Just built a house this year... the deal seemed good at the time, found a reasonably priced lot (at the time) and went for it!
Lender (Countrywide) pre-approved us for $1800 per month payment. I told the loan officer that no matter what she told me I could not afford that payment, period. "But according to our calculations, you can." Nope, sorry - no sale on the huge loan for a bigger house than we need.
Built a modest house, have payments we can afford, and looking at current listings in this area - our house hasn't lost anything yet. The ones in this area that have lost value are the ones that were at $500,000 plus - and they've only dropped by $50k or so.
It just irritates me to no end that those of us who made sound financial decisions are going to have to pay taxes to bail out idiots who couldn't do the simple math to realize they could not afford the payments on their house!
They tried to sucker us into an intrest only ARM loan - only $700 per month on $200k borrowed. Read the fine print, after four years or so the payment jumps to $2400 per month and we owe more than $200k at that point... I'm glad that we have brains and know how to use them.
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Today's Featured Article - Engine Valves - Some Helpful Information - by Staff. Intake - On the intake stroke the piston moves doward, sucking in carburized fuel through the open intake valve. Exhaust valve is closed. Compression - With both the intake and exhaust valves closed, the pistons upward stroke compresses or squeezes the fuel into the combustion chamber. Firing - Ignited by the spark, the compressed fuel explodes and forces the piston downward on its power stroke. Intake and exhaust valves are closed. Exhaust valves and seats are exp
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