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Off topic, but other than some savings in origination fees, what are the benefits of going with a credit union? My understanding is that they are just as likely to sell your loan as any other institution. I was advised that unless a customer as a LARGE amount of deposits on record with the lenders bank, that the mortgage is almost always sold. Mine was sold within weeks--which I was aware would happen. I did research into the bank I borrowed from to ensure it would go to a decent mortgage servicing company and it did.
If you are looking for a low-mortgage (less than $100k or even $50k) many major banks will not give you the time of day. They will usually reject anything less than $50k outright.
I was just trying to explain that credit unions or smaller local banks may be more willing to do these types of loans-which do not generate them much in interest (which is why the big banks don't like them in the first place). But yes, credit unions are just as likely to sell the mortgage.
I just find it frustrating and odd that people in this country can qualify for an auto loan of $30k instantly, but not to purchase a home. The reasons for this are actually discussed in another thread, but still...
How are they "different"? I graduated from college in the 1970s when "stagflation" courtesy of OPEC made life miserable for newbies to the job market. Then we got the 1980s with mortgage rates in the double-digits and car loans close to 20%. When I bought my house in an Albany suburb back in 1991, my interest rate was 9%. Tell me about "the good days".
It's time for you to stop whining on C-D about how "tough" you've got it, and start working towards getting a down payment saved up if a house is something you want. My first house was a two family. I lived in one unit and rented out the other.
You want something, you work for it. Nobody is obligated to hand you anything.
Ooooh...you can't just go saying things like that to millennials...its not fair to them and its hurts their feewings.
j/k...not all millennials are entitled all of the time. Just many, most of the time.
Off topic, but other than some savings in origination fees, what are the benefits of going with a credit union? My understanding is that they are just as likely to sell your loan as any other institution. I was advised that unless a customer as a LARGE amount of deposits on record with the lenders bank, that the mortgage is almost always sold. Mine was sold within weeks--which I was aware would happen. I did research into the bank I borrowed from to ensure it would go to a decent mortgage servicing company and it did.
Credit unions usually have a different set of criteria for qualifying borrowers for loans, and they will often work with borrowers. They also are much more willing to deal with "small" mortgages such as those under $100k, which many large commercial banks/mortgage lenders aren't interested in serving. Other good sources of small mortgages are local banks as somebody else mentioned.
...
You want something, you work for it. Nobody is obligated to hand you anything.
It would be nice if there were 11 jobs for every ten workers. That would be nice. Heck even 95 jobs for every 100 workers would be nice. But there are a lot of people still on the sidelines looking in and saying I wish...
How are they "different"? I graduated from college in the 1970s when "stagflation" courtesy of OPEC made life miserable for newbies to the job market. Then we got the 1980s with mortgage rates in the double-digits and car loans close to 20%. When I bought my house in an Albany suburb back in 1991, my interest rate was 9%. Tell me about "the good days".
It's time for you to stop whining on C-D about how "tough" you've got it, and start working towards getting a down payment saved up if a house is something you want. My first house was a two family. I lived in one unit and rented out the other.
You want something, you work for it. Nobody is obligated to hand you anything.
Where is your area? Have you been employed consistently for 2+ years? Same employer?
FHA loans still only require 3.5% down-not that I'm advising that.
I'd love to his FICO score. Somehow, it's someone else's fault that it's 450. An evil conspiracy by the big banks and corporate America.
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