For those of you with crystal balls.

[Chuck Ivey]

I like that,mac. I like that. Not quite the punchline I expected but very good!!!

 

[I.B. Washincars]

Hello Eileen,

I think I bought a carwash from your father, Ben.


What rates were you quoted and how long were you going to amortize?

Greg, you are thinking of my gay uncle, I. Ben Dover.

I think we will close this deal by the end of next week. I am going to amortize for 25 years. I stopped in the bank today to see if they would lock-in any longer than 5 years. I have been offered 3 @5.25, 5 @ 5.5, 7 @ 5.75, and 10 @ 6. I'm assuming that I should go for the 10 years?

 

[pitzerwm]

IMO, Unless, you have $1M sitting around to pay off the balance when they decide not to renew or you can't afford to renew, you won't lose it all. You better think about it even at 10 years the payoff will be at least $1M. I don't care how nice the banker is, even if you were married to him, one or the other situation will happen.

 

[Jimmy Buffett]

Did the rate go down after the most recent fed cut?

 

[I.B. Washincars]

Yes, I was prepared to close at 6.25 locked in for 5 years. They also told me that they would lower the rate by whatever amt. it dropped on the 18th, which made it 5.5. I decided to ask for a longer lock-in and they offered the 7 & 10 year options, giving up 1/4 point for each step up.