Do you actually think the Federal Reserve is going to lower interest rates at the end of July 2019!? - Auto-Trend Repairs and Service Information Forums

Nuffan · No longer a user - left on their own accord.

RE: Do you actually think the Federal Reserve is going to lower interest rates at the end of July 2019!?

Rastus · UNSTOPPABLE!

Nuffan wrote:

They bend over backwards to help someone thick in debt....but are going to charge me six ways from Sunday because I paid off two mortgages in one year...

That's what they like to do...The more debt, the better for them...

People with mortgages nearly paid-off "could" be better-off to leave $01:00 owing on the mortgage, so they can borrow again without needing a new contract or interest rate.

SELLC · CERTIFIED POST WHORE

I have never heard anything about free re-finances, that almost seems absurd!

Once you close on a loan up this way that's it! You change it there is going to be charges because it's in essence a re-fi!

What is this program you speak of that would allow a re-finance without closing cost Nuffan? I'd like to look into that!

Nuffan · No longer a user - left on their own accord.

SELLC wrote:
I have never heard anything about free re-finances, that almost seems absurd!
Once you close on a loan up this way that's it! You change it there is going to be charges because it's in essence a re-fi!
What is this program you speak of that would allow a re-finance without closing cost Nuffan? I'd like to look into that!

free is certainly not the correct word...and they were called loan modification programs not refinance programs...

What they eliminated were POINTS, and could only be used on a mortgage that was created between 2002 and 2010.

SELLC · CERTIFIED POST WHORE

Shucks... I got my mortgage well after 2010. hmm

It was worth trying I suppose, but now my hopes have been dashed. lol

Nuffan · No longer a user - left on their own accord.

SELLC wrote:
Shucks... I got my mortgage well after 2010.
It was worth trying I suppose, but now my hopes have been dashed. lol

You can use programs that will allow you to roll the cost into the loan...to me that is a fools errand...lol but it does save you from paying it out of pocket up front...

SELLC · CERTIFIED POST WHORE

I have pretty much given up trying to re-finance, actually the lenders and the credit reporting companies have got me so pissed off there is probably no way that I will subject myself to the circus that a mortgage or refinance has become.

Every time I literally have to spend DAYS sending in documentation and jumping thru hoops - only to see my loan amount shrink more and more as the process unfolds. Every time they blame it on the Government - EVERY SINGLE TIME!

Like the time they claimed they would get me $170k on my home in a re-finance, only to have that number whittled down to $140k as the process unfolds, all this before the appraisal! Never mind my house books for $210k according to my location and local selling prices!

I have taken some steps to prepare for battle with the lenders, reporters and ultimately the Fed... For example I have set up new accounts at a local credit union who gave me a loan for my Red Corvette. I also plan on taking a few other precautionary measures as well.

It's not going to be pretty, but it's got me so upset that I think it needs to be documented and filed with the courts because these lenders have done nothing but hit my credit with hard enquiries while promising the moon! And every single time when they try and pull a fast one and either offer me way less than we agreed, or try and include a PMI payment - I tell them to go fu$k themselves! They don't expect that, but that is what I do! I have turned down more mortgage offers half way thru than I have been denied and in both cases when I was turned down I am pretty sure they were just trying to pay me back for my telling them to get bent in the past.

I am making slow but steady progress in paying things down, I hope I can keep it up. It's going to be a rough two years unless I sell a few vehicles... That is what pisses me off, I don't have a car payment, obviously, but they don't even take that into consideration. I shouldn't have to sell my paid for cars just because I want a higher credit score! You would be amazed how much they rate you on things like insurance with your credit score! It's a scam!

Nuffan · No longer a user - left on their own accord.

