Mortgage Loan approval hell

[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]

BG
He has never had any problem with earning money. I did not know him prior to him becoming a doctor. Going to medical school 40 to 50 years ago was very different than today. Growing up, 7 neighbors within 1 or 2 houses of mine were physicians. Some fo them went the GI route. One of them had one of his sons go that route (the son wanted to play football at Citadel and then go on from there). He was and is a smart, strong and good looking kid. He was the star RB at our high school. He ended up in the Gulf War dodging bullets. He got so screwed up they had to hire attorney’s and spend alot of money to get him out of the military before he totally cracked. It is not for everyone.

My friend out here had no interest in the military. He’s brilliant, he invested in himself, put in the work and he’s reaping the benefit. He didnt mortgage his future into oblivion as at age 40 most of the debt is now paid off and he is a partner in a very lucrative endeavor. He gets to live the rockstar life now if he wants though that isnt his style.

[sdrealtor]

BG
He has never had any problem with earning money. I did not know him prior to him becoming a doctor. Going to medical school 40 to 50 years ago was very different than today. Growing up, 7 neighbors within 1 or 2 houses of mine were physicians. Some fo them went the GI route. One of them had one of his sons go that route (the son wanted to play football at Citadel and then go on from there). He was and is a smart, strong and good looking kid. He was the star RB at our high school. He ended up in the Gulf War dodging bullets. He got so screwed up they had to hire attorney’s and spend alot of money to get him out of the military before he totally cracked. It is not for everyone.

My friend out here had no interest in the military. He’s brilliant, he invested in himself, put in the work and he’s reaping the benefit. He didnt mortgage his future into oblivion as at age 40 most of the debt is now paid off and he is a partner in a very lucrative endeavor. He gets to live the rockstar life now if he wants though that isnt his style.

[sdrealtor]

BG
He has never had any problem with earning money. I did not know him prior to him becoming a doctor. Going to medical school 40 to 50 years ago was very different than today. Growing up, 7 neighbors within 1 or 2 houses of mine were physicians. Some fo them went the GI route. One of them had one of his sons go that route (the son wanted to play football at Citadel and then go on from there). He was and is a smart, strong and good looking kid. He was the star RB at our high school. He ended up in the Gulf War dodging bullets. He got so screwed up they had to hire attorney’s and spend alot of money to get him out of the military before he totally cracked. It is not for everyone.

My friend out here had no interest in the military. He’s brilliant, he invested in himself, put in the work and he’s reaping the benefit. He didnt mortgage his future into oblivion as at age 40 most of the debt is now paid off and he is a partner in a very lucrative endeavor. He gets to live the rockstar life now if he wants though that isnt his style.

[sdrealtor]

BG
He has never had any problem with earning money. I did not know him prior to him becoming a doctor. Going to medical school 40 to 50 years ago was very different than today. Growing up, 7 neighbors within 1 or 2 houses of mine were physicians. Some fo them went the GI route. One of them had one of his sons go that route (the son wanted to play football at Citadel and then go on from there). He was and is a smart, strong and good looking kid. He was the star RB at our high school. He ended up in the Gulf War dodging bullets. He got so screwed up they had to hire attorney’s and spend alot of money to get him out of the military before he totally cracked. It is not for everyone.

My friend out here had no interest in the military. He’s brilliant, he invested in himself, put in the work and he’s reaping the benefit. He didnt mortgage his future into oblivion as at age 40 most of the debt is now paid off and he is a partner in a very lucrative endeavor. He gets to live the rockstar life now if he wants though that isnt his style.

[sdrealtor]

BG
He has never had any problem with earning money. I did not know him prior to him becoming a doctor. Going to medical school 40 to 50 years ago was very different than today. Growing up, 7 neighbors within 1 or 2 houses of mine were physicians. Some fo them went the GI route. One of them had one of his sons go that route (the son wanted to play football at Citadel and then go on from there). He was and is a smart, strong and good looking kid. He was the star RB at our high school. He ended up in the Gulf War dodging bullets. He got so screwed up they had to hire attorney’s and spend alot of money to get him out of the military before he totally cracked. It is not for everyone.

My friend out here had no interest in the military. He’s brilliant, he invested in himself, put in the work and he’s reaping the benefit. He didnt mortgage his future into oblivion as at age 40 most of the debt is now paid off and he is a partner in a very lucrative endeavor. He gets to live the rockstar life now if he wants though that isnt his style.

[moneymaker]

Wow! What a thread. Very good points made by everyone. If I may speak on behalf of the middle class. I remember a time when being in a high tax bracket meant one was rich, no longer. Now I as a member of the middle class am in the high bracket. I was somewhat surprised that Countrywide approved us for a home loan when at the time I had consumer debt and my wife had 6 figure school loans to pay back. Fortunately for us our debt rates are low and she has like 30 years to pay it back. We bought approx. 2.2 times our gross income and are owners paying the same monthly payments that renters next door are paying. I personally would not have loaned us the money but I’m glad we were able to pull it off, as I’m now saving via equity more than I would be as a renter. We went FHA 3.5% down and were definitely put under the microscope, first time I’ve ever seen my wife cry on the phone. In the end it was worth it, now just need to convine her that solar is as good an investment now as gold was 4 years ago.

[moneymaker]

Wow! What a thread. Very good points made by everyone. If I may speak on behalf of the middle class. I remember a time when being in a high tax bracket meant one was rich, no longer. Now I as a member of the middle class am in the high bracket. I was somewhat surprised that Countrywide approved us for a home loan when at the time I had consumer debt and my wife had 6 figure school loans to pay back. Fortunately for us our debt rates are low and she has like 30 years to pay it back. We bought approx. 2.2 times our gross income and are owners paying the same monthly payments that renters next door are paying. I personally would not have loaned us the money but I’m glad we were able to pull it off, as I’m now saving via equity more than I would be as a renter. We went FHA 3.5% down and were definitely put under the microscope, first time I’ve ever seen my wife cry on the phone. In the end it was worth it, now just need to convine her that solar is as good an investment now as gold was 4 years ago.

