Comments on: The New Rules for Mortgages by Dale Robyn Siegel

By: Steve

Steve — Sun, 20 Sep 2009 15:47:39 +0000

Now is the time to buy. I havent owned a home in 10 years. I rented and waited. Now I just Bought a home that was worth 200k for only 110k and 4.75 int. rate. 30yr fixed. There are buys out there and knowing what your doing and not settling for whatever comes along pays off in the long run. Alway go fixed interest rate with a no penalty for early payoff……….

By: CatastropheCathy

CatastropheCathy — Wed, 16 Sep 2009 15:05:10 +0000

Good advice. I was saving my $500 per month as houses were going up at $10,000 per month. But I didn’t want to buy and then be house poor and I didn’t want to overpay. I just wish more people had been prudent so we wouldn’t be in this mess. After years of saving and watching housing prices climb and fall I am finally have enough savings and houses are finally priced right to buy! But now I’m not even sure I want a home. If I don’t get one I can retire in 10 years. Retiring early and sailing sounds preferable to working longer and mowing a yard. Just my current opinion and subject to change at a moment’s notice.

catastrophecathy.blogspot.com

By: Jim

Jim — Tue, 15 Sep 2009 17:44:27 +0000

Whoops, I mis-wrote it I swear

By: Financial Samurai

Financial Samurai — Tue, 15 Sep 2009 17:30:47 +0000

Whatever you do, make sure you have at least 30% of the value of the home saved up in cash. 20% goes to downpayment and closing costs, and 10% serves as your buffer in case financial disaster strikes.

By: D

Tue, 15 Sep 2009 17:06:24 +0000

btw, it’s “rose colored glasses”, not rose “covered”

Nice review!

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Tue, 15 Sep 2009 16:04:01 +0000

Jim, this is an excellent recommendation. Mortgages have become so much more complicated than they used to be. The really bad part is when people ***think*** they understand them.

The basic concept of a mortgage is simple, but the bells and whistles are where people get tripped up, especially when you add the emotion that goes with buying a house.

And of course, once you close, it’s too late to get educated, you’re locked in for the term of the loan, unless you can refinance or sell.

By: Trish

Trish — Tue, 15 Sep 2009 04:09:57 +0000

Thanks for taking the time to write this review, Jim! I know you’ve been busy, so I’m especially appreciative.

I bought my condo about four years ago, but the way you presented the book, when I end up buying a house someday (I hope!), I think this book will come in handy. Even having bought a house I think there’s a fair amount I might not know or need a refresher on.

I sent you an email, too. Hope it doesn’t go to spam!

By: zapeta

zapeta — Mon, 14 Sep 2009 21:29:18 +0000

Sounds like a good read. I don’t think I’ll be buying a house anytime soon but its nice to have the information out there and in one place.