Anyone here cheap?

[RickTheToad]

We are talking about the same disclosures. Every state can be different, but they tend to follow the same model. What I keep trying to say is that the required disclosures are a joke, because most of the broker's pay check comes from the lender based upon how much above wholesale they quote you on the rate. And that wholesale rate is a secret that only the broker and lender get to know.

That I do not know. I do know what the costs were on closing to the bank. The closing costs were less than 4k for a 600k purchase. So, I am not sure what the banker got, but it wasn't very much.

 

[Bible_Belt]

That I do not know. I do know what the costs were on closing to the bank. The closing costs were less than 4k for a 600k purchase. So, I am not sure what the banker got, but it wasn't very much.

Oh they made their money. That is not to say you got a bad deal, but they always make a handsone chunk off back end compensation. Closing costs always exist and other than points they represent all the other people who have their hands in the pot besides the broker, like title, appraisals and inspections, insurance, escrows, doc prep, and 101 nickel and dime fees.

 

[metalwater]

Well, wasn't trying to offend, but you are relaying false information on building wealth.

I've been dirt poor before living in Queens, NY. I refuse to go back to that street mentality. The world runs off credit.

Cool, you have a system that works well for you. It can work for some and some of it does for me also.

I know hundreds of guys that can't do it. Most guys can win a lottery and be broke a year later.

I know ppl that do their personal budget based on credit. Understanding a business budget and doing it on credit is something different and you clearly get how to do it.

I wasn't as good as you for following the systems, I did ok (in the top 10%). But I really did much better when I changed my mindset. I often tell others the same as for me I am sure 100% that if most of them do what I say in this topic they will have more money. Look at the average wealth distribution vs the mean and the Gini coefficient growth. What we have a few ppl like you and I and a few others that are doing well and overall the others not so much.

If your plan works for them, cool. If not try mine.

Being a slave to debt sucks. but if your borrowing for leverage and are cash positive on the deal that is golden. If we are borrowing to look rich or to live above our position, beta.... not at all what your doing.

If in the beta dept prison, it is better to let our credit tank and drop the dept. It will feel better and in a short time, it will not matter because if paying 50% down or 100% down for items it doesn't matter and we don't need to beg a bank.

 

[metalwater]

True on everything you say. However, someone saying that good credit is bad and "beta" is just wrong on so many levels. That is all I am trying to prove.

ok. your right on that one. smart good credit is smart. bad good credit is beta. it is a small number of ppl that know the difference and smaller number that have good credit that is smart.

 

[CAPSLOCK BANDIT]

My great great grandparents were apart of the Kulak's being massacred in Ukraine during the great famine, luckily they survived and migrated to Canada. After witnessing what all the peasants had done to their life long friends, all over just being more successful than the peasants and being able to survive, they made a rule in our family that we don't show off, we don't flaunt, we don't do any of that, or else the masses will come and take it all.

Up until 10 years ago, I used to think this was nonsense, but watching what is happening today, its some pretty solid advice.

 

[RickTheToad]

Cool, you have a system that works well for you. It can work for some and some of it does for me also.

I know hundreds of guys that can't do it. Most guys can win a lottery and be broke a year later.

I know ppl that do their personal budget based on credit. Understanding a business budget and doing it on credit is something different and you clearly get how to do it.

I wasn't as good as you for following the systems, I did ok (in the top 10%). But I really did much better when I changed my mindset. I often tell others the same as for me I am sure 100% that if most of them do what I say in this topic they will have more money. Look at the average wealth distribution vs the mean and the Gini coefficient growth. What we have a few ppl like you and I and a few others that are doing well and overall the others not so much.

If your plan works for them, cool. If not try mine.

Being a slave to debt sucks. but if your borrowing for leverage and are cash positive on the deal that is golden. If we are borrowing to look rich or to live above our position, beta.... not at all what your doing.

If in the beta dept prison, it is better to let our credit tank and drop the dept. It will feel better and in a short time, it will not matter because if paying 50% down or 100% down for items it doesn't matter and we don't need to beg a bank.

I agree with you 100% on being a slave to debt. It's actually listed in the bible. I do not consider investments slaves towards debt as they are paying for the carrying costs and giving me some money too. I am also very careful of my leverage. That's where people generally get screwed. That and not enough savings to weather the storms of life.

 

[RickTheToad]

Oh they made their money. That is not to say you got a bad deal, but they always make a handsone chunk off back end compensation. Closing costs always exist and other than points they represent all the other people who have their hands in the pot besides the broker, like title, appraisals and inspections, insurance, escrows, doc prep, and 101 nickel and dime fees.

No doubt, but I am not sure how it's setup when you buy directly from the bank. I remember when I used a mort. broker on my first deal. I didn't know better, have little credit so I felt royally screwed. I paid like 20k to the mort. broker (rolled into the loan). Sold the building a year later and made a small profit, so it's all good. But, yea, nothing like that since I've been dealing with my local bank and credit union directly.