OT Society... was Banned from the Garden!--very long

I live in a Mini Home - that's a house in my book - we pay a mortgage, I
don't own it outright. A mini home is a newer version of a trailer - which
I am paying for, not renting - so I 'own' it.


Well, it sounds that like my 4 bedroom house with a basement and an acre of
property around it....the BANK owns it!

We just refinanced our 30 yr 7% Adustable rate mortgage into a 15 yr 5% fixed
rate mortgage. Which means we will own the house outright much much sooner and
pay tons less in interest.

We are very very happy people over this!

But, like I said, when you are paying a mortgage, whether your house was built
or arrived on wheels, the bank owns it! bg

Caryn

Blue Wizard Designs
http://hometown.aol.com/crzy4xst/index.html
Updated: 7/7/03 -- now available Dragon of the Stars
View WIPs at: http://community.webshots.com/user/carynlws (Caryn's UFO's)

There's a HUGE difference thanks. I am building equity in my home. Renting
does nothing.

Can I explain something to you?

Please listen, because this is really important.

When someone says something and then adds " VBG " it means they are joking.

Get it?....not being serious...using their sense of humor.

OK??

Caryn
Blue Wizard Designs
http://hometown.aol.com/crzy4xst/index.html
Updated: 7/7/03 -- now available Dragon of the Stars
View WIPs at: http://community.webshots.com/user/carynlws (Caryn's UFO's)

"sunflower" wrote in message
...
There's a HUGE difference thanks. I am building equity in my home.
Renting
does nothing.

EXCUSE ME!!!!!!!

But just like you don't take some huge loan to study, SOME people rent so
they don't pay 5-6 times the price of a house when they buy one!!!!!! When I
quit renting, I will go from zero equity to 100% equity in a matter of a few
days rather then wait 15-30 years before achieving it!!!!!

Renting DOES do something. It SAVES a huge amount on mortgage interest!!!!!
Strange that with renting I will be a 100% home owner with no mortgage, no
loans, no debts, no assistance from parents BEFORE I hit the big
FOUR-ZERO!!! Saving me about... ooooh... something like 175 thousand pound
sterling in interest and costs along the way to get my house of my dreams,
thank you!!!

Just like you asked people NOT to make assumptions about paying your own way
when studying, do NOT assume that renting does nothing.

AND some rent because they find it more convenient than home ownership. Like
they move around a lot for their job or business a lot.

Oh and it is all a case of how you like to manage your money. If you got
evicted for non-payment due say job loss, you will have lost ALL the money
you have paid for the house so far. Remember, the economy can flip from good
to really bad suddenly without warning.

I think the people who survived the 1987 recession AND the early 1990s
recession can remember all the job losses and people who suddenly could not
afford mortgages.You may remember the 1990s recession , but I think you were
a bit young at the time of recession in the late eighties to remember that
from first hand knowledge or experience and the was way worse than the 1990s
recession was. I remember the references that were made comparing it to the
1930s crash. I can certainly remember Black Monday.

Renting does nothing?? It stops a possible pitfall of loss of a home when
the next big recession comes along. Sorry but you are completely wrong with
your reasoning.


Stitch Lady


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Caryn wrote:

We just refinanced our 30 yr 7% Adustable rate mortgage into a 15 yr 5% fixed
rate mortgage. Which means we will own the house outright much much sooner and
pay tons less in interest.

Which in this kind of economy is a very good decision. Were the stock
market doing better, however, it would not necessarily be the best
option. Carrying a mortgage gives you low interest money to invest
elsewhere and increase your returns when the economy allows it.

The bank doesn't own my house, by the way. I do. The bank has a lien
against it limiting some of the things I can do with that house unless
the lien is satisfied. Same with my car.

Elizabeth
--
*~*~*~*~*~*~*~*~*~*~living well is the best revenge~*~*~*~*~*~*~*~*~*
The most important thing one woman can do for another is to illuminate
and expand her sense of actual possibilities. --Adrienne Rich
*~*~*~*~*~*~*~*~*~*~*~*barnacle-encrusted bitch~*~*~*~*~*~*~*~*~*~*~*

Stitch Lady wrote:

I think the people who survived the 1987 recession AND the early 1990s
recession can remember all the job losses and people who suddenly could not
afford mortgages.You may remember the 1990s recession , but I think you were
a bit young at the time of recession in the late eighties to remember that
from first hand knowledge or experience and the was way worse than the 1990s
recession was. I remember the references that were made comparing it to the
1930s crash. I can certainly remember Black Monday.


