Didn't think they would still be making crazy loans
A colleague of mine told me that his kid just bought a house recently with a friend.....
He said they paid zero down, in fact, the earnest money will also be returned.... so it's like putting down no money for a house.
The house is >$300K, north of Seattle
He doesn't know the terms of the mortgage and neither does his kid....!!
I tried to find out the name of the mortgage company but he doesn't know... On top of the house, his kid also got a boat....
I suspect it's an ARM loan, his kid does have a job ($50K??)
Also, saw Countrywide TV ad several times over the weekend advertising no-cost refinancing. Makes you wonder if the bubble is being re-inflated thanks to Bendover Ben.
He said they paid zero down, in fact, the earnest money will also be returned.... so it's like putting down no money for a house.
The house is >$300K, north of Seattle
He doesn't know the terms of the mortgage and neither does his kid....!!
I tried to find out the name of the mortgage company but he doesn't know... On top of the house, his kid also got a boat....
I suspect it's an ARM loan, his kid does have a job ($50K??)
Also, saw Countrywide TV ad several times over the weekend advertising no-cost refinancing. Makes you wonder if the bubble is being re-inflated thanks to Bendover Ben.
Comments
"The kid also got a boat?"
Was this financed as part of the mortgage?
Like, maybe the seller didn't want the boat and left it behind?
Gee, when I bought, all the seller left me was an old lawnmower and some rusty garden tools.
It would be interesting to know if the seller concessions like "the boat stays" was disclosed to the appraiser and to the lender.