun and tried to rob them.