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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (46852)	1/10/2006 12:42:59 PM
From: John Vosilla	Read Replies (3) \| Respond to of 306849

One more mad rush in early spring before toxic loans get the boot.. Young people and immigrants just starting out will do anything to get into a house with little down or miss the train before it leaves the station<g>. They are buying one from me at $20k above appraisal with zero down 90% LTV first 2/28 ARM and everything else including closing costs rolled into second which I will hold.. With an interest rate of 10% due to poor credit their monthly payments more than double what they'd pay in rent.. Mortgage broker, who is a rookie himself in biz only during this latest boom and probably under 30 says they'll be able to refi to lower rate in two years as their credit gets better and property appreciates and pay me off in full<g>