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Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely cover their mortgage payment? Then they determine whether owning is a better financial choice than renting - are the costs of owning a home lower than the cost of renting it?
You don't want to have so much money going toward your mortgage every month that you can't enjoy life or take care of your other financial responsibilities.
If you followed this economic crisis and you do not think that the world is getting flatter, you are not paying attention. We saw the entire global economy at one time acting totally in sync. The real truth is the world is even flatter than I thought. Our mortgage crisis is killing Deutsche Bank. You still don't think the world is flat?
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.
Worm or beetle - drought or tempest - on a farmer's land may fall, Each is loaded full o' ruin, but a mortgage beats 'em all.
I'm for the Wall Street Occupiers. But will they accept me when they find out I sell packaged mortgage default instruments to children?
However my parents - both of whom came from impoverished backgrounds and neither of whom had been to college, took the view that my overactive imagination was an amusing quirk that would never pay a mortgage or secure a pension.
J. K. Rowling
Ignore the annual percentage rate when shopping for a mortgage.
While I encourage people to save 100% down for a home, a mortgage is the one debt that I don't frown upon.
Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.
The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.
If you can't afford the upkeep of your home, it makes no sense to do a reverse mortgage. You will just end up having to sell eventually when you realize you can't afford the home, and whether you have any equity left after the sale depends on the size of the reverse loan that must be settled.
The vast majority of the American people are hard-working taxpayers who take responsibility for their families, go to work every day, they pay their mortgage on time, they volunteer in their community.
People find themselves in ruts all the time. You're in a complacent lifestyle where you work 9 to 5 and then you add a mortgage and kids. You feel trapped, but guess what, brother? You constructed that life. If you're OK with it, there's nothing wrong with that. But if you've got unease, then you've got to make a change.
Even if we mortgage the next 100 years of generations of human beings, we would not have enough energy to build a Death Star.
When I was a little kid, I wrote this play about all these characters living in a haunted house. There was a witch who lived there, and a mummy. When they were all hassling him, this guy who bought the house - I can't believe I remember this - he said to them, 'Who's paying the mortgage on this haunted house?' I thought that was really funny.
I'm married. I have three children. I have a mortgage to pay. The plumbing breaks and the yard needs trimming. However, what my wife and children need most from me is my passion for them.
Once you get the kids raised and the mortgage paid off and accomplish what you wanted to do in life, there's a great feeling of: 'Hey, I'm free as a bird.'
Dick Van Dyke
What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them.
The mortgage crisis is a clear instance of consumers who needed protection. There was predatory lending to people who didn't know what they were doing.
Nassim Nicholas Taleb
Even tax breaks that are supposed to help the middle class too often skew toward the wealthy. Consider the mortgage interest deduction. While political leaders in both parties have long considered it untouchable, it actually helps those at the top of the income scale far more than those at the bottom.
Dee Dee Myers
The Tea Partiers don't want all regulations eliminated. They just want laws that can be understood and regulations that aren't going to destroy businesses, or leave deserving veterans without a source for a mortgage loan.
In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.
Left to ourselves, we might pick the wrong health insurance, the wrong mortgage, the wrong school for our kids; why, unless they stop us, we might pick the wrong light bulb.
Martin Luther King, Jr.
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