Qustion to the Somalis in North America.

Postby **FAH1223** » Wed Apr 09, 2008 3:31 pm

The_Patriot wrote:
FAH1223 wrote:Get a fixed mortgage, instead of an adjustable rate mortgage. Thats what has been killing people.

There comes someone reasonable.
It happens to be a somali qalanjo.
These Faraxs are seeming to be useless to reason with.

I'm a dude sxb.

The_Patriot · Postby **The_Patriot** » Wed Apr 09, 2008 3:33 pm

^^^apologies Jamac

Postby **AbdiWahab252** » Wed Apr 09, 2008 3:34 pm

FAH,

ADjustables are not bad if you plan to live in a house for less than 7 years. You actually save on the interest rate because fixed are at much higher rates over the same time frame.

A fixed rate loan 5 years ago was 6.5 for 30 years while an adjustable was 6.0. If u refinanced now, you could get into a lower one at the 5.75-6 range now.

Postby **FAH1223** » Wed Apr 09, 2008 3:37 pm

AbdiWahab252 wrote:FAH,

ADjustables are not bad if you plan to live in a house for less than 7 years. You actually save on the interest rate because fixed are at much higher rates over the same time frame.

A fixed rate loan 5 years ago was 6.5 for 30 years while an adjustable was 6.0. If u refinanced now, you could get into a lower one at the 5.75-6 range now.

Some people are going even lower than that, maybe towards 5.15.

Its a buyer's market... just 2 years ago everyone was siced cause home prices were up to the roof...value went up...

then last year no one was buying anymore...

Postby **AbdiWahab252** » Wed Apr 09, 2008 3:40 pm

FAh,

B'more ain't picking up like before :down:

PG with its crime is horrible.

I am eying No, VA.

Postby **FAH1223** » Wed Apr 09, 2008 3:42 pm

AbdiWahab252 wrote:FAh,

B'more ain't picking up like before

PG with its crime is horrible.

I am eying No, VA.

Baltimore has houses being built, that no one will live in :lol:

PG depends...I'm in Laurel...there is like no crime here....if you go to Capital Heights or areas the Southeast DC people are going, you asking for trouble.

VA for me has too many highways :down:

Postby **AbdiWahab252** » Wed Apr 09, 2008 3:47 pm

FAh,

I am tired of the crime of Oxon Hill. The illegal immigrants of Tacoma Park.

I got Fairfax on my mind around Chantilly

King-of-Awdal · Postby **King-of-Awdal** » Wed Apr 09, 2008 4:37 pm

All i can tell you is that as the Son of a person who makes living by selling properties, now is the best time to buy a house or a condo if ur in the market for one. There are so many good deals out there and the interest rate is also very low. :lol:

guhad122 · Postby **guhad122** » Wed Apr 09, 2008 4:55 pm

Patriot;
I know over five families and some of them are close relatives who lost their houses because of the adjustable rates. The problem with this is that you need to maintain near perfect credit rating in order to qualify for a fair raten when your loan is due for refinancing. We, Somalis, can't maintain good credit history because we all have focking too many family members and relatives who want to get loans, co-signers and all kinds of favors on your credit. Fixed rate is the best alternative for Somalis and other immigrant communities.

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