Posted by NC Wayne on September 16, 2007 at 23:07:34 from (166.82.164.156):
Just saw the post below concerning the "mortgage crisis" and wanted to see if any one else on here has been in the same boat as me. This has happened to me a couple of times over the years, once as I refinanced to take advantage of the lower interest rates, and again to cash out on some of my equity to make some much needed improvements (ie build my shop, etc). What I"m talking about is when the lender tells you your debt to income ratio is "too high". Even though you"ve never been late with a payment, the loan your going for has a lower payment than the one your currently making, etc., they still won"t give you the lowest interest rate because of a perceived increase in risk on their part. All it takes is a credit check to see I don"t spend my money on new cars, and other "luxury" items. My home is my priority and I wouldn"t own a new car if you gave it to me....But how do you make them see that, and what good would it do anyways because they simply don"t seem to care. They give absolutely no thought to the person involved, only the numbers. The one occurance that really sticks in my mind is on my origional loan back in the early 90"s. I had had a construction loan for over a year and made all payments on time, and had a minimum of card debt, and most of it was associated with construction costs over and above the loan. Still when I went to convert to a conventional mortgage I was told that because of my debt to income ratio they couldn"t do the complete loan amount because the payment would be to high, something like $900 if I remember right. However they could do X amount on a first mortgage with a payent of something like $750 and then a second mortgage for the remaining amount with a payment of like $350. I don"t know about ya"ll but this makes absolutely no sense to me. Supposidly I"m a huge risk to the mortgage company/s with a $900 payment but less of a risk with two payments totalling $1100. Until these "risk assessors" or whatever they call the people making stupid decisions like this get their heads out of their collective a$$es and pay attention to the STUPID decisions they make and how these decisions really effect the consumer this country is always gonna have a "mortgage crisis". But that"s just my opinion for the.02 it"s worth....No, wait, I can"t afford that .02 on one payment, better make it one payment at .03 and another at .01...LOL
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