SELLC wrote:
I have pretty much given up trying to re-finance, actually the lenders and the credit reporting companies have got me so pissed off there is probably no way that I will subject myself to the circus that a mortgage or refinance has become.
Every time I literally have to spend DAYS sending in documentation and jumping thru hoops - only to see my loan amount shrink more and more as the process unfolds. Every time they blame it on the Government - EVERY SINGLE TIME!
Like the time they claimed they would get me $170k on my home in a re-finance, only to have that number whittled down to $140k as the process unfolds, all this before the appraisal! Never mind my house books for $210k according to my location and local selling prices!
I have taken some steps to prepare for battle with the lenders, reporters and ultimately the Fed... For example I have set up new accounts at a local credit union who gave me a loan for my Red Corvette. I also plan on taking a few other precautionary measures as well.
It's not going to be pretty, but it's got me so upset that I think it needs to be documented and filed with the courts because these lenders have done nothing but hit my credit with hard enquiries while promising the moon! And every single time when they try and pull a fast one and either offer me way less than we agreed, or try and include a PMI payment - I tell them to go fu$k themselves! They don't expect that, but that is what I do! I have turned down more mortgage offers half way thru than I have been turned down and in both cases when I was turned down I am pretty sure they were just trying to pay me back for my telling them to get bent in the past.

With solid credit meaning above 725 credit score you should be able to borrow 168k on a house that appraises at 210K

80% of the value...

SELLC · CERTIFIED POST WHORE

And this practice where you credit score gets lowered simply by checking rates!

Everyone advertises that checking mortgage rates won't affect your score but that's a big fat lie! They can't even give you a rate quote without pulling your credit, so it's just a big scam that they get away with.

Same goes for when you're buying a car! It discourages people from finding the best rate when shopping around could lower your credit rating by 60-100 points depending on how many inquiries are made. That is just WRONG!

SELLC · CERTIFIED POST WHORE

Nuffan wrote:

With solid credit meaning above 725 credit score you should be able to borrow 168k on a house that appraises at 210K

80% of the value...

I have kept ALL my mortgage applications going back to when my credit score was above 725, even though now it is much lower than that.

These arbitrary numbers that the credit reporting companies brew up are the worst! If you pay off everything it won't be long before they start saying you're underutilizing your credit... If you keep things paid off for too long they will claim you have insufficient payment history, and if you actually use your credit they will claim your over-utilizing, regardless if you have never missed a payment!

I actually had one of my credit card limits cut to a pathetic $500 credit line! I guess Barclay didn't like the nasty letter I sent them about their Princess and my laughing about getting free interest for two years on my iPhones... They responded by lowering my credit cards limit and chased the balance the entire time I made them eat that promotional interest rate of Zero percent. Now I can't even close the damn card because that will lower my score! Yet I have seen now that they are claiming I have "too many cards with a low credit line"!! LOL, not even kidding! It's gotten to the point where I don't even bother to get upset anymore and just check my credit regularly to prevent fraud!

Here is another thing, back when Equifax was hacked I tried to pull my Equifax credit report but they insisted that I send in photos of my drivers license and social security card! I was like HELLO! lol, your shit just got hacked! I am not sending you people #HIT for information! Yet still to this day they will not allow me to view my free Equifax credit report! I have to pay another company to pull it! This other company is constantly selling my information to creditors who send me all kinds of shitty card offers, and my email box is always packed with their suggestions that often times defy logic and try and push me into their sponsored advertisers credit offers. It has gotten so bad that I am taking legal action, Maybe they will ALL leave me alone once they get the bill from their attorneys.

Nuffan · No longer a user - left on their own accord.

You should always have your financing in place before you go to make a purchase...

The inquiry penalty is one most borrowers bring on themselves...

particularly those who do not have impeccable credit...

A single inquiry does not have any impact, having more than 3 in 24 hours gets a small ding...when you have a couple dozen in 30 days is where it gets out of hand...

people who go to buy a car? and allow a dealership to arrange financing are the hardest hit...

Dealership do not care about you or your credit, they care about selling as much car as they can....and will use your credit against you in anyway they can...it is to their advantage to submit you to a dozen banks ALL of which will run a inquiry...