Hmmmmm, I remember the recession in the early 1980's. My then husband
lost his job . . . we barely made it through. Then in 1991, the next
recession hit while Bush Sr. was President. My new husband was out of a
job for a year. It was then that I remember all the references to the
1930's and Black Monday. While Bush Sr. stood before the cameras and
denied there was a problem. While the general public was writing
letters to the editor stating that anyone could get a job who wanted
one. My husband tried everything from pizza delivery to gas station
mart to janitor. His degree shut him out of the market. Meantime,
unemployment was taken for child support.

The recession of the early 1990's hit white collar workers.

Since that recession, we have struggled to get on our feet again. You
lose a year of pay, you have a debt you must struggle to pay off. And
week after week I have read in the paper another 2,000 workers laid off,
another plant closing, another business scandal.

We're all in trouble folks, and we're too busy watching "reality
television" to get it.

Dianne

Renting DOES do something. It SAVES a huge amount on mortgage interest!!!!!


Well...that depends. For almost twenty years, I paid the mortgage on a 1,200
square foot house. Recently, we decided to sell this house and build another
one. While our new house is being built, we will be renters.

We paid about $400.00 a month on the house. Now we are paying over $700.00 on
a 900 square foot apartment.

According to the papers for our new mortgage, we will again pay about $700.00
dollars a month -- on a 1,900 square foot house.

However, we won't pay that much because we have quite a bit of equity in our
old house (we have always paid a little extra each month above and beyond the
mortgage payment) which the lender didn't take into account on her estimate.
The house also went up about $30,000 in market value, so our down payment will
be substantual. Therefore, it looks very like we will be paying less on the
1,900 foot square house than we are paying for the 900 square foot apartment.
The price of the house, by the way, also includes 1/2 acres of wooded land.

Remember, the owner of the apartment has a mortgage -- and is very unlikely to
take less in rent than his mortgage costs him/her, unless there are very strict
government rent controls that hold rental prices down or the rental unit is
part of public housing. Yes, a home owner could lose all their equity, but a
renter could go through any savings pretty darn fast, too, all things being
equal.

Katrina L.

In my area - it is exactly as the next lady stated it. I'm not paying twice
as much for rent when I can own something for less.

Sarah
"Stitch Lady" wrote in message
...
"sunflower" wrote in message
...
There's a HUGE difference thanks. I am building equity in my home.
Renting
does nothing.

EXCUSE ME!!!!!!!

But just like you don't take some huge loan to study, SOME people rent so
they don't pay 5-6 times the price of a house when they buy one!!!!!! When
I
quit renting, I will go from zero equity to 100% equity in a matter of a
few
days rather then wait 15-30 years before achieving it!!!!!

Renting DOES do something. It SAVES a huge amount on mortgage
interest!!!!!
Strange that with renting I will be a 100% home owner with no mortgage, no
loans, no debts, no assistance from parents BEFORE I hit the big
FOUR-ZERO!!! Saving me about... ooooh... something like 175 thousand pound
sterling in interest and costs along the way to get my house of my dreams,
thank you!!!

Just like you asked people NOT to make assumptions about paying your own
way
when studying, do NOT assume that renting does nothing.

AND some rent because they find it more convenient than home ownership.
Like
they move around a lot for their job or business a lot.

Oh and it is all a case of how you like to manage your money. If you got
evicted for non-payment due say job loss, you will have lost ALL the money
you have paid for the house so far. Remember, the economy can flip from
good
to really bad suddenly without warning.

I think the people who survived the 1987 recession AND the early 1990s
recession can remember all the job losses and people who suddenly could
not
afford mortgages.You may remember the 1990s recession , but I think you
were
a bit young at the time of recession in the late eighties to remember that
from first hand knowledge or experience and the was way worse than the
1990s
recession was. I remember the references that were made comparing it to
the
1930s crash. I can certainly remember Black Monday.

