The high cost of jumbo mortgages

Full story: Newsday 57
When Allan Press started looking for a new home in the spring, he was approved for a $561,000 mortgage at a 6 percent interest rate. Full Story
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LIer

Hicksville, NY

#1 Jan 4, 2008
Or, just buy a house you can afford. Simple, isn't it?

“Once Saved...Always Saved!!!”

Since: Jan 07

Bastrop Louisiana

#2 Jan 4, 2008
LIer wrote:
Or, just buy a house you can afford. Simple, isn't it?
That was my thoughts. Otherwise, the government will be coming in again later to bail out irresponsible borrowers because they wanted and got what they could not afford.
Miller Place

Hicksville, NY

#3 Jan 4, 2008
I have to laugh... I grew up in Miller Place and our house cost us $19,000.00 for a BRAND NEW HOUSE. Of course it was back in the 1960's but still, it's has gotten soooooooo out of hand.
Jay

Pleasanton, CA

#4 Jan 4, 2008
Where are affordable houses? When you live on an island land is a precious commodity, thus the supply and demand do not always make sense.
Jim

Cranford, NJ

#5 Jan 4, 2008
LIer wrote:
Or, just buy a house you can afford. Simple, isn't it?
You mean to say that if I work at Wal-Mart making $8/hr, I shouldn't buy a $600,000 house or drive a $50,000 car?
Christine

Chorley, UK

#6 Jan 4, 2008
"It's best to run the numbers first on the different ways to structure the loan to see what's most affordable for the borrower, brokers say."

No it's not, you idiots. If you're a buyer, it's best to NEGOTIATE HARD first. Then get a traditional loan.

Sheesh. Doesn't anyone realize that they want to sell as big of a loan as possible?!
Left LI

New York, NY

#7 Jan 4, 2008
Just about all of Long Island is trash, and never more then 1 mile away from a ghetto. Enjoy your 2 mortgages, and corrupt local gov, school boards, oh yes and local water authority!! Have fun with that commute from Miller Place to NYC! Enjoy the LIRR....
DWW

South Plainfield, NJ

#8 Jan 4, 2008
Left LI wrote:
Just about all of Long Island is trash, and never more then 1 mile away from a ghetto. Enjoy your 2 mortgages, and corrupt local gov, school boards, oh yes and local water authority!! Have fun with that commute from Miller Place to NYC! Enjoy the LIRR....
By your bitterness, it's quite evident that you could not succeed professionally enough to afford a life on LI. So bash away unitll you feel better. And enjoy Jersey. By the way, what exit is that?

I have no sympathy for anyone who buys a house they can't afford...
Miller Place

Hicksville, NY

#9 Jan 4, 2008
Left LI wrote:
Just about all of Long Island is trash, and never more then 1 mile away from a ghetto. Enjoy your 2 mortgages, and corrupt local gov, school boards, oh yes and local water authority!! Have fun with that commute from Miller Place to NYC! Enjoy the LIRR....
I think that you have made quite an ignorant comment. And quite nasty.
mike

Toronto, Canada

#10 Jan 4, 2008
Left LI wrote:
Just about all of Long Island is trash, and never more then 1 mile away from a ghetto. Enjoy your 2 mortgages, and corrupt local gov, school boards, oh yes and local water authority!! Have fun with that commute from Miller Place to NYC! Enjoy the LIRR....
does saying stuff like this make you feel better because you HAD to move when your job moved to jersey city... come on... its a step up for the thousands of staten islanders that move there every year, but anyone else... eh... have fun at the jersey shore, because thats where anyone with money vacations during the summer... oh wait, that would be that ghetto on long island of south hampton right?
Christine

Chorley, UK

#11 Jan 4, 2008
Hey - I'm one of the 1/5th of LIers in my age group that left already. LI isn't trash (completely, that is) but you do have to wonder how intelligent it is to live in a place where those who set property tax rates are virtually unaccountable, public transport is nonexistent (and for the poor only!*gasp*), and you switch your doctor every year because your job changes health plans.

Is it that worth it for the beaches, pizza, bagels, and good greek food at diners? Really?
Faust

Addison, TX

#12 Jan 4, 2008
Left LI wrote:
Just about all of Long Island is trash, and never more then 1 mile away from a ghetto. Enjoy your 2 mortgages, and corrupt local gov, school boards, oh yes and local water authority!! Have fun with that commute from Miller Place to NYC! Enjoy the LIRR....
I'm sorry that you don;t make enough to live here but in truth we are all better off without folks like you.
Tired Old Man

AOL

#13 Jan 4, 2008
JUMBO say nothing more how can people complain about how expensive something expensive is.
alexei27

Centereach, NY

#15 Jan 4, 2008
Jim wrote:
<quoted text>
You mean to say that if I work at Wal-Mart making $8/hr, I shouldn't buy a $600,000 house or drive a $50,000 car?
And don't forget the $300 blackberry to text on while driving...
Average citizen

Fort Lee, NJ

#16 Jan 4, 2008
Gotta love the combo/split conforming plus HE loan idea.

Just another way of saying "sub-prime".
ess kay

Brooklyn, NY

#17 Jan 4, 2008
A HOW-MUCH Thousand dollar mortgage, you've got to be kidding me. You're outta your mind to take that high a mortgage. It's probably an interest only mortgage too. A little down turn in the economy and a loss of that wall street job and there goes house-->bye bye. The further you go out east the harder you'll get hit when the home values dive. Miller Place is very difficult to get to. We looked at some new developments (Davis peach farm area)out there $400k-$500k and they were gorgeous, but my god it took forever to get up there.

Since: Jan 08

Brooklyn, NY

#18 Jan 4, 2008
the problem isnt the price of the homes, its the fact that the gentleman in the article put only 5% down, which in my parents day, they are 56, was close to unheard of, even if the homes were much cheaper. This guy probably makes over 150k a year, im sure his wife works, and he didnt have more than 30k saved up? thats kinda pitiful. I am sure he lived elsewhere and sold his home, where was the equity from that??? unfortunately the economy is stagnated in NY and salaries arent rising like they are in other parts of the country. There is only so much money to go around, and within 10 years you will see an economic collapse much like what happened in detroit. its just a matter of time.
guild

Allentown, PA

#19 Jan 5, 2008
Tell me what this line means (Like Press, people who need jumbo loans to buy a pricier home) Why does he need a pricier home, The key word here NEED.. Dont live
within your means...what has happened to common sence... There was a time people bought starter homes
and through time and SAVING they later bought a larger more expensive home... We live in the gotta have it now generation, Reguardless of the cost than blame everyone else when they cant afford it!!!!!!
And The Taxes

Bayonne, NJ

#20 Jan 5, 2008
This article doesn't even mention the taxes that go along with home ownership on Long Island, which add hundreds and in some cases thousands of dollars to the monthly cost of owning a home.
Average citizen

Fort Lee, NJ

#21 Jan 5, 2008
And The Taxes wrote:
This article doesn't even mention the taxes that go along with home ownership on Long Island, which add hundreds and in some cases thousands of dollars to the monthly cost of owning a home.
Correctomundo. Do the math.

The TCO (mortgage, taxes, maintenance) is a strong multiple of the interest-only payments, and can approach 2 times P&I.

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