tardis or tartis financial
- Thread starter zuki
- Start date
Hyperborea
Thinks s/he gets paid by the post
Re: tardis or tartis financial
I'll take a guess but it's only a guess. Perhaps they are talking about a monthly ARM that currently has a low rate (the monthly adjustable ARMs have the lowest rates). If you paid that at the same rate as your current 30 year fixed then you would pay it off in possibly 9 years (you would have to do the calculations to see). However, this assumes that rates will stay where they are - if the rates increase then the projected payoff times pushes out further into the future. You might still be ahead but not as much ahead. If rates rise significantly you might be worse off.
They might even be talking about mortgages with fixed payments but floating interest rates. These can involve negative amortization.
I'll take a guess but it's only a guess. Perhaps they are talking about a monthly ARM that currently has a low rate (the monthly adjustable ARMs have the lowest rates). If you paid that at the same rate as your current 30 year fixed then you would pay it off in possibly 9 years (you would have to do the calculations to see). However, this assumes that rates will stay where they are - if the rates increase then the projected payoff times pushes out further into the future. You might still be ahead but not as much ahead. If rates rise significantly you might be worse off.
They might even be talking about mortgages with fixed payments but floating interest rates. These can involve negative amortization.
yakers
Thinks s/he gets paid by the post
Re: tardis or tartis financial
Not enough Dr Who fans here to catch the joke.
The Tardis is a time travel machine in the UK Dr Who series.
Well, I suppose with a Tardis, anything's possible.
Not enough Dr Who fans here to catch the joke.
The Tardis is a time travel machine in the UK Dr Who series.
J
JOhn Galt
Guest
Re: tardis or tartis financial
Tardis sounds to me like a good name for a Mongol
or Hun. Anyway, I never heard the commercial
and I listen to talk radio all the time. Anyway, with
numbers the creative posibilities are pretty endless.
Otherwise, I have no theories.
JG
Tardis sounds to me like a good name for a Mongol
or Hun
. Anyway, I never heard the commercialand I listen to talk radio all the time. Anyway, with
numbers the creative posibilities are pretty endless.
Otherwise, I have no theories.
JG
Re: tardis or tartis financial
the commercials says.
this is simply a move in financial strategies
knuu
http://www.knews970.com/
the commercials says.
this is simply a move in financial strategies
knuu
http://www.knews970.com/
Hyperborea
Thinks s/he gets paid by the post
Re: tardis or tartis financial
Hmmm, I thought about this a little more and you know even with a very low interest rate (heck even zero percent) you won't be able to pay off your mortgage in 9 years. Let's try this with a $100K mortgage at 6% for 30 years - the payment is $599.55 per month. If you paid that and were charged no interest how long would it take to payoff $100K? That's just $100K / $599.55 = 166.79 months or 13.9 years.
To even have a hope of paying your mortgage off in 9 years without increasing your payments you're going to need to drop from somewhere around 10 or 11% down to 0%. At 0% this company is not going to be making any money. If they are charging a more standard ~5-6% then you would need to be dropping down from an approximately 14-16% mortgage. If you've got anything above horrific credit you should be getting better than that. It sounds like they might be offering "deals" for the financially wayward.
Hmmm, I thought about this a little more and you know even with a very low interest rate (heck even zero percent) you won't be able to pay off your mortgage in 9 years. Let's try this with a $100K mortgage at 6% for 30 years - the payment is $599.55 per month. If you paid that and were charged no interest how long would it take to payoff $100K? That's just $100K / $599.55 = 166.79 months or 13.9 years.
To even have a hope of paying your mortgage off in 9 years without increasing your payments you're going to need to drop from somewhere around 10 or 11% down to 0%. At 0% this company is not going to be making any money. If they are charging a more standard ~5-6% then you would need to be dropping down from an approximately 14-16% mortgage. If you've got anything above horrific credit you should be getting better than that. It sounds like they might be offering "deals" for the financially wayward.
cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I think a 15 year mortgage turns into a 9 year one if you make one or two extra principal only payents a year.
The marketing monster in me says that this is nothing more than a way to get inquisitive people to call them up and get engaged by a sales rep.
The marketing monster in me says that this is nothing more than a way to get inquisitive people to call them up and get engaged by a sales rep.
