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Purchasing My First Property
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| haider |
With the agent and mortgage broker...I feel I am in a prison shower, I dropped my soap, and I'm trying to pick it back up without getting ed in my ass......
sucks
:confused: |
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| delobbo |
| you're surprised? |
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| wolverine16 |
It's even worse when I foreclose on your property at my day job! :toothless
Good luck with the new place! |
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| D&GGIRL |
Hey now, I'm a mortgage broker. We're not all bad. :(
Good luck with everything! It's definitely a buyer's market. |
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| delobbo |
| quote: | Originally posted by D&GGIRL
Hey now, I'm a mortgage broker. We're not all bad. :(
Good luck with everything! It's definitely a buyer's market. |
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| MOSCHINO |
| quote: | Originally posted by haider
With the agent and mortgage broker...I feel I am in a prison shower, I dropped my soap, and I'm trying to pick it back up without getting ed in my ass......
sucks
:confused: |
good luck, brah... |
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| Blizwar2 |
| quote: | Originally posted by wolverine16
It's even worse when I foreclose on your property at my day job! :toothless
Good luck with the new place! |
| quote: | Originally posted by D&GGIRL
Hey now, I'm a mortgage broker. We're not all bad. :(
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See the difference is that while she is selling you the property, Andy is finding an obscure law to throw you out on the street for half the price.
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No lawyers are bad... take it from one in the field, we suck. RIGHT ANDY!!!??
... yea power to us Boohyaaa |
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| tubularbills |
| by property, do you mean just the piece of land? or a house? i didn't have any problems when i bought my place. closing costs were a little steep, but i had saved for it; and knew about it ahead of time. |
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| D&GGIRL |
| quote: | Originally posted by Blizwar2
See the difference is that while she is selling you the property, Andy is finding an obscure law to throw you out on the street for half the price. |
I don't sell property. :conf: |
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| 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... |
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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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