I love our recession

[SALvation]

This isn't a sarcastic post. Although I feel bad for the unemployed (trust me, I've been there), this recession (yes I know its not a "true" recession) has saved me and others like me an unbelievable amount of money.

The first part is in a mortgage. The rates now are 5.0% with no points. When I bought my condo they were 7.125% and that was considered good. I will actually be moving from a small condo to a brand new house that we're building for only about $150 more a month. The interest rate plummet saves me about $270 month (if I had the mortgage at 7.125%). Over 30 years that is $97,200! That is basically a couple of college tuitions right there.

The next part I experienced tonight when it was time for my wife to get a new car. She picked out a nice 2004 Jeep Grand Cherokee Freedom Edition that stickered at just over $31k. Thanks again to the economy we got about $8k off the sticker without even negotiating!

Has anyone else gotten some great deals because of this? I am beside myself with how low rates are with cars and homes.

[PimpDaddy]

Refinanced the mortgage for 15 years just over 5.5% Chopped 5 years off the mortgage and pay a couple hundred less per month !!

[Sirc]

I'm an old fart, and I can remember when fixed mortgages were at 12% and higher. Some were as high as 14%. We are paying 6 1/8 % on our new house. It may actually be time to refinance. Not in my wildest dreams would I have ever thought that this could happen.

And I just received an offer for a credit card in the mail that offered no interest for a year, and then 7.9% fixed after that - forever. Has anyone found a better deal than that? If so, please let me know. :thumbs:

[Sirc]

Sal, who is offering the 5% rate?

[Grimmy]

Same here Sal. I refinanced my car and went from like 7.5% to I think 5 or 5.5% Yea you might be thinking it was stupid to refinance that car, but I got another toy and to make payments on it, I had to. Was able to get a 7.5% intrest rate on a $92,000 toy :devil: for the next 15 years :bawling: :bandhead: It's my first "second" home :D '03 Itasca 32 foot motorhome :jammin:


Borrowing money is cheap right now, dirt cheap atleast around here. Now if I only didn't have to pay it back :shifty: :angel:

[SALvation]

Originally posted by Sirc@Jun 27 2003, 12:41 AM
Sal, who is offering the 5% rate?
You can search www.bankrate.com for rates. There are some in MI that have it as low as 4.8125%. Around here you can get 5% from people like Shore Mortgage or even 5.125 at Flagstar bank. There are a ton on bankrate you can find.

[V98ci]

6000.00 off my wifes 300M and 0% for 60 months! My truck was used and I still got 4% for 60 months. Our new house is going to be in the 5% range. I'm buying rentals for 6.5% for 30 yrs.

Great Stuff! :thumbs:

[OUTLAWS high ping camper]

I called my bank today. We can get a rate of 4.99 % if we pay $500.00, or we can drop our rate from 5.85% to 5.11% for free. (We have a 15 year mortgage loan.)
The lady said we should wait a few days, because their rate should be dropping. The rates she quoted me today, hadn't changed since June 9th.

[Snip3r]

My rent went up, 1k for a ****ty apartment that is about the size of a space in a parking lot (im not kidding):rolleyes:

[Slice]

Originally posted by Snip3r@Jun 27 2003, 01:55 AM
My rent went up, 1k for a ****ty apartment that is about the size of a space in a parking lot (im not kidding):rolleyes:
If your rent went up by $1000, it's time to move! NOW!!!!

[OUTLAWS WHOCARES]

Man I am getting my new place for 5.5% I can't complain about that.

[Mr Clean]

Originally posted by SALvation@Jun 26 2003, 10:28 PM
This isn't a sarcastic post. I am thrilled that our economy is in the dumps. Although I feel bad for the unemployed (trust me, I've been there), this recession (yes I know its not a "true" recession) has saved me and others like me an unbelievable amount of money.

The first part is in a mortgage. The rates now are 5.0% with no points. When I bought my condo they were 7.125% and that was considered good. I will actually be moving from a small condo to a brand new house that we're building for only about $150 more a month. The interest rate plummet saves me about $270 month (if I had the mortgage at 7.125%). Over 30 years that is $97,200! That is basically a couple of college tuitions right there.

The next part I experienced tonight when it was time for my wife to get a new car. She picked out a nice 2004 Jeep Grand Cherokee Freedom Edition that stickered at just over $31k. Thanks again to the economy we got about $8k off the sticker without even negotiating!

Has anyone else gotten some great deals because of this? I am beside myself with how low rates are with cars and homes.
This isn't a sarcastic answer: That was a rather dumb and insensitive thing to say. I'm glad you saved money, I'm very happy for you. I refinanced my house, saved about $100/month. That part of the economy is doing real good, obviously...

I still think you would have been better off leaving that 'glad the economy is in the dumps' part out.....

[Pure_Evil]

Originally posted by Mr Clean+Jun 27 2003, 07:27 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (Mr Clean @ Jun 27 2003, 07:27 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin--SALvation@Jun 26 2003, 10:28 PM
This isn&#39;t a sarcastic post. I am thrilled that our economy is in the dumps. Although I feel bad for the unemployed (trust me, I&#39;ve been there), this recession (yes I know its not a "true" recession) has saved me and others like me an unbelievable amount of money.

The first part is in a mortgage. The rates now are 5.0% with no points. When I bought my condo they were 7.125% and that was considered good. I will actually be moving from a small condo to a brand new house that we&#39;re building for only about &#036;150 more a month. The interest rate plummet saves me about &#036;270 month (if I had the mortgage at 7.125%). Over 30 years that is &#036;97,200&#33; That is basically a couple of college tuitions right there.

The next part I experienced tonight when it was time for my wife to get a new car. She picked out a nice 2004 Jeep Grand Cherokee Freedom Edition that stickered at just over &#036;31k. Thanks again to the economy we got about &#036;8k off the sticker without even negotiating&#33;

Has anyone else gotten some great deals because of this? I am beside myself with how low rates are with cars and homes.
This isn&#39;t a sarcastic answer: That was a rather dumb and insensitive thing to say. I&#39;m glad you saved money, I&#39;m very happy for you. I refinanced my house, saved about &#036;100/month. That part of the economy is doing real good, obviously...

I still think you would have been better off leaving that &#39;glad the economy is in the dumps&#39; part out..... [/b][/quote]
Sal, I&#39;m on a 4 week lay-off, I&#39;m going back in a week, most of our guys only work 30 hours a week. The company I work for may fold any day. If that happens, I lose insurance on my son, his formula costs &#036;500 a month wich the insurance re-inburses us for, we had to fight for that at the attorney gernerals office. If I get another job, I lose insurance for 2-3 months, then have to fight for coverage again :bandhead: Not to mention probably take &#036;120 a week pay cut from what I&#39;ve seen.

Nice to know you guys get a good rate, but this P.O.S. economy is stressing our family out.

Thought a not so cheery post was apropriate&#33;

[SALvation]

Sorry guys. I was just pumped up last night. I know people that were also laid off and I know what they&#39;re going through. I&#39;ve gone through it myself. Sorry for seeming insensitive.

[Mr Clean]

Originally posted by SALvation@Jun 27 2003, 07:15 PM
Sorry guys. I was just pumped up last night. I know people that were also laid off and I know what they&#39;re going through. I&#39;ve gone through it myself. Sorry for seeming insensitive.
:thumbs: It&#39;s cool.