Renting does nothing?? It stops a possible pitfall of loss of a home when
the next big recession comes along. Sorry but you are completely wrong
with
your reasoning.


Stitch Lady


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You seem to be a very angry person - I was stating MYYYYYYYYYY situation.

Renting in my area in MYYYYYYY situation - is too $$, for what you get. Why
would I spend double the money for an apartment on the third floor with no
lawn or room for my daughter to play when I could own something for way
less.

Again - I was explaining MYYYYYY situation - it is you who is drawing the
conclusions from nothing.

Sarah
"sunflower" wrote in message
...
In my area - it is exactly as the next lady stated it. I'm not paying
twice
as much for rent when I can own something for less.

Sarah
"Stitch Lady" wrote in message
...
"sunflower" wrote in message
...
There's a HUGE difference thanks. I am building equity in my home.
Renting
does nothing.

EXCUSE ME!!!!!!!

But just like you don't take some huge loan to study, SOME people rent
so
they don't pay 5-6 times the price of a house when they buy one!!!!!!
When
I
quit renting, I will go from zero equity to 100% equity in a matter of a
few
days rather then wait 15-30 years before achieving it!!!!!

Renting DOES do something. It SAVES a huge amount on mortgage
interest!!!!!
Strange that with renting I will be a 100% home owner with no mortgage,
no
loans, no debts, no assistance from parents BEFORE I hit the big
FOUR-ZERO!!! Saving me about... ooooh... something like 175 thousand
pound
sterling in interest and costs along the way to get my house of my
dreams,
thank you!!!

Just like you asked people NOT to make assumptions about paying your own
way
when studying, do NOT assume that renting does nothing.

AND some rent because they find it more convenient than home ownership.
Like
they move around a lot for their job or business a lot.

Oh and it is all a case of how you like to manage your money. If you got
evicted for non-payment due say job loss, you will have lost ALL the
money
you have paid for the house so far. Remember, the economy can flip from
good
to really bad suddenly without warning.

I think the people who survived the 1987 recession AND the early 1990s
recession can remember all the job losses and people who suddenly could
not
afford mortgages.You may remember the 1990s recession , but I think you
were
a bit young at the time of recession in the late eighties to remember
that
from first hand knowledge or experience and the was way worse than the
1990s
recession was. I remember the references that were made comparing it to
the
1930s crash. I can certainly remember Black Monday.

Renting does nothing?? It stops a possible pitfall of loss of a home
when
the next big recession comes along. Sorry but you are completely wrong
with
your reasoning.


Stitch Lady


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That is quite interesting to read you are building equity in your home. Down
here in Florida, manufactured housing depreciates with time; I know when it
comes time to sell and move on to the Old Folk's Home, we will NEVER get
back what we paid for the home. In fact, you can't get a Home Equity loan on
a manufactured home. I checked into that a couple of years ago, thinking it
may be cheaper to do that, since we own the house entirely ( we paid cash),
and use that money to pay off the Bounder loan, which has higher interest
rates as an RV.

We can always hope that Walmart will offer us an arm and a leg for the land
the house sits on!!

Gillian

"sunflower" wrote in message
...
There's a HUGE difference thanks. I am building equity in my home.
Renting
does nothing.

Sarah
"Stitch Lady" wrote in message
...
"Caryn" wrote in message
...
But, like I said, when you are paying a mortgage, whether your house
was
built
or arrived on wheels, the bank owns it! bg

And when you pay rent, the landlord owns it.

And if you live at home, your parents own it.... or the bank.

VBG


Stitch Lady


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"KDLark" wrote in message
...
Therefore, it looks very like we will be paying less on the
1,900 foot square house than we are paying for the 900 square foot
apartment.

Much depends on the housing market in your area, also. Ours is steady at the
moment, but, and it's a big "but", our local economy has taken a battering
with the softwood lumber dispute, SARS (we don't actually have it out here),
and BSE (we don't have that either!). If things get much worse and we lose
ever more jobs, people who are homeowners could take a bath when they try to
sell.
As a renter I can hand back the keys and walk away with 30 days notice.

Works for me at this age and stage of my life.

emerald, of the itchy feet!