A card you give your banker should probably be more formal and traditional.

Typically these are more costly loans with higher rates and points than more traditional type loans.

Take a look at how just two percentage points can change your payment: Loan $165,000 Rate: 3.5% Term: 30 years PAYMENT: $740.92Loan $165,000 Rate: 4.0% Term: 30 years PAYMENT: $787.74Loan $165,000 Rate: 5.5% Term: 30 years PAYMENT: $936.85You would be better off locking in a rate on a 15 or 30 year mortgage rather than having the worries that as interest rates increase your return decreases.To see if a HELOC will be better, make sure you calculate how much interest your will pay on this loan (higher interest rate + fluctuating) over lets say 5 years compared with a traditional 15 or 30 year mortgage.

The people who I have seen win in the long term take their medicine and learn from it.

Traditional "Guru" training teaches that second mortgage holders will be happy with a pay-off 10% of loan amount.

guess our plumbers are still safe.....Yeah, that's a much older tradition.

The real question is, what alternatives do we have, other than the traditional methods, when buying a home?

Where they can be found is NO secret and the bank will take the strongest offer.There are thousands of REO properties to be found, that are under perceived "market value," however in CA "market value" is very subjective.Most REO transactions take longer to close than a traditional transactions and there are obstacles to overcome, even in the best case scenario.I have represented many clients, in which an REO property LOST value during the transaction period.Where I do see an investing opportunity is as follows:Best case, look for a short sale in which the inventory is stale and the bank wants the property off the books.

Passed as many closing costs onto the buyers I understand this is not your traditional method, but they appear to moving property very quickly.

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