U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-20-2015, 01:44 PM
 
12,973 posts, read 12,166,393 times
Reputation: 5399

Advertisements

Quote:
Originally Posted by ncole1 View Post
How do mortgage lenders define "the same industry"?
I would expect it to vary all over the map with the individual underwriter. But I doubt it is a big issue for most. An accountant who goes from on accounting job to another or an engineer who does the same will be fine. If you go from an accountant to a roller derby team member it may raise questions.
Reply With Quote Quick reply to this message

 
Old 04-21-2015, 11:14 AM
 
29 posts, read 23,612 times
Reputation: 19
Based on the numbers in the first post, what would you say is an affordable mortgage figure - do you agree with the output from online calculators based on 28%, or is it too high? Just thinking it would provide me another perspective.
Reply With Quote Quick reply to this message
 
Old 04-21-2015, 11:47 AM
 
Location: Somewhere in USA
537 posts, read 454,150 times
Reputation: 467
it's a little high for the 28%...you're pushing it. Avoid PMI at all cost. Repeat that line 5 times or more to commit that into your memory.
Reply With Quote Quick reply to this message
 
Old 04-21-2015, 02:14 PM
 
12,973 posts, read 12,166,393 times
Reputation: 5399
Quote:
Originally Posted by ameridreamNoT View Post
it's a little high for the 28%...you're pushing it. Avoid PMI at all cost. Repeat that line 5 times or more to commit that into your memory.
Nothing wrong with PMI if the deal is properly structured. Just get less house to compensate. Treat it as paying a higher interest rate...which it is.

Often the tradeoff is getting into an owned home 4 or 5 years sooner.
Reply With Quote Quick reply to this message
 
Old 04-22-2015, 05:32 PM
 
29 posts, read 23,612 times
Reputation: 19
Should you share your income information with your buyers agent/realtor? If you are working with a mortgage broker suggested by your realtor, wouldn't they find out anyway, perhaps "informally" since the realtor sent you to the broker?
Do people typically share their income information with the realtor?
Reply With Quote Quick reply to this message
 
Old 04-22-2015, 06:21 PM
 
12,973 posts, read 12,166,393 times
Reputation: 5399
Quote:
Originally Posted by pragmatic12 View Post
Should you share your income information with your buyers agent/realtor? If you are working with a mortgage broker suggested by your realtor, wouldn't they find out anyway, perhaps "informally" since the realtor sent you to the broker?
Do people typically share their income information with the realtor?
I care only on rentals. On a buy I will ask your loan guy what you can handle That is it. And if you tell me you want to play it very conservative I will talk through with you what that means and then show you the houses that fit.

Just because you casn afford a three hundred thousand dollar house does not mean you have to buy one...on the other side if you want to buy a two hundred thousand dollar huse you do not get there hundred thousand neighborhoods or features.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top