I take a 15 point hit because I do not have enough pays as expected accounts...even though ALL my accounts say I pay as expected....

I have very few accounts open...and this creates a bullshit penalty for me...

So I get what you are saying...then again at the end of it...we want their money...not vice versa...lol

We are the borrower...it is their game and their rules...and we are not required at all to play...

I know it sucks....but it is simply the truth...

SELLC · CERTIFIED POST WHORE

I have impeccable credit...

24 active accounts - PAID ON TIME - AS AGREED

NEVER LATE! Worth three times what I owe! Equity hanging out my ass!

That is impeccable credit...

We're not talking about a country club membership, car loan, or credit card... We're talking about a Government loan, their rules take a back seat to Government regulation.

I told em' all, "I'll see you in court". We will see how much their legal department is laughing when the US Marshal drops off my summons and complaint.

SELLC · CERTIFIED POST WHORE

And FYI, you can't just use your run of the mill attorney for Federal Court... Nope, they will have to bust out the Gold card for that attorney.

Last institution I took to Federal Court had the bill paid by their insurance company - and four years later I still didn't pay a cent of interest! Sure, I am expelled from that institution today, but like I said - that prevents future problems! LOL

An institution that does not operate on the level is not one you ever want to get mixed up with again.

-- Edited by SELLC on Monday 12th of August 2019 11:10:05 PM

SELLC · CERTIFIED POST WHORE

And yet I tell myself at the same time, "Don't do it" because of the amount of time and hassle it takes.

I am really on the fence about what I should do, it just feels like a squeeze but at the same time the only people who are losing money is the Government as the interest rates continue to plummet.

I can only imagine they are talking about devaluing the dollar because hyper-inflation is setting in.

I am still in shock over the increase in retail prices locally, and you know the retailers are just doing it because it's almost expected. Soon they will be paying more to replace their stock - even though chances are they will be getting it from the same place, China!

Markets have not started off the week on a very good footing and Asian markets are in the drink already going into Tuesday...

Guess it won't be long before people are running around crying that the sky is falling. lol

Rastus · UNSTOPPABLE!

SELLC wrote:
And yet I tell myself at the same time, "Don't do it" because of the amount of time and hassle it takes.
I am really on the fence about what I should do, it just feels like a squeeze but at the same time the only people who are losing money is the Government as the interest rates continue to plummet.
I can only imagine they are talking about devaluing the dollar because hyper-inflation is setting in.
I am still in shock over the increase in retail prices locally, and you know the retailers are just doing it because it's almost expected. Soon they will be paying more to replace their stock - even though chances are they will be getting it from the same place, China!
Markets have not started off the week on a very good footing and Asian markets are in the drink already going into Tuesday...
Guess it won't be long before people are running around crying that the sky is falling. lol

Hey SELLC,

Didn't PowerStroker predict this a couple of years ago ?...

SELLC · CERTIFIED POST WHORE

Predict what exactly?

Rastus · UNSTOPPABLE!

Recession.

SELLC · CERTIFIED POST WHORE

Every Democrat in the country has been screaming recession every since Trump was first elected... When Obama was President every Republican was screaming recession...

Regardless, saying there is going to be a recession is like saying it's going to snow in the winter, only no one really knows when it's going to hit - they know it's something that just happens - just like shit happens.

Nuffan · No longer a user - left on their own accord.

What we are about to see is a abrupt leveling off in the economy...

mostly due to China manipulating it's currency...

The overall economy has accelerated since the corporate tax cuts...it can only accelerate for so long...

if not for China manipulating it's currency we might have been able to raise interest rates 25 basis points rather than cut them...

There are two very unfortunate casualties so to speak from this trade war...

1) Farmers...what needed to happen has adverse effect of agricultural products as that was a large part of our export...

2) a cost increase on certain product we are dependent on imports for...

We could not continue to go with the unbalance trade with China, Trump has done well so far on subsidies for farmers...but that will have to continue...

Hopefully China quickly realizes they have a LOT more to lose in this war...

