WTF how hard it is to get a pre-approval???!!! Why do all online calculators make it out like you can afford a mansion and then when you actually apply, there
are "issues" and shit...
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Home Buying Epic Failure Suckage - oh no the options!
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 speedyforme |
Home Buying Epic Failure Suckage - oh no the options! |
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Posts: 7599 (05/15/08 12:39 PM) Registered user |
Last Edited By: speedyforme 05/17/08 10:03 PM.
Edited 3 times.
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ginaf20697 |
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Posts: 30633 (05/15/08 12:44 PM) Registered user |
Deadbeat. Stick to the trailer park.
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Baby Please |
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Posts: 3377 (05/15/08 12:50 PM) Baby Pees |
ummm, not hard.
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Pizzathetic |
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Posts: 7475 (05/15/08 1:01 PM) Registered User |
I had to requalify three times between last fall and winter due to the fact that the mortgage policies kept changing due to the recent subprime crisis ... yet
got qualified everytime, and am living in the new pad
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worstdog |
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Posts: 2882 (05/15/08 1:04 PM) Registered user |
Cuz online calculators don't take into account that maybe your job isn't considered "stable" (basically anyone self-employed) and doesn't
know that you have 6 judgments against you from trashing your college apartment. Stuff like that make a big difference.
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BlackCatTux |
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Posts: 2211 (05/15/08 1:13 PM) Registered user |
Banks and mortgage companies have discovered that granting loans to people who want more house than they can afford is not a good idea. So they aren't
doing it anymore.
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Hamdingers |
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Posts: 7116 (05/15/08 1:16 PM) |
Give them a couple of years, and they'll be doing it again. If there's one constant, it's that they never learn.
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speedyforme |
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Posts: 7601 (05/15/08 1:29 PM) Registered user |
worstdog wrote: As far as I know I have a perfect credit, or at least I did NOTHING to make it worse. I pay all my bills, have NO debt and never had anything bounce. And
I have worked at my job for 3.5 years, government, unionized job salary.
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Mutan |
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Posts: 2626 (05/15/08 1:30 PM) Registered user |
ya they learned alright. fuck up bad enough and the gooberment will bail you out, but fuck the home buyer.
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Hamdingers |
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Posts: 7122 (05/15/08 1:32 PM) |
speedyforme wrote: There's your problem. |
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speedyforme |
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Posts: 7603 (05/15/08 1:36 PM) Registered user |
Hamdingers wrote: Not my fault, I paid off all my student loans so they should have a record of that stuff, I don't carry credit card debt and I never had to lease my
car, I just paid it all off.
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speedyforme |
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Posts: 7604 (05/15/08 1:37 PM) Registered user |
Dr Weems wrote: your friendship means more to me than my very own home |
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TexasBlues |
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Posts: 4984 (05/15/08 1:38 PM) Registered User |
No debt = no credit history. That's why some people who don't need credit cards have them - you just use them to charge basic stuff and pay it
off every month. Easy peasy and you have great credit.
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speedyforme |
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Posts: 7605 (05/15/08 1:40 PM) Registered user |
TexasBlues wrote: I do, I just don't have a carrying balance. I've had a credit card for like 6 years now. When I mean no debt, I mean I don't OWE money right now to anyone, my credit card limits are like $5,000 each and I only have 2 credit cards. |
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worstdog |
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Posts: 2883 (05/15/08 1:52 PM) Registered user |
Sounds like you're doing the right things. Maybe you should try another company????
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superguppie |
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Posts: 22866 (05/15/08 1:54 PM) Registered user |
Yeah, there are lots to choose from now. I heard that lenders are really being a bit unreasonable at the moment because of the whole, you know, crisis thingy.
But that was secondhand news.
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BlackCatTux |
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Posts: 2212 (05/15/08 2:12 PM) Registered user |
The online calculators will give you figures that are way higher than what you can really afford.
I don't know why, but they do. The no debt is an issue. You don't have any record of a long stable payment history. Some experts recommend that young adults buy furniture on credit instead of paying cash, just to establish the payment history. You would actually be better off if you hadn't paid off your student loans and had a steady history of making the payments. It sounds stupid, but that's just the way it is. There is GOOD debt and BAD debt. Good debt is a mortgage, or furniture payments. Bad debt is high credit card balances. |
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Visa Declined |
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Posts: 2451 (05/15/08 2:17 PM) Registered User |
homo-wnership is overrated. Renting = more money for cocktails. |
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RoMa |
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Posts: 35389 (05/15/08 2:19 PM) |
This needed yet another thread. You are getting more tedious than jibbers and his sexcapeds
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speedyforme |
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Posts: 7611 (05/15/08 3:25 PM) Registered user |
superguppie wrote: that ain't happening up here in Canookistan
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Monsieur Muggles |
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Posts: 3827 (05/15/08 3:41 PM) |
The thing is that you need at least seven years of good credit history in order to get a decent mortgage offer. You should never clear your debt with your
credit cards because it shows up as zero balance on your credit report. Credit reports don't list your monthly statements, only how much debt you have with
a specific bank/card and whether or not you paid on time. Banks therefore have no way of telling if you're capable of paying off a $200K loan incrementally
as opposed to all upfront when you have a $1,000 credit card bill due every month. No history=no loan.
Think of it this way: you get your first bill for your mortgage at the end of your first month of living at your new home. Are you going to pay off the house right then and there or are you going to pay the monthly minimum (without incurring penalties)? A bank can't read your mind or your intentions, so they have no way of actually knowing whether or not you can afford to pay that monthly minimum without looking at your history. Like BlackTux said, paying off your student loans early may have actually hindered you as opposed to helping you in the future. |
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- FAQ
- In Memory, 9/11/01
