The New “What did you do with your Z today” (with off topic replies)

vtec to vvel

https://www.cnn.com/2023/07/14/busin...ome/index.html

"Homebuyers must ‘learn to live’ with near-7% mortgage rates, says RE/MAX chairman"

Umm....

1. If you are waiting for rates to drop back down near to 2%, you will be waiting for a very long/indefinite period of time.
2. Rates in the 70's/80's/90's were close to 20%, and this when wages were lower even with inflation factored in, so 7% range is very low compared to past times.
3. People are okay with signing off and accepting credit cards and personal loans with rates upwards of 30%, but are afraid of 7% range mortgage rates?

Rusty

It's the weekend......and it's raining.

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浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

MZ DAIZY

Just an excuse not to mow the lawn…

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Stillen Gen 3 CAI, Fast Intentions CBE, Z1 34 Row Oil Cooler, Ecuteck Tuned by Dave at Z1, Clear Bra, Z1 Hood Stuts

MZ DAIZY

I think everyone is leery of another housing market bubble.

I do get your point about the CC interest, though. But! I know a lot of people that are living day to day on their Credit Cards to supplement their paychecks.

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Stillen Gen 3 CAI, Fast Intentions CBE, Z1 34 Row Oil Cooler, Ecuteck Tuned by Dave at Z1, Clear Bra, Z1 Hood Stuts

vtec to vvel

I used to get this one A LOT. Good News: There is no housing bubble, at least not to the likes of the late 2000's. What imaginary bubble is there to burst? It was a completely different market and environment then compared to now.

Then: too much supply (from excess foreclosures) and not enough buyers.
Now: too little supply and too many buyers, even with rate increases. Being on the tail-end of COVID, there may be foreclosures coming up, but, will only feed into the supply shortage.

Also, mortgage lending was not regulated then and heavily regulated now. You so much as sneeze the wrong way and the Underwriter is already re-auditing the file.



EDIT:
I had a client that barely qualified for a mortgage and really wanted to be a home owner. He was the type to live off of credit cards/loans and barely had anything left after all expenses paid. 2 years later, he called and said he may need to sell because he's barely staying afloat. He made all his mortgage payments on time and was able to build equity fast (he also put more than the min. down payment when initially buying), so instead of him selling, we did a cash-out refi. Yes, his rate went from 2.25% to 7.75%, and yes, his mortgage went up about $500/month, but, he was able to decrease his net monthly total outgoing by nearly $4K by using the cash-out refi funds to pay off toxic debt.

MZ DAIZY

We put 40% down with mid 700 hundred FICA scores and still got put through the wringer...

We've built up some equity now and would like to refinance to do improvements. Was told not to bother!

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Stillen Gen 3 CAI, Fast Intentions CBE, Z1 34 Row Oil Cooler, Ecuteck Tuned by Dave at Z1, Clear Bra, Z1 Hood Stuts

vtec to vvel

Each loan application is unique. All requirements have to be met, otherwise, can be a bumpy road. Even if you have a sh!tload of money and good credit score, if you are financing and other elements of the requirements are missing, this can lead to other questions.

What was their reasoning on not to refinance?

And how many loan originators did you speak with?

vtec to vvel

https://www.fox13news.com/news/aaa-d...rricane-season

"AAA dropping some Florida insurance policyholders, citing last year's 'catastrophic hurricane season'"

And AAA is leaving FL.

And Geico just raised by sh!t again

It's really time to get the h3ll outta FL.

vtec to vvel

https://www.cnn.com/2023/07/14/us/ca...ity/index.html

"A new outbreak of Canadian wildfires is sending a plume of unhealthy smoke into the US yet again."

Canada, get yo sh!t together

Rusty

Reps have been delivered.

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浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

JNews86

Enjoy your day everyone but EW

vtec to vvel

LMAO!!!!

blackcherry20

Morning!

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Grand Sport Corvette Arctic White

eastwest2300

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Infiniti QX70 & Toyota Supra 3.0 Premium

blackcherry20

Saw a red Z on 71 north just south of Columbus Ohio.
God. What a beautiful car.

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Grand Sport Corvette Arctic White