We can become more self sufficient...China can not go a long duration without the exports they have counted on for three decades...

it will cost us a little more at the register while this continues but in the long run we will gain a lot by holding the course...

We have the strongest market on the planet it is high time we started using it to our advantage in a global economy...

-- Edited by Nuffan on Tuesday 13th of August 2019 08:33:22 PM

SELLC · CERTIFIED POST WHORE

Well I am sure Liberals everywhere are smiling today as the markets tumble...

You claim it's because of China and I think maybe that might be part of it, but the biggest part is the bankers...

Honestly the Federal Reserve lowering interest rates is just a boon for big banks! People weren't apposed to paying 3-5% but the only problem was that the banks weren't lending. It does not matter how low they drop the interest rates because in reality when the interest rates are real low the banks just quit lending to regular people (Read that as people under 800 credit score). So the only people that benefit from rate drops are the banks and big business!

PowerStroker · UNSTOPPABLE!

Liberals are hurt when the markets tumble too, I ain't smiling.

SELLC · CERTIFIED POST WHORE

Yes it would seem the 800 point hit on the market today was rather harsh!

You have to wonder what tomorrow will be like, but I still see people saying it isn't over and the DOW is destine to hit 30,000!

Where I am sitting, and the attitude of lenders lately - I ain't seeing it! In fact it would seem many are pulling back!

Rastus · UNSTOPPABLE!

Yo,

I watched this again the other day, namely because I was searching for the name of the book that all our money-matters are taken from...The book's called Modern Money Mechanics, but the documentary will explain all in relative detail, & hopefully gives insights as to why it's possible to have "negative" interest rates, though rarely. I'll look forward to Mr.Trumpdt bringing back the "Green-back" if that's his real intention here,( though doubtful )...

This is a MUST WATCH imo if money matters to you !

www.youtube.com/watch

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:
Liberals are hurt when the markets tumble too, I ain't smiling.

Fuk'n liar!

According to the Liberal MSNBC, who you love, their anchor has said exactly what I have said about liberals feelings towards economic destruction,

"About time we get another recession"

https://www.foxnews.com/media/recession-dow-jones-trump-economy-msnbc

Trust me, you aint going to be smiling in 2020 when Trump wins re-election, because the Democrats don't have $hit for candidates!

PowerStroker · UNSTOPPABLE!

Not all of us drink the same kool aid my friend. Just as not all Republicans are Nazi sympathizers or take joy in female genital mutilation, just some of you do.

SELLC · CERTIFIED POST WHORE

These are YOUR people PowerStroker! YOU are their constituents! This is what they are doing to us BOTH!

How can you support this!? You don't want to admit it, but losing the money to you feels good because lets face it - your party is desperate!

Shawnee_B · FAR BEYOND DRIVEN

Dems are done. They killed themselves.

Save yourself Powerstroker, register republican before you have no party. Oh yeah, you don't huh.

PowerStroker · UNSTOPPABLE!

While I don't always agree with my party on every issue, they do seem like a better fit to me than the Republican party. And while I do have fears about the effect of debt financed tax cuts to stimulate an already good economy, or lowering the already low interest rates as a means to use monetary policy to try compensating for bad trade policy, I make no prediction as to exactly when the house of cards will fall, which could very well be quite a while from now.

SELLC · CERTIFIED POST WHORE

PowerStroker wrote:
While I don't always agree with my party on every issue, they do seem like a better fit to me than the Republican party. And while I do have fears about the effect of debt financed tax cuts to stimulate an already good economy, or lowering the already low interest rates as a means to use monetary policy to try compensating for bad trade policy, I make no prediction as to exactly when the house of cards will fall, which could very well be quite a while from now.

Gee PowerStroker, the same could be said about death... we're all going to die one day, right?

