Quote:
Originally Posted by derf
you just described me. my loan guy sold me on the adjustable rate, even though I was pre approved for almost 50k more than I paid. His argument was that it was cheaper for me on a monthly basis especially since most likely I would sell the house withing 5 years and make a profit. At the time it sounded right because it was at the time a rarity for people to loose money on a property. Since then my mortgage has been sold 5 times, and I cant get a conventional loan because the house is worth half what it was when I bought it the month before the housing market went kaput.
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Sure doesn't sound like your fault. You must really bristle at the fact that people say such stupid shit. Your the fucking posterboy for how such banking abuses harmed even the most responsible and well-meaning home buyer.