Quote:
Originally Posted by iwantchixx
Current and new. Rates are renegotiated every 5/10/15 years. What's affordable now might be foreclusure in 5 years for many who bought the most expensive home they could buy.
Smart people buy what they need and keep the market fluctuations into consideration, General joe public goes broke by 2014.. subdivisions will be ghosts towns..
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when you take out a loan, the rate is guaranteed unless you are stupid and sign something otherwise.
ive gotten a few things before from banks were I had car loans that they would give me a lower rate but the fine print said they would adjust the level after 12 months... bull shit.
the problem is people buy what they can't afford. i got a house for far less then I was approved for because I dont need to spend $4k/mo on a mortgage and have a 6 bedroom house