Mortgage Loan approval hell

[sdrealtor]

jp
Sometimes it has nothing to do with being smart enough but rather having the money and being willing to part with it as time is worth more to them than money. I’ll go a step further. My own brother (a surgeon) who I begged not to buy a house and spent 3 hours on the computer showing him why not bought in Oahu about 3 years ago with 100% financing. Several smart friends did the same with him. But he had just gotten remarried and at the age of 50 had a newborn (he has another now). He lived a pretty screwed up life his first time around and this was his chance to live the life he wanted and he didnt have time to wait in his mind. He has paid off most of his 2nd already and fortunately the market hasnt moved much where he bought so he isnt underwater much if at all. I have to say looking at his life now and considering everything that he was right and we were wrong.

[jpinpb]

It sounds to me that some people with money just spend it b/c they have it without really thinking if it’s the best financial decision. I mean, certainly {gasp} they can rent in their pretigious neighborhoods. I mean, I have a friend who rents in LJ b/c they want to send their kids to Country Day.

I have heard that many parts of Oahu are upside down, so maybe your brother got lucky and perhaps checked the particular area before he bought. I think we can all agree that we were in a bubble and anyone who bought then was taking a huge risk w/their money. Well, w/100% financing, the only risk was credit. But at age 50, I would think retirement would be on one’s mind. Money should be a consideration. Are these people going to work until they’re 70?

It does have to do w/being smart w/money AND time. So I do give you the *time* factor. Rushing to buy a house during a bubble at age 50 seems like poor planning. That money could be used towards retirement and all they had to do was wait a few years to pick up something for considerably less.

I mean, you know, great that these people you know have so much money they can throw it away. Must be nice.

(Side note – Does your brother the surgeon have his hands and vision insured? I hope so.)

[jpinpb]

It sounds to me that some people with money just spend it b/c they have it without really thinking if it’s the best financial decision. I mean, certainly {gasp} they can rent in their pretigious neighborhoods. I mean, I have a friend who rents in LJ b/c they want to send their kids to Country Day.

I have heard that many parts of Oahu are upside down, so maybe your brother got lucky and perhaps checked the particular area before he bought. I think we can all agree that we were in a bubble and anyone who bought then was taking a huge risk w/their money. Well, w/100% financing, the only risk was credit. But at age 50, I would think retirement would be on one’s mind. Money should be a consideration. Are these people going to work until they’re 70?

It does have to do w/being smart w/money AND time. So I do give you the *time* factor. Rushing to buy a house during a bubble at age 50 seems like poor planning. That money could be used towards retirement and all they had to do was wait a few years to pick up something for considerably less.

I mean, you know, great that these people you know have so much money they can throw it away. Must be nice.

(Side note – Does your brother the surgeon have his hands and vision insured? I hope so.)

[jpinpb]

It sounds to me that some people with money just spend it b/c they have it without really thinking if it’s the best financial decision. I mean, certainly {gasp} they can rent in their pretigious neighborhoods. I mean, I have a friend who rents in LJ b/c they want to send their kids to Country Day.

I have heard that many parts of Oahu are upside down, so maybe your brother got lucky and perhaps checked the particular area before he bought. I think we can all agree that we were in a bubble and anyone who bought then was taking a huge risk w/their money. Well, w/100% financing, the only risk was credit. But at age 50, I would think retirement would be on one’s mind. Money should be a consideration. Are these people going to work until they’re 70?

It does have to do w/being smart w/money AND time. So I do give you the *time* factor. Rushing to buy a house during a bubble at age 50 seems like poor planning. That money could be used towards retirement and all they had to do was wait a few years to pick up something for considerably less.

I mean, you know, great that these people you know have so much money they can throw it away. Must be nice.

(Side note – Does your brother the surgeon have his hands and vision insured? I hope so.)

[jpinpb]

It sounds to me that some people with money just spend it b/c they have it without really thinking if it’s the best financial decision. I mean, certainly {gasp} they can rent in their pretigious neighborhoods. I mean, I have a friend who rents in LJ b/c they want to send their kids to Country Day.

I have heard that many parts of Oahu are upside down, so maybe your brother got lucky and perhaps checked the particular area before he bought. I think we can all agree that we were in a bubble and anyone who bought then was taking a huge risk w/their money. Well, w/100% financing, the only risk was credit. But at age 50, I would think retirement would be on one’s mind. Money should be a consideration. Are these people going to work until they’re 70?

It does have to do w/being smart w/money AND time. So I do give you the *time* factor. Rushing to buy a house during a bubble at age 50 seems like poor planning. That money could be used towards retirement and all they had to do was wait a few years to pick up something for considerably less.

