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| D&GGIRL |
| quote: | Originally posted by delobbo
D&G perhaps being in the industry, you can help me out with a serious question - why do many mortgage peeps and realtor peeps try so hard to force people into loans they KNOW they can't afford??? I mean, without being a hermit for the rest of their lives... |
In the mortgage business the lenders that we do business with won't approve someone for a loan if they are over a certain debt to income ratio. Meaning they won't just approve someone for a $250,000 mortgage if they only make $2000/month, won't happen. Monthly debt, income and all that determines what someone will quality for.
If you're referring to clients who go into adjustable rate loans, the rates on those loans will most likely go up after the fixed rate period (i.e. 1,3, 5 years) and we legally are required to disclose that to our clients showing them what could happen if they stay in that loan over a long period of time. Some mortgage brokers don't do the greatest job in expressing this to clients at the time of application which is unfortunate but the client is still disclosed all of that at the closing. Alot of clients also want the "lower" payment loan and go into these loans instead of fixed rates.
I also see alot of cases where someone purchased a home then afterwards has bought a new car, charged $40,000 in credit card debt etc. and then wants to refinance because they can't afford the mortgage payment. Unfortunately these "debt consolidation" loans are the majority of what I've come across lately. |
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| haider |
| being a hermit may not be all that bad, given that I am incredibly lazy. :p |
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| UWM |
| quote: | Originally posted by haider
being a hermit may not be all that bad, given that I am incredibly lazy. :p |
LOL, hai 5 Haider. |
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| Yuris |
3 weeks ago, I was offered 10 acres of land about 120 miles south of Bakersfield, CA for $3,000
I seriously thought about taking it to start building my compound. |
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| UWM |
| quote: | Originally posted by Yuris
3 weeks ago, I was offered 10 acres of land about 120 miles south of Bakersfield, CA for $3,000
I seriously thought about taking it to start building my compound. |
y******: i might have to go in on saturday or sunday
y******: i'm also getting an assistant next week
LOLOLOLOLOLOL |
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tranceaddict Forums Archive > Local Scene Info / Discussion > USA > USA - Chicago, Detroit & N. Central USA
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