That said, I thought my party was that of the fiscal hawk, making logical choices and good investments. I am not saying that Trump is going to fail, higher highs and lower lows sort of thing, but I am going to sound the alarm. I don't see investment into small business, I don't see major infrastructure improvements at work (sorry Greenland), I don't see money flowing in the ways it needs to in the USA to "move and shake". What I see is money being consolidated at the top, for the top only! What I see is banks and lenders pulling back, demanding unthinkable concessions they would only offer the consumer for a short period of time, a year perhaps.

If banks were allowed to refinance all of their debt at zero percent interest, while still charging the consumer the current rates - that would be a HUGE boon for them that many people just wouldn't even understand. That is like game changing, and it amounts to a massive restructuring of debt the likes of which no-one has ever seen, which is to say normal people won't see ANY OF IT! After we give the banks a cookie, it's going to come looking for a glass of milk.

Seeing it for the first time I was obviously very upset, knowing that not many even realize it doesn't bring much comfort either.

PowerStroker · UNSTOPPABLE!

While we don't always agree on everything, or even much generally, I do see a common desire to stick it to the big banks and perhaps you are even coming around on redistribution of wealth through tax policies that actually benefit the working class over the investor class.

SELLC · CERTIFIED POST WHORE

I have enjoyed a generous EIC and child tax credit for many years... My oldest no longer qualifies for the child tax credit so that has gone away, even though he living at home plus still in high school and will be clear thru half of next year.

I understand these programs as wealthy redistribution based on merit. Kids obviously contribute to society by keeping society alive, while an earned income credit creates the incentive to file taxes and at least show some profit, rather than living a life under the table working in all cash. I understand these programs and they have helped me and my family! I would like to think every American enjoys something similar, especially if they aren't the conglomerate mega-business type. But with this new proposal to let banks borrow at zero or negative interest rates is obscene! Can you imagine how much better that money could be spent by at minimum "loaning" it to the people!? I am not even talking about giving it away, although that is EXACTLY what it would be should banks get zero or negative interest rates!

Something isn't right, banks and markets are demanding the Fed give them zero percent interest, and it won't be long before they are demanding the Fed to PAY THEM to borrow money so they can loan it to us at steep interest rates!

It's fooking bull shyte!

SELLC · CERTIFIED POST WHORE

However, that does not mean that I support giving any benefits to illegal aliens, or allowing them to even enter illegally.

It does not mean that I think men should be allowed to enter the woman room, regardless if they identify with a different sex. Until the plumbing is in order you use the bathroom based on your physical plumbing at the moment. If some guy wants to cut off his dick and have a vagina then fine, he is a woman now. If some woman wants to have a dick sewn on her cooter, then fine - she can pee next to me in the mens room. It's just simple respect.

I am also against any and all forms of affirmative action, racism or reverse racism of any kind. You are trading on your own skills, lets not waste time.

I am still against any and all hyphen Americans... Either you are American or GTFO!

I still think homos should be able to do whatever they want behind closed doors but I take issue with any homosexuals that think being married justifies the same concessions as hetrosexual couples having kids the old fashioned way. I still contend that homosexuality is not good for young children to grow up in and that's not to say there isn't love there, or that it doesn't happen - just that it's unfair to the kid since he obviously was not born out of homosexual love.

So there you have it, I would not be welcome in the Democrat party and I have noticed a lot of Bidens tweets touch on these core principals to where I am about to unfollow him as well. Such a shame, I don't feel I am one bit racist or homophobic.

PowerStroker · UNSTOPPABLE!

There's always Elizabeth Warren, nobody running hates the banks more than her!

SELLC · CERTIFIED POST WHORE

Warren seems so angry, but you never know.. the election is a long time out and a lot can happen between now and then. Ill be keeping an open mind this election that is for sure.

Not very pleased with Warrens tuition giveaway, but only because I dont have any student loan debt.

SELLC · CERTIFIED POST WHORE

Also not too impressed with Yang either, sure $12k per year in free money could come in handy but he comes off as an insincere cocky little Asian, more or less a bullshitter trying to buy the election with tax payer money.