Comments on Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House LoansTypePad2006-11-03T11:29:00ZNAhttps://www.freemoneyfinance.com/tag:typepad.com,2003:https://www.freemoneyfinance.com/2006/11/free_money_fina_2/comments/atom.xml/Cat commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834c529eb53ef2006-11-14T03:23:45Z2008-08-29T16:57:17ZCathttp://www.astartuplife.comI have become very surprised at the number of people who just don't understand the concept of living below their...<p>I have become very surprised at the number of people who just don't understand the concept of living below their means.</p>FMF commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834c2346253ef2006-11-03T21:06:09Z2008-08-30T07:27:54ZFMFhttp://www.freemoneyfinance.comIf you really want my thoughts on the subject, read the articles I've linked to above.<p>If you really want my thoughts on the subject, read the articles I've linked to above.</p>Mike commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834f78e8969e22006-11-03T20:29:45Z2008-08-29T00:31:07ZMikeSo borrow less? Why does someone with a 0% down loan have to borrow more? Can't they just buy a...<p>So borrow less?</p>
<p>Why does someone with a 0% down loan have to borrow more? Can't they just buy a less expensive house?</p>
<p>Instead of buying a $100,000 house with $20,000 down, just buy an $80,000 house.</p>
<p>The total amount borrowed is equal. How is this evil?</p>FMF commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834c22f4853ef2006-11-03T20:06:30Z2008-08-29T16:55:54ZFMFhttp://www.freemoneyfinance.comMike -- I think you said it yourself: "borrowing money isn't all that great a deal" And the more you...<p>Mike -- I think you said it yourself:</p>
<p>"borrowing money isn't all that great a deal"</p>
<p>And the more you borrow, the worse it gets.</p>Mike commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834c22bd653ef2006-11-03T19:50:17Z2007-04-29T00:36:47ZMikeHelp me out here. I'm having a hard time understanding why the 0% down loans are evil. Yes, I realize...<p>Help me out here. I'm having a hard time understanding why the 0% down loans are evil.</p>
<p>Yes, I realize that if the house depreciates, the borrower could be upside down on the loan. It seems like this is "evil" for the lender.</p>
<p>If I put down 20%, then the market falls and I have to sell, I lose my downpayment. That's bad for me.</p>
<p>In the same situation except that I put nothing down, I'd probably just drop the keys off at the bank and let them have it. That's bad for the bank.</p>
<p>Sure its bad for me too, because my credit would be shot. Is that what makes the 0% down "evil"? Because if you ask me, borrowing money isn't all that great a deal, so I'm not seeing a ruined credit rating as all that big of a downside.</p>Lord commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834f788fe69e22006-11-03T19:16:59Z2008-08-28T06:29:21ZLordPerhaps it would be better to say not the loans are evil but the borrowers are fools. If you are...<p>Perhaps it would be better to say not the loans are evil but the borrowers are fools. If you are only going to be in a property 2 or 3 years you probably shouldn't be buying, certainly not now. These loans cater to the crowd that act only for tax reasons and are more interested in ways of increasing their spending than in building their wealth. Then again, it takes all types and the world would be a duller place without them. Circumstances do vary and under the right conditions most anything can make sense, rare though they may be. </p>Rich Slick commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834f7726d69e22006-11-03T15:26:12Z2008-08-27T11:43:16ZRich Slickhttp://www.getrichslick.comI agree somewhat with Cory. There are many instances when interest only loans are perfect for people. What if you...<p>I agree somewhat with Cory. There are many instances when interest only loans are perfect for people. What if you only plan on living there for 2 or 3 years? How is a 30 year fixed mortgage the better than an I/O loan for that time window?</p>
<p>There are simply too many variables to cast such a wide net and say "all these loans are evil"</p>
<p>I think ultimately the issue isn't that particular loans are "evil" but that consumers aren't educated enough to make sound financial decisions. The true "evil" is the state of our education system in this country.</p>cory commented on 'Free Money Finance Top 10 Most Hated Posts/Themes: #4 Evil House Loans'tag:typepad.com,2003:6a00d83451bcbd69e200d834c20bc653ef2006-11-03T13:57:38Z2007-04-29T00:33:12Zcoryhttp://www.coryinabox.comHave you noticed a trend with these "Most Hated" posts? Maybe that they're all full of broad, sweeping generalizations? Maybe...<p>Have you noticed a trend with these "Most Hated" posts?</p>
<p>Maybe that they're all full of broad, sweeping generalizations? Maybe that they're all dividing "us" from "them"? Maybe that they're all condescending in tone? Mabye that, unlike the posts that don't generate a ton of hate mail, these ones are just a thinly veiled way of saying "This is how to live your life grow your net worth. I am right and you are wrong."</p>
<p>I've read this site for a while, and judging from the overall tone of the blog I'm pretty sure you didn't intend your tone in the posts to be negative. But a lot of people seem to feel they are. Maybe a lot of people are on to something.</p>
<p>Food for thought.</p>