Banks Slamming the Loan Window?

[Electrician4you]

Originally Posted by samlarson

The March was just the beginning. The first shock. I think aftershock will come later this year when some of the biggest companies start to lay off employees and this will set start to the series of horrible economical events

Which just means that the vast amount of those “waiting for the market to cool off” people will once again be shut out of the market. Unless you got a lot of money, a really secure job, income and credit most buyers won’t be buying in either a hot or cold market. Simply because when the economy dumps they are riding that same boat down the rapids. Now granted this doesn’t mean that everybody will be unable to buy. While most people may want to buy they will need to qualify for a loan. Given that banks will most likely only give loans to the highest income job credits having a job income credit that was ok in past may not be good enough in the current economy.

Nobody really knows what’s gonna happen. The economy could spring back slowly. It could come back fast if a vaccine is found.

[YourWakeUpCall]

I've purchased several homes and have refinanced multiple times since purchasing my first home in 1985. I just refinanced a month or so ago. Submitted an online inquiry on June 25 and settled 10 days later. Zero cash out of my pocket, no appraisal, 2.75% APR for 30 years. By far the easiest home financing process I've ever been through.

[Lowexpectations]

Originally Posted by RamenAddict

Retail banks are difficult, but of course if you go to somewhere like a mortgage broker, they then immediately sell your loan to the same banks where you wouldn’t have been able to get the loan in the first place. That is what happened to me. I tried to get a loan through my bank and couldn’t get the terms I wanted. I went through a broker, who then sold it to one of the other big banks.

Part of the process of the big banks picking up the loans after closing is to service them and pick up the servicing fees. Often times if terms are followed the loans are backed by Fannie/Freddie so the risk is not in the banks books and thus a big bank servicing you loan isn’t the same as them underwriting it

[ChessieMom]

Originally Posted by NJ Brazen_3133

I cant even talk to my banker. There is a line out the freaking door with 2hr wait times. Banker wont answer my emails or phone or text.

How odd. We just went into a bank yesterday and opened a new account. We did have to wait, for about 2 minutes. And we also called and talked to them on the phone. I think you need to change banks.

[Hemlock140]

Nearly every day I get mail, email, even texts from banks and credit unions that I have accounts with offering me unsecured personal loans, new car loans, and offering me a refi to save $200/month on the mortgage. I haven't used any of them, and pre-approved is not a lock, but they seen to be anxious for new loans.

[albert648]

Originally Posted by Hemlock140

Nearly every day I get mail, email, even texts from banks and credit unions that I have accounts with offering me unsecured personal loans, new car loans, and offering me a refi to save $200/month on the mortgage. I haven't used any of them, and pre-approved is not a lock, but they seen to be anxious for new loans.

Chase sent me an email the other day offering me a car loan. Um....did you forget the part where I got a car loan with you 4 months ago? Surely you can tell that I'm not likely to buy another car for a long time?

[Electrician4you]

Originally Posted by albert648

Chase sent me an email the other day offering me a car loan. Um....did you forget the part where I got a car loan with you 4 months ago? Surely you can tell that I'm not likely to buy another car for a long time?

It’s just a mass mailer. I used to get offers from Time Warner all the time. The last time it was a combo deal for like $90. So I called. I was paying $150. I couldn’t get the deal. “Only new customers” ok cool let me cancel my account,

[Ellwood]

Originally Posted by Electrician4you

It’s just a mass mailer. I used to get offers from Time Warner all the time. The last time it was a combo deal for like $90. So I called. I was paying $150. I couldn’t get the deal. “Only new customers” ok cool let me cancel my account,

Commercial was offering Direct TV for half of what I was paying. I called them up and told them I was canceling. When they said it was only for new customers, I said cancel my account I can get it cheaper with X company. They cut my bill in half for a year. Did same with XM radio.

[albert648]

Originally Posted by Electrician4you

It’s just a mass mailer. I used to get offers from Time Warner all the time. The last time it was a combo deal for like $90. So I called. I was paying $150. I couldn’t get the deal. “Only new customers” ok cool let me cancel my account,

Yeah I suppose I expected Chase's systems to be intelligent enough not to advertise car loans to people who took one out in the past, oh, I don't know, 6 months WITH THEM. Oh let me check your file - did you take out a car loan in the past 6 months? Okay let me take you off the car loan spam mailing list. Maybe not....since they can't even process online bill payments on weekends.

[KathrynAragon]

Originally Posted by Ellwood

Commercial was offering Direct TV for half of what I was paying. I called them up and told them I was canceling. When they said it was only for new customers, I said cancel my account I can get it cheaper with X company. They cut my bill in half for a year. Did same with XM radio.

This reminds me of when my husband was paying for the NFL Ticket on DirecTv. We decided to cancel it, but when we called, they said we "couldn't" cancel it because it was a five year contract (meanwhile, our new customer neighbors were getting the NFL Ticket for free for three years). So we just canceled DirecTv completely - there was no "five year contract" with anything, but especially that stupid NFL Ticket.