Investing megathread extravaganza

[DaFace]

A place to talk about investing stuff.

[Rain Man]

Originally Posted by Buehler445

8% is a hell of a lot more than I anticipated.

I guess right now I wouldn't feel too bad about an ARM. Save fees for a refinance.

But my ass would have to buy a shoebox in a gutter if I were going to give up my mortgage today.

I guess an ARM is a good strategy if you know that rates are going to go down. You usually don't know that, but right now? Rates are going to go down. The Fed is committed to that outcome. So an ARM would be a good plan, I think.

When I bought my house, I got a fixed rate that was over 7 percent. Rates kept going down and I kept refinancing. I think I was paying at or under 3 percent when I finally paid the house off. Maybe I should have done ARMs for 20 years. But I didn't know that we would have 20 years of declines.

At some point I got a HELOC at some ridiculously low rate, and that's what I used for my last big rehab project on the house (redoing the kitchen, adding a deck, finishing off the third floor, etc.) I think it might have been under 2 percent, so I paid off the main mortgage before I paid that one off. At some point the lender stopped offering it, and that was a sad day.

[Rain Man]

Originally Posted by Hog's Gone Fishin

My LOC I use on my Rental properties is at 8.75% also. It has to renew every year so I get the bullet. They were going to put it at 10.5% this last renewal and I called the President of the bank and said LOOK. I've been with you since 1998, never been late on a payment, had over 30 mortgages , would you at least drop it to my current rate on my rentals at 8.75%, and he said he'd talk to loan committee. They called back an hour later and said that would work. WooHoo , excited about an 8.75% loan victory. LOL

Holy cow. Are you banking with the mob or something?

I had no idea rates were that high.

[KCUnited]

30 years were in the 3’s 4 years ago

If you took an ARM in 2020 then you deserve it

[Buehler445]

Originally Posted by Hog's Gone Fishin

My LOC I use on my Rental properties is at 8.75% also. It has to renew every year so I get the bullet. They were going to put it at 10.5% this last renewal and I called the President of the bank and said LOOK. I've been with you since 1998, never been late on a payment, had over 30 mortgages , would you at least drop it to my current rate on my rentals at 8.75%, and he said he'd talk to loan committee. They called back an hour later and said that would work. WooHoo , excited about an 8.75% loan victory. LOL

And what's funny is that the loan officer that's been there 20 said she had no idea they were even negotiable. Dumb bitch!

LOCs you're going to have to eat the shit, but a primary? Helllllllll no.

[lewdog]

Originally Posted by KCUnited

30 years were in the 3’s 4 years ago

If you took an ARM in 2020 then you deserve it

No shit. That's just being dumb. We were at historic lows for YEARS.

[GloryDayz]

Originally Posted by scho63

Fed is ALWAYS wrong.

They have screwed the pooch this time.

[Rain Man]

Originally Posted by Hog's Gone Fishin

Taking an ARM at the time gave me the best interest rate 10 years ago. I'm almost out from under my mortgages completely so timing worked out OK. I got 15 year Mortgages with 5 year ARM's and have paid ahead on everything. 12 more months and I'm debt free. I'm selling a couple properties and will dump about 150K into high yield dividend funds and pull 50% of those divi's to finish paying off my existing debt.

Will you still sell boulders? The world needs boulders.

[Rain Man]

Originally Posted by Hog's Gone Fishin

Absolutely! Best business ever!

That's all I needed to hear to have a good weekend.

[Buehler445]

Originally Posted by Rain Man

Holy cow. Are you banking with the mob or something?

I had no idea rates were that high.

Rentals are commercial loans. No Fannie/freddie shit.

Originally Posted by Hog's Gone Fishin

Taking an ARM at the time gave me the best interest rate 10 years ago. I'm almost out from under my mortgages completely so timing worked out OK. I got 15 year Mortgages with 5 year ARM's and have paid ahead on everything. 12 more months and I'm debt free. I'm selling a couple properties and will dump about 150K into high yield dividend funds and pull 50% of those divi's to finish paying off my existing debt.

I get it on commercial loans. I had to fight like hell to get a fixed 20 on my land purchase in 2019.

[lewdog]

Futures dead red and Japan market hit -6% sell off and circuit breaker.

[ChiliConCarnage]

Nice try, Lew, but I've already got myself scheduled to panic sell Wednesday morning.

[ptlyon]

Originally Posted by Hog's Gone Fishin

Absolutely! Best business ever!

New way to fish?

[ghak99]

Originally Posted by Hog's Gone Fishin

Everybody get yer cash ready to buy, buy, buy!

I think I'll sit this one out.

[HonestChieffan]

Will be interesting to see the results but it will scare shit out of people who dont really understand the markets. Just wear a seatbelt for sure

[ChiliConCarnage]

I looked at 7:30 this morning and was like Not that we hadn't been due for a pullback or correction but we're going down like it's Covid again. I think the VIX was at 50 premarket

We've gotta be down 9-10% on the S&P nearly in a flash? I tried panic buying so I'd have more to panic sell later but Schwab has been offline all morning.