Houston area (along with DB's not from Houston) BS thread

Days almost over!

 

Quick laugh
http://www.youtube.com/watch?v=jlSF0dtDRD8&list=RD02NRItYDKSqpQ

 

Lol who brought up the subi subject?

 

EVEN A BETTER LAUGH!!
http://www.youtube.com/watch?v=mCYN2H5KoeI&list=RD02NRItYDKSqpQ

 

Too many people mod and break things and you'll be included in that even if you do nothing to the car. They'll just say you were racing your car.

 

That kid said nothing lol

 

Just like every truck that goes into toyota with mud tires, is now classified as a mud truck

 

I know! But the subtitles make sense when you read them.. Well not really but its pretty funny! A good morning laugh for sure!

 

Oh yeah. I got that with the truck. All good tho hopefully I dont have to use it

 

Felt like I crushed that test. But with my luck ill end up with like a 70..

 

They wouldn't wash mine last service I got done. Said it would clog their drains lol

 

Do it

 

3.5% is a really good rate. Mines in the 4% range when I bought three years ago.

 

are you looking to stay in this house for a while, or will you move again in 5ish years?

if you plan to move in 5-7 years, you can get a lower interest rate by taking what's called and "armed" loan.

 

Do explain please.

 

Adjustable Rate Mortgage, ARM. Starts off with a low rate, then after some period, 3-5 yrs or so, the rate will adjust to market + some percentage. Works well if you only stay to that initial period, but then can get expensive quick.

 

It stands for Adjustable Rate Mortgage. It's essentially just pushing the interest forward on your amortization curve.
you can typically get them with up to a 10 year arm, with 5 and 7 year arms being the most common. It's an interest only deal, where for the first number of years (you choose how many), you are paying off just the interest, not the principal. the interest rate (and therefor your payment) is fixed for the selected number of years. It is generally a lower interest rate as well (there's the benefit). after the arm period expires, the interest rate will fluctuate with the market. at that point, it can become hazardous on your end if you haven't sold the house or paid off the mortgage.

so if you intend to sell within the arm period, the result is a lower interest rate for the duration of your ownership.

For example, with the house I am buying, i am getting a 5 year arm. i will be there for no longer than 3 years, so 5 years gives me planety of slack. because of the arm, my interest rate is only 2.5%. my monthly payment is only $350 because i am paying towards the interest only at first. I will however contribute to the principal each month, to the tune of $1000-$1200 in order to get more money back in my pocket when i sell the house, but that's optional.

if you google it, there are a number of good explanations that are probably better than mine.

 

thanks. I didn't feel like googling.

 

Oh, and wrap that shit up damnit!