Renasant bullish on mortgage business

Renasant bullish on mortgage business

There are 7 comments on the Business Journal story from Jun 27, 2014, titled Renasant bullish on mortgage business. In it, Business Journal reports that:

The recent year hasn't been very kind to Birmingham's mortgage sector - at least not for employees of many banks.

Join the discussion below, or Read more at Business Journal.

Laws

Tupelo, MS

#1 Jun 29, 2014
The idea is not to borrow money and be a slave to the banks. Responsible people save for a home and buy it with cash. That way they do not over buy and make the real estate people rich so they can screw more people.

To go into debt is to kill the economy and give the power to the banks.
Rod Knox

Tupelo, MS

#2 Jun 30, 2014
Intelligent responsible people recognize that paying down a mortgage is preferable to paying rent.
Shoe

Tupelo, MS

#3 Jun 30, 2014
Rod Knox wrote:
Intelligent responsible people recognize that paying down a mortgage is preferable to paying rent.
No, it is not rent. You have the maintenance and responsibility of a home. You have to insure it when you have a mortgage and property tax. You just can not leave it you have to sell it and the real estate gets 6% of the cost. Homes are long term deals that tie you down and effect getting better employment in other places. Values can and do go down leaving you paying more than they are worth. It is not the same as rent. If you need a bigger place it is an ordeal to sell it. I have been trying to sell in Tupelo for 8 years and would have to lose big at auction if I want to leave.
Rod Knox

Tupelo, MS

#4 Jun 30, 2014
I have owned 3 homes in Tupelo and each one was a significant financial gain when sold. Replacing the roof on my second home was relatively inexpensive when making a monthly payment of $164 piti 20 years ago when an apartment of comparable size rented for $450.

I paid cash for my current home after selling the previous home for 300% of what I paid. It's been nearly 20 years since I made a payment on a mortgage. But then I haven't made a car payment in 40 years, either. I wonder if Shoes and Law can say the same.
Shoe

Tupelo, MS

#5 Jul 1, 2014
Inflation makes your extra cash not worth very much. I bought gas for 19 cents a gallon including tax when I first drove. It is the way government increases taxes they just print more money.
Rod Knox

Tupelo, MS

#6 Jul 1, 2014
Home ownership can be an excellent hedge against inflation. It has been for me. As I said, I haven't paid rent or made a mortgage payment in nearly 20 years. Instead of paying rent I made mortgage payments and they didn't increase over the years while those paying rent saw regular increases. Of course choosing the right house in the right neighborhood is essential.
Change

Tupelo, MS

#7 Jul 1, 2014
Over the life of a mortgage things change and like Detroit when a town takes government handouts the value of property goes down. Tupelo is not making the changes needed to bring in educated people that start high paying businesses.

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