First time Canadian dollar is equal to US Dollar since 1976

[JT_55]

Wait, I should've said amazon.com. It doesn't scam, at least not that I ever heard of or experienced.

[puttincomputers]

actually its a myth that you need a credit history to buy a house! look up dave ramsey and see what he has to say on the subject! in the mean time RENT! think about this, i heard this today, suppose you are paying of a house that you bought and have a mortgage at 1500 a month and you pay your house off at age 60. how much do you think you would have? a nice house! right! but if you woulld invest that 1500 in money market account in 40 years at the average of the growth rate of the stock market in the last 70 years you would have i believe somewhere around 4 million dollars if i remember correctly! not only would you have a house by then you would be a millionair! please note that to get the actual figures i gave you need to listen to i believe it was the first or second hour of the dave ramsey show of either 6/12/07 or 6/13/07. i can post a link to his web site if the mods approve. how bout it mods? btw should we have a get out of debt thread?

[maceo24]

actually its a myth that you need a credit history to buy a house! look up dave ramsey and see what he has to say on the subject! in the mean time RENT! think about this, i heard this today, suppose you are paying of a house that you bought and have a mortgage at 1500 a month and you pay your house off at age 60. how much do you think you would have? a nice house! right! but if you woulld invest that 1500 in money market account in 40 years at the average of the growth rate of the stock market in the last 70 years you would have i believe somewhere around 4 million dollars if i remember correctly! not only would you have a house by then you would be a millionair! please note that to get the actual figures i gave you need to listen to i believe it was the first or second hour of the dave ramsey show of either 6/12/07 or 6/13/07. i can post a link to his web site if the mods approve. how bout it mods? btw should we have a get out of debt thread?

Money markets are solid investment decisions, but needing the credit history to buy a house is definitely not a myth. Unless you are paying a property with straight cash, which only drug dealers and mafia hitmen do, the bank or lender could care less what you bring to the table, they are concerned with your ability to pay on a reliable schedule. Banks make more money off monthly payment installments than they do if they just accepted large lumps of cash. Thats why they offer credit lines, its more cents on the dollar (or dollars on the dollar, lol) out of your pocket and into theirs.

And unless you have the income to constantly drop money in a MMA your quality of living goes way down while you're waiting for you account to mature. The smart move is investing your money in a government bond program, like FNMA (advertised as the Fanny Mae Foundation). From the borrower side its to help you buy a house, but investors are what make up the backbone, the money is subsidized in a way that its almost limitless the amount of capital each mortgage pool can generate. They carry AAA ratings, which are the highest possible, and the money return is guaranteed income, the government never defaults on their stuff. Plus the bond market is leagues more stable than trading stocks.

Sorry, I just geeked out on you, lol. But its stuff you guys interested in investing money should definitely look into.

[Matt]

depends what your take on risk is i guess. The sharemarket as a long term investment gives higher returns than bonds. Bonds are the play it safe way.

[maceo24]

depends what your take on risk is i guess. The sharemarket as a long term investment gives higher returns than bonds. Bonds are the play it safe way.

Youre right, I was just giving the surest bet you could take, lol.

[Christopherson]

Even if you have no credit at all, you can get home loan. It might not have the best rates, but so long as you pay your bill every month on time, you will be able to refi for a better rate within a couple of years. Another way to get around this is to go to a smaller local credit union which is more likely to look deeper into your finances when giving out home loans. Go to your load officer and explain to them why you have no credit score. Bring them payment history for your utilitiy bill, phone bill, etc. and show that you have never made a late payment and you will get your loan. The idea in this country that you have to be in debt to live a normal life is absurd and it is crippling our country. How many people in our country are debt free? Less than 25% I believe. Yet people keep slamming our government for overspending when they can't even run their own lives without overspending.

your quality of living goes way down while you're waiting for you account to mature.

Sometimes you have to live like no one else so that later in life, you can live like no one else!!!!!!!

[puttincomputers]

Even if you have no credit at all, you can get home loan. It might not have the best rates, but so long as you pay your bill every month on time, you will be able to refi for a better rate within a couple of years. Another way to get around this is to go to a smaller local credit union which is more likely to look deeper into your finances when giving out home loans. Go to your load officer and explain to them why you have no credit score. Bring them payment history for your utilitiy bill, phone bill, etc. and show that you have never made a late payment and you will get your loan. The idea in this country that you have to be in debt to live a normal life is absurd and it is crippling our country. How many people in our country are debt free? Less than 25% I believe. Yet people keep slamming our government for overspending when they can't even run their own lives without overspending.

mega dittos!

maceo i agree with you. your "quality of living" is different ie i dont have to worry that i could lose my home if i missed a payment and my interest rate went sky high! ect.
as dave ramsey says. "Live like no one else so that later you can LIVE like no one else"