[moneymaker]

Wow! What a thread. Very good points made by everyone. If I may speak on behalf of the middle class. I remember a time when being in a high tax bracket meant one was rich, no longer. Now I as a member of the middle class am in the high bracket. I was somewhat surprised that Countrywide approved us for a home loan when at the time I had consumer debt and my wife had 6 figure school loans to pay back. Fortunately for us our debt rates are low and she has like 30 years to pay it back. We bought approx. 2.2 times our gross income and are owners paying the same monthly payments that renters next door are paying. I personally would not have loaned us the money but I’m glad we were able to pull it off, as I’m now saving via equity more than I would be as a renter. We went FHA 3.5% down and were definitely put under the microscope, first time I’ve ever seen my wife cry on the phone. In the end it was worth it, now just need to convine her that solar is as good an investment now as gold was 4 years ago.

[moneymaker]

Wow! What a thread. Very good points made by everyone. If I may speak on behalf of the middle class. I remember a time when being in a high tax bracket meant one was rich, no longer. Now I as a member of the middle class am in the high bracket. I was somewhat surprised that Countrywide approved us for a home loan when at the time I had consumer debt and my wife had 6 figure school loans to pay back. Fortunately for us our debt rates are low and she has like 30 years to pay it back. We bought approx. 2.2 times our gross income and are owners paying the same monthly payments that renters next door are paying. I personally would not have loaned us the money but I’m glad we were able to pull it off, as I’m now saving via equity more than I would be as a renter. We went FHA 3.5% down and were definitely put under the microscope, first time I’ve ever seen my wife cry on the phone. In the end it was worth it, now just need to convine her that solar is as good an investment now as gold was 4 years ago.

[moneymaker]

Wow! What a thread. Very good points made by everyone. If I may speak on behalf of the middle class. I remember a time when being in a high tax bracket meant one was rich, no longer. Now I as a member of the middle class am in the high bracket. I was somewhat surprised that Countrywide approved us for a home loan when at the time I had consumer debt and my wife had 6 figure school loans to pay back. Fortunately for us our debt rates are low and she has like 30 years to pay it back. We bought approx. 2.2 times our gross income and are owners paying the same monthly payments that renters next door are paying. I personally would not have loaned us the money but I’m glad we were able to pull it off, as I’m now saving via equity more than I would be as a renter. We went FHA 3.5% down and were definitely put under the microscope, first time I’ve ever seen my wife cry on the phone. In the end it was worth it, now just need to convine her that solar is as good an investment now as gold was 4 years ago.

[Coronita]

[quote=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.[/quote]

Life changing events often makes people step back and rethink things. When all is good, you plan exactly how you want things to turn out, to the teeth. And then when you get suddenly get hit with a brick, you realize.

1)holy crap, I might not be around to enjoy this the second or third time

2)what is the point of saving every penny dollar if you’re dead…So someone else can enjoy it for you? I don’t think so…

So yeah, I can sort of relate…I don’t see a point in saving/self-deprecating penny-pinching anymore, since “savings” in the strict sense will be meaningless moving forward in this country. My new motto is work hard, play hard, and spend hard (within your budgets)…. If I clip coupons, it’s so I can turn around and spend it right away on something else…ha ha ha..

[Coronita]

[quote=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.[/quote]

Life changing events often makes people step back and rethink things. When all is good, you plan exactly how you want things to turn out, to the teeth. And then when you get suddenly get hit with a brick, you realize.

1)holy crap, I might not be around to enjoy this the second or third time

2)what is the point of saving every penny dollar if you’re dead…So someone else can enjoy it for you? I don’t think so…

So yeah, I can sort of relate…I don’t see a point in saving/self-deprecating penny-pinching anymore, since “savings” in the strict sense will be meaningless moving forward in this country. My new motto is work hard, play hard, and spend hard (within your budgets)…. If I clip coupons, it’s so I can turn around and spend it right away on something else…ha ha ha..

[Coronita]

[quote=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.[/quote]

Life changing events often makes people step back and rethink things. When all is good, you plan exactly how you want things to turn out, to the teeth. And then when you get suddenly get hit with a brick, you realize.

1)holy crap, I might not be around to enjoy this the second or third time

2)what is the point of saving every penny dollar if you’re dead…So someone else can enjoy it for you? I don’t think so…

So yeah, I can sort of relate…I don’t see a point in saving/self-deprecating penny-pinching anymore, since “savings” in the strict sense will be meaningless moving forward in this country. My new motto is work hard, play hard, and spend hard (within your budgets)…. If I clip coupons, it’s so I can turn around and spend it right away on something else…ha ha ha..

[Coronita]

[quote=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.[/quote]

Life changing events often makes people step back and rethink things. When all is good, you plan exactly how you want things to turn out, to the teeth. And then when you get suddenly get hit with a brick, you realize.

1)holy crap, I might not be around to enjoy this the second or third time

2)what is the point of saving every penny dollar if you’re dead…So someone else can enjoy it for you? I don’t think so…

So yeah, I can sort of relate…I don’t see a point in saving/self-deprecating penny-pinching anymore, since “savings” in the strict sense will be meaningless moving forward in this country. My new motto is work hard, play hard, and spend hard (within your budgets)…. If I clip coupons, it’s so I can turn