Mortgage interest rate change? - Pensacola Fishing Forum

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Old 06-30-2011, 01:20 PM   #1
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Default Mortgage interest rate change?

So I got a letter from my Mortgage company today , I thought it was my monthly statement but instead it was a letter saying my interest rate had been changed and the result was my payment going down by more then 50%. I thought it was a misstake so I called the # on the letter and sure as Hell it went down This kind of thing never happens to me but it made my day. Anyone else have this happen?

Hello control tower, I guess I'll be talking to Tim over at Breeze Fab sooner then I thought, Hell, might even pay off the IRS before I die now.
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Old 06-30-2011, 01:30 PM   #2
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Send your thank you note to Obama.
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Old 06-30-2011, 01:33 PM   #3
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you must be on an ARM (adjustable rate mortgage)??? they are great when they are low...............but suck when it rises
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Old 06-30-2011, 02:00 PM   #4
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you must be on an ARM (adjustable rate mortgage)??? they are great when they are low...............but suck when it rises
I've had an ARM loan before and after the first 3 years it was adjusted and not for the better. It's like puking razor blades for me to say I have to agree with WW, I think it had some thing to do with new legislation.

Just to be clear, I have no problem with WW it's a Obama thing.
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Old 06-30-2011, 02:25 PM   #5
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Send your thank you note to Obama.
---------------------------------------------------------------------------------------
He's right ! Obama's policies have helped to tank our economy further, resulting in falling
interest rates in part because not as many can qualify borrow money.
And for those of you selling, BEWARE. He has also changed the "capital gains". You better contact an investment attorney and have a plan or be subject to a 36% penalty.
Thank You Obama
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Old 06-30-2011, 03:02 PM   #6
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Ghost - how about a reference to a new 36% capital gains tax related to real estate.

I believe you may be talking about the 3.6% on real estate capital gains over 500K and only applicable to those with (married) greater than 250K AGI exclusive of the additional capital gains.
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Old 06-30-2011, 03:11 PM   #7
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Ghost - how about a reference to a new 36% capital gains tax related to real estate.

I believe you may be talking about the 3.6% on real estate capital gains over 500K and only applicable to those with (married) greater than 250K AGI exclusive of the additional capital gains.

There is no new 36% capital gains tax related to real estate. There is a PROPOSED bill that would tax certain high-income individuals at a higher rate (it may be 3.6% higher but I'm not sure) on the sale of their primary residence if the GAIN is over $500k (if married filing a joint return, $250k if single).
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Old 06-30-2011, 03:40 PM   #8
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Read it very closely. I don't think your rate could fall enough to drop your payment in half unless you had an outrageous rate to begin with.
Good luck though. Heck, every little bit helps.
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Old 06-30-2011, 11:22 PM   #9
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Originally Posted by whyworry View Post
Ghost - how about a reference to a new 36% capital gains tax related to real estate.

I believe you may be talking about the 3.6% on real estate capital gains over 500K and only applicable to those with (married) greater than 250K AGI exclusive of the additional capital gains.
---------------------------------------------------------------------------------------
I stand corrected whyworry. The 36% rate was on a secondary, not primary residence. You are correct.
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Old 07-03-2011, 11:46 PM   #10
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You have an adjustable mortgage and it just adjusted and for those who keep saying they are not a good deal, ours has gone down for the last 2 years, we also have a rider that allows us to fix the rate on its adjustment date for 500 bucks. It all just depends on the timing and the situation. we took a 5 year ARM figguring we would have sold by now , well S... happens no matter our rate dropped and due to the differences in how the arm interest is figgured and how the fixed rate is figgured, and the fact they cannot bump us up more than than 2 % a year it just worked out that the adjustable rate is the best deal now and for the next year or two. as far as Obama goes, he is a moron, has no experience in running anything,has no clue as to what is going on in the world, and I'll be glad to see him go soon.
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