I mean, you know, great that these people you know have so much money they can throw it away. Must be nice.

(Side note – Does your brother the surgeon have his hands and vision insured? I hope so.)

[jpinpb]

It sounds to me that some people with money just spend it b/c they have it without really thinking if it’s the best financial decision. I mean, certainly {gasp} they can rent in their pretigious neighborhoods. I mean, I have a friend who rents in LJ b/c they want to send their kids to Country Day.

I have heard that many parts of Oahu are upside down, so maybe your brother got lucky and perhaps checked the particular area before he bought. I think we can all agree that we were in a bubble and anyone who bought then was taking a huge risk w/their money. Well, w/100% financing, the only risk was credit. But at age 50, I would think retirement would be on one’s mind. Money should be a consideration. Are these people going to work until they’re 70?

It does have to do w/being smart w/money AND time. So I do give you the *time* factor. Rushing to buy a house during a bubble at age 50 seems like poor planning. That money could be used towards retirement and all they had to do was wait a few years to pick up something for considerably less.

I mean, you know, great that these people you know have so much money they can throw it away. Must be nice.

(Side note – Does your brother the surgeon have his hands and vision insured? I hope so.)

[bearishgurl]

sdr,

re: your doctor friend.

Don’t know if he’s in SD or not but did he ever consider getting a job with an organization like Sharp, Scripps or Kaiser? They are ALL self-insured, pay the malpractice insurance premiums of their employed professionals and have awesome benefits.

I know you said he has an unusual “specialty.” Did he consider how employable this specialty would be out of school when the time came for him to begin repayment of his “massive” student loan debt? In other words, did he realize at the time of making his practice-specialty decision that he would have to be self-employed in order to practice the unusual specialty he trained for?

I know it’s water under the bridge now, but did you know him when he was considering graduate school? Did he ever consider joining the US Army or Navy who would pay for his medical education while being paid as a junior-grade officer and where he could also avail himself of the Montgomery GI Bill? He would have served his internship and residency in a military hospital and then promise six more years service (I believe). All during this time, the military would have paid for officer quarters for any spouse/children that he has. After six more years of contracted service (I believe it’s either 4 or 6 yrs), he would have been “golden” (debt free) and free to practice wherever he wanted OR he could have retired with the military at approximately age 42, with a lifetime pension (beginning immediately) equal to 1/2 his base pay.

Throughout history, promising students of little means found ways to become professionals without mortgaging their futures away. In the seventies, I believe the biggest BEOG grant available was $4,400 per year and a student’s family literally had to have 2+ children and be on welfare in order to qualify for any Federal grant money at all. As far as Perkins Loans, there was a lifetime cap of about $12K to $15K (including graduate school) at that time. Private student loans were not in existence, nor was “Sallie Mae.”

My current doctors are all local renowned physicians (one conducts nationwide research as a sideline) and are all between 65 and 70 years of age. Two are originally from the east coast but have resided in CA more than 45 years. Most didn’t grow up with silver spoons either. I know the cost of education is much higher today, but these older doctors found a way to fund their educations without mortgaging their futures into oblivion. Everything is relative.

Just offering more “food for thought,” here.

[bearishgurl]

sdr,

re: your doctor friend.

Don’t know if he’s in SD or not but did he ever consider getting a job with an organization like Sharp, Scripps or Kaiser? They are ALL self-insured, pay the malpractice insurance premiums of their employed professionals and have awesome benefits.

I know you said he has an unusual “specialty.” Did he consider how employable this specialty would be out of school when the time came for him to begin repayment of his “massive” student loan debt? In other words, did he realize at the time of making his practice-specialty decision that he would have to be self-employed in order to practice the unusual specialty he trained for?

I know it’s water under the bridge now, but did you know him when he was considering graduate school? Did he ever consider joining the US Army or Navy who would pay for his medical education while being paid as a junior-grade officer and where he could also avail himself of the Montgomery GI Bill? He would have served his internship and residency in a military hospital and then promise six more years service (I believe). All during this time, the military would have paid for officer quarters for any spouse/children that he has. After six more years of contracted service (I believe it’s either 4 or 6 yrs), he would have been “golden” (debt free) and free to practice wherever he wanted OR he could have retired with the military at approximately age 42, with a lifetime pension (beginning immediately) equal to 1/2 his base pay.

Throughout history, promising students of little means found ways to become professionals without mortgaging their futures away. In the seventies, I believe the biggest BEOG grant available was $4,400 per year and a student’s family literally had to have 2+ children and be on welfare in order to qualify for any Federal grant money at all. As far as Perkins Loans, there was a lifetime cap of about $12K to $15K (including graduate school) at that time. Private student loans were not in existence, nor was “Sallie Mae.”

