Like him or not

[alebrewer]

Well, as it's an anonymous forum, I'd hazard none have - unless he wanted folks to know who he was/is...

 

[Artemis Fowl]

Lol. Refinancing implies intelligence? Lenders must love this guy.

 

[CGinMN]

IMO LinkedIn is where you post something if enjoy the benefits of censorship and you want your ideas to be validated. People often don’t speak their minds because that’s unprofessional and it is hard to disagree lest your opinions not fall in line with woke corporate narratives. This is less true for appraisers on LinkedIn who on the whole are typically self employed and more independent minded. Within the comments of a post is still not a great place for a debate. Facebook comments are also not good for debating and exploring ideas in depth. This means Appraisers Forum is the only place for real appraisal debate. I welcome JA or any other appraisers with different ideas or perspective with open arms.

 

[Terrel L. Shields]

Refinancing implies intelligence?

Real intelligence is when you live within your means and pay off your debts are rapidly as possible. A 30-year mortgage is not real bright in my book. I'd prefer to have a 15-year mortgage and set it up to pay off in 8 or less. That might mean no new boat, no new car, no new expensive makeover of the kitchen...and it means perhaps a more modest home than the implied house you can buy on 30-year mortgage payments. I'd rather spend the extra on land, investments, or socked back in fixed income when the interest rates are right.

 

[alebrewer]

A 30-year mortgage is not real bright in my book. I'd prefer to have a 15-year mortgage and set it up to pay off in 8 or less.

I always liked the 30 year, but just paying double payments. That way there's a buffer if you ever fall on hard times... and in general, I agree with the debt free principles. I think that debt - depending on how its structured - can also be a good thing. 3% debt rate and an 8% return is still in the black.

 

[TerryRohrer]

Real intelligence is when you live within your means and pay off your debts are rapidly as possible. A 30-year mortgage is not real bright in my book. I'd prefer to have a 15-year mortgage and set it up to pay off in 8 or less. That might mean no new boat, no new car, no new expensive makeover of the kitchen...and it means perhaps a more modest home than the implied house you can buy on 30-year mortgage payments. I'd rather spend the extra on land, investments, or socked back in fixed income when the interest rates are right.

This has become the focus of Congress over the past 30 years. You can't do anything you want, no matter how reckless, irresponsible, or risky, while having everything you could want and everything everyone else has, so Congress must make it all possible on the backs of others. When I was growing up, I really don't recall wanting for much, even though we didn't have much. On those rare occasions where I got confused, my dad said, "Wish in one hand and crap in the other and see which gets full first." That needs to be the response from Congress going forward.

 

[Mark K]

Lol. Refinancing implies intelligence? Lenders must love this guy.

Is it intelligent to use your house as an ATM? I'm unconvinced.

I can't tell you how many "intelligent" people that I appraised their homes for refi that told me how 'smart' they were because they were going to take the proceeds and pay off the credit cards and car loans, only to go back 2-3 years later for the same reason and get told the same story. Paying 30 years for your tennis shoes or last vacation doesn't scream smart to me.

Now if you refi, no cash out, just to lower the interest rate, sure, that's smart, if the rate spread is sufficient.

As far as the OP, I'm very skeptical of his data and of his conclusions.

 

[alebrewer]

Is it intelligent to use your house as an ATM? I'm unconvinced.

Haha. And yet - that's one of the primary spiels proffered by LO's today - "That equity belongs to you. You deserve to get your hands on it." Of course, having to pay to get your hands on it isn't part of the messaging...

 

[chad hampton]

Like him or not? I’ve never heard anyone say one good thing about him.

 

[djd09]

no one ever asks to see the data...