I Dare You to Apply for a 5.1% 30-yr Mortgage Refi
by Tony on Dec.31, 2008, under The Gooch
Yes, the 30-yr rate is extremely low, as I’ve been predicting for a long time. The rate will prob go even lower — most likely into the mid 4s as this govt makes fruitless efforts to stimulate the housing market. So I dare everybody to try and refi their mortgage. If you bought your house in the last 5 years, it is likely that your banker will tell you there is no equity in your house and you must put down at least 20% to refinance your home at 5%. Yes, certain parts of the country are no longer “overvalued”, but bubbles always burst more than fundamentals justify. For all you blind naive pompous douchebags that thought “real estate can’t go down” i’m glad you were brought back down to earth in 2008. Why don’t you use the equity from your recent investments to buy some cheap property at 5%. You can’t go wrong man! Use the equity from from your recent purchases as collateral for the new investment/flip! Oh yeah, there is no equity LOFL!!!!
Don’t say i didn’t tell you so years ago.
Note, the above ridicule is not directed toward homeowners; rather, it is directed toward every idiot that invested in the real estate ponzi scheme and tried to convince others that real estate could not go down despite record debt/income levels, record mortgage/rent levels, record appreciation, record leverage, 0% down financing, the ability of a $75k income to buy a $500k property with zero down. yes, all the signs were there that real estate was a bubble that would inevitably pop.
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January 1st, 2009 on 1:21 am
Might wanna stop being so flippant about the real estate market… lets not forget your industry is just as… big of dumbasses!!!
Yes you are with them in their boat of progandizing… whether you wanna call them brothers or not…
January 1st, 2009 on 1:25 pm
J, i just tell it how it is and that applies to all markets. dont be such a baby and just see things for what they are. i am not in anybody’s boat except my own. all that is important to me is that i am doing the right thing and if you have talked to me over the last several years you would know i was ahead of the curve on all fronts. i am happy to see all the hedge fund idiots fail so if you think that offends me think otherwise. i knew most of them were destined for failure — they were all drinking the same kool-aid and just didn’t get the big picture. every industry is riddled with dumbasses including real estate, hedge funds, etc. The hedge fund idiots are no better than the countless real estate enthusiasts — low IQs are pervasive across both industries.
I am flippant about the real estate mkt b/c that was the biggest of all the ponzi schemes and it deserves much attention, but if you think i am singling out real estate, then read my blog about the Tribune company where i criticize every dumbass hedge fund that invested in that company. bottom line, the hedge fund idiots are not better than the r.e. idiots — it is leverage that wiped both of them out. the real estate buffoons borrowed 100% against the property and the hedge fund idiots gave them the money so i would say the hedge fund idiots were much more stupid as most of the r.e. buyers had no skin in the game and nothing to lose. before you run your mouth understand what you are talking about and who you are attacking. i take credit where its due and i accept responsibility where its due.
January 1st, 2009 on 1:31 pm
J, here is the link to the blog i mentioned above: http://www.whipitaround.com/?p=114
January 1st, 2009 on 1:47 pm
Also J, I can care less about the countless dumbasses in my industry. i only care about myself and that i am doing the right thing in the market. It was my ability to to realize that all the hedge fund idiots were wrong that saved me a lot of money. 100% of my non 401k capital has been in money market/cash or short the market (shorts go up in value when mkt goes down) the last 2 years and about 50% of my 401k was in cash as i knew this was going to happen in the market. The only reason i maintained 50% exposure in my 401k was to hedge against short positions which make money when the mkt goes down. Yes, I fucked up and didn’t hold my short positions long enough. This is a mistake i will never forget b/c i would have doubled my money if i remained short, but it was all this b.s. government intervention that drove me out of the shorts. I learned some invaluable trading lessons in 2008, most of all, stick to your guns and be patient when you know you are right. Happy New Year.
April 25th, 2009 on 7:11 am
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