My current doctors are all local renowned physicians (one conducts nationwide research as a sideline) and are all between 65 and 70 years of age. Two are originally from the east coast but have resided in CA more than 45 years. Most didn’t grow up with silver spoons either. I know the cost of education is much higher today, but these older doctors found a way to fund their educations without mortgaging their futures into oblivion. Everything is relative.

Just offering more “food for thought,” here.

[bearishgurl]

sdr,

re: your doctor friend.

Don’t know if he’s in SD or not but did he ever consider getting a job with an organization like Sharp, Scripps or Kaiser? They are ALL self-insured, pay the malpractice insurance premiums of their employed professionals and have awesome benefits.

I know you said he has an unusual “specialty.” Did he consider how employable this specialty would be out of school when the time came for him to begin repayment of his “massive” student loan debt? In other words, did he realize at the time of making his practice-specialty decision that he would have to be self-employed in order to practice the unusual specialty he trained for?

I know it’s water under the bridge now, but did you know him when he was considering graduate school? Did he ever consider joining the US Army or Navy who would pay for his medical education while being paid as a junior-grade officer and where he could also avail himself of the Montgomery GI Bill? He would have served his internship and residency in a military hospital and then promise six more years service (I believe). All during this time, the military would have paid for officer quarters for any spouse/children that he has. After six more years of contracted service (I believe it’s either 4 or 6 yrs), he would have been “golden” (debt free) and free to practice wherever he wanted OR he could have retired with the military at approximately age 42, with a lifetime pension (beginning immediately) equal to 1/2 his base pay.

Throughout history, promising students of little means found ways to become professionals without mortgaging their futures away. In the seventies, I believe the biggest BEOG grant available was $4,400 per year and a student’s family literally had to have 2+ children and be on welfare in order to qualify for any Federal grant money at all. As far as Perkins Loans, there was a lifetime cap of about $12K to $15K (including graduate school) at that time. Private student loans were not in existence, nor was “Sallie Mae.”

My current doctors are all local renowned physicians (one conducts nationwide research as a sideline) and are all between 65 and 70 years of age. Two are originally from the east coast but have resided in CA more than 45 years. Most didn’t grow up with silver spoons either. I know the cost of education is much higher today, but these older doctors found a way to fund their educations without mortgaging their futures into oblivion. Everything is relative.

Just offering more “food for thought,” here.

[bearishgurl]

sdr,

re: your doctor friend.

Don’t know if he’s in SD or not but did he ever consider getting a job with an organization like Sharp, Scripps or Kaiser? They are ALL self-insured, pay the malpractice insurance premiums of their employed professionals and have awesome benefits.

I know you said he has an unusual “specialty.” Did he consider how employable this specialty would be out of school when the time came for him to begin repayment of his “massive” student loan debt? In other words, did he realize at the time of making his practice-specialty decision that he would have to be self-employed in order to practice the unusual specialty he trained for?

I know it’s water under the bridge now, but did you know him when he was considering graduate school? Did he ever consider joining the US Army or Navy who would pay for his medical education while being paid as a junior-grade officer and where he could also avail himself of the Montgomery GI Bill? He would have served his internship and residency in a military hospital and then promise six more years service (I believe). All during this time, the military would have paid for officer quarters for any spouse/children that he has. After six more years of contracted service (I believe it’s either 4 or 6 yrs), he would have been “golden” (debt free) and free to practice wherever he wanted OR he could have retired with the military at approximately age 42, with a lifetime pension (beginning immediately) equal to 1/2 his base pay.

Throughout history, promising students of little means found ways to become professionals without mortgaging their futures away. In the seventies, I believe the biggest BEOG grant available was $4,400 per year and a student’s family literally had to have 2+ children and be on welfare in order to qualify for any Federal grant money at all. As far as Perkins Loans, there was a lifetime cap of about $12K to $15K (including graduate school) at that time. Private student loans were not in existence, nor was “Sallie Mae.”

My current doctors are all local renowned physicians (one conducts nationwide research as a sideline) and are all between 65 and 70 years of age. Two are originally from the east coast but have resided in CA more than 45 years. Most didn’t grow up with silver spoons either. I know the cost of education is much higher today, but these older doctors found a way to fund their educations without mortgaging their futures into oblivion. Everything is relative.

Just offering more “food for thought,” here.

[bearishgurl]

sdr,

re: your doctor friend.

Don’t know if he’s in SD or not but did he ever consider getting a job with an organization like Sharp, Scripps or Kaiser? They are ALL self-insured, pay the malpractice insurance premiums of their employed professionals and have awesome benefits.

I know you said he has an unusual “specialty.” Did he consider how employable this specialty would be out of school when the time came for him to begin repayment of his “massive” student loan debt? In other words, did he realize at the time of making his practice-specialty decision that he would have to be self-employed in order to practice the unusual specialty he trained for?

I know it’s water under the bridge now, but did you know him when he was considering graduate school? Did he ever consider joining the US Army or Navy who would pay for his medical education while being paid as a junior-grade officer and where he could also avail himself of the Montgomery GI Bill? He would have served his internship and residency in a military hospital and then promise six more years service (I believe). All during this time, the military would have paid for officer quarters for any spouse/children that he has. After six more years of contracted service (I believe it’s either 4 or 6 yrs), he would have been “golden” (debt free) and free to practice wherever he wanted OR he could have retired with the military at approximately age 42, with a lifetime pension (beginning immediately) equal to 1/2 his base pay.

Throughout history, promising students of little means found ways to become professionals without mortgaging their futures away. In the seventies, I believe the biggest BEOG grant available was $4,400 per year and a student’s family literally had to have 2+ children and be on welfare in order to qualify for any Federal grant money at all. As far as Perkins Loans, there was a lifetime cap of about $12K to $15K (including graduate school) at that time. Private student loans were not in existence, nor was “Sallie Mae.”

My current doctors are all local renowned physicians (one conducts nationwide research as a sideline) and are all between 65 and 70 years of age. Two are originally from the east coast but have resided in CA more than 45 years. Most didn’t grow up with silver spoons either. I know the cost of education is much higher today, but these older doctors found a way to fund their educations without mortgaging their futures into oblivion. Everything is relative.

Just offering more “food for thought,” here.

[sdrealtor]

JP
IN the nice suburban areas where he bought the market hasnt moved much. He bought right before financing like that stop being available and he wouldnt be where he is if he didnt jump when he did. The last 4 years have been the best of his life after living a Charlie Sheen existence in his 20’s and 30’s. The beauty of it for him is he is bopred with medicine and doesnt want to practice much longer. He has almost 20 years in with Kaiser now. In another year or two he can retire and collect a pension for the rest of his life at 66% of his best year (you can do the math to get an idea of what those numbers look like). That will more than pay his mortgage, support his family, pay for private schools and college etc. He’s already working on his next vocation-writing- and I have no doubt he will be a very succesful published author as he has a pretty amazing life experience to draw upon.

Yes he has it all insured.

[sdrealtor]

JP
IN the nice suburban areas where he bought the market hasnt moved much. He bought right before financing like that stop being available and he wouldnt be where he is if he didnt jump when he did. The last 4 years have been the best of his life after living a Charlie Sheen existence in his 20’s and 30’s. The beauty of it for him is he is bopred with medicine and doesnt want to practice much longer. He has almost 20 years in with Kaiser now. In another year or two he can retire and collect a pension for the rest of his life at 66% of his best year (you can do the math to get an idea of what those numbers look like). That will more than pay his mortgage, support his family, pay for private schools and college etc. He’s already working on his next vocation-writing- and I have no doubt he will be a very succesful published author as he has a pretty amazing life experience to draw upon.

Yes he has it all insured.

[sdrealtor]

JP
IN the nice suburban areas where he bought the market hasnt moved much. He bought right before financing like that stop being available and he wouldnt be where he is if he didnt jump when he did. The last 4 years have been the best of his life after living a Charlie Sheen existence in his 20’s and 30’s. The beauty of it for him is he is bopred with medicine and doesnt want to practice much longer. He has almost 20 years in with Kaiser now. In another year or two he can retire and collect a pension for the rest of his life at 66% of his best year (you can do the math to get an idea of what those numbers look like). That will more than pay his mortgage, support his family, pay for private schools and college etc. He’s already working on his next vocation-writing- and I have no doubt he will be a very succesful published author as he has a pretty amazing life experience to draw upon.

Yes he has it all insured.

[sdrealtor]

JP
IN the nice suburban areas where he bought the market hasnt moved much. He bought right before financing like that stop being available and he wouldnt be where he is if he didnt jump when he did. The last 4 years have been the best of his life after living a Charlie Sheen existence in his 20’s and 30’s. The beauty of it for him is he is bopred with medicine and doesnt want to practice much longer. He has almost 20 years in with Kaiser now. In another year or two he can retire and collect a pension for the rest of his life at 66% of his best year (you can do the math to get an idea of what those numbers look like). That will more than pay his mortgage, support his family, pay for private schools and college etc. He’s already working on his next vocation-writing- and I have no doubt he will be a very succesful published author as he has a pretty amazing life experience to draw upon.

Yes he has it all insured.

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