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These days, I'm finding that mortgage companies treat hardworking people like criminals. Even if you work hard and have the income, 20% downpayment, and the credit, that only gets you a pre-approval and not a mortgage.
Does anyone else think that mortgage companies make it asininely hard to make it through underwriting these days, even if you've done nothing wrong and have no problems paying or with income or with credit, and because of their lack of common sense (or onerous government regulations), just have the goal to say screw it and live simply and save religiously until you can just buy a house with 100% cash and not have to worry about getting a mortgage ever again?
Have you tried getting a mortgage recently? My experience has been horrific, and it has absolutely nothing to do with work history, downpayment fund, or credit score. I feel violated and treated like a criminal. Yes, investing the extra cash would be better, but I'll guarantee 100% that I wouldn't be nearly as frugal or live as below my means than I am because I am so determined to buy a house in cash ASAP because I feel so violated by the mortgage companies. In my case, I think the net increase in savings because I'm so pissed off at them would trump anything in investment returns.
Why am I pissed? Because I provided a whole ****load of documentation that went above and beyond what most people have to provide and then right before closing it's like, oh yeah, the phone number on your credit report is inactive - you're screwed. Apparently, it had my previous number on there. I'm like what?? You're telling me this NOW when you checked that almost 4 weeks ago?? I wasn't even aware of such a thing - I could have easily fixed that back then.
My goal is to buy a house in cold hard cash in 3-4 years. By being frugal, I mean never eating out or taking vacations, etc. until we get a house. We will save over double this way, far more than a small investment return would ever provide. Screw the mortgage companies for making it SO HARD for hardworking families.
i am sorry to hear you had a bad experience. i totally understand that.
I have gotten a mortgage recently (with 2 to 3 years ago) closed within a month with no issue. like many others said if you have a good loan officer that makes a world of difference
I am actually happy that finally they make it more difficult to get a mortgage. Too many people lost their homes because of bad financial planning and banks giving loans that were not supported by income. Home prices have fallen so sharply that lenders are worried future price declines and job losses will leave them with more defaulted mortgages.
If they make it so difficult for you, there must be some reasons.
No, there actually isn't anything more that's not being told. My job requires me to relocate often for work, and I had no trouble getting a mortgage 3 years ago. Back then I only had 10% down payment and lower (but still decent) credit. The only problem is that my phone number on the credit report is reporting my previous phone number. Believe me, that is all that this is. It's ridiculous.
I agree completely the income, assets, and credit should be verified and that was all done when I had no problems getting a mortgage 3 years ago, but now it's to the point of being asininely ridiclously hard when you've done absolutely nothing wrong but work hard, save, and pay your bills on time.
I am actually happy that finally they make it more difficult to get a mortgage. Too many people lost their homes because of bad financial planning and banks giving loans that were not supported by income. Home prices have fallen so sharply that lenders are worried future price declines and job losses will leave them with more defaulted mortgages.
If they make it so difficult for you, there must be some reasons.
No, they're being persnickity about a red tape technicality. Credit is 800, have 20% down, not asking for any credits, solid & consistent employment history and purchasing well below my means.
I have heard about this on other forums. In that case the buyer was transferring down payment funds from overseas. Makes me wonder if the low rates are just an illusion or only for people who fit a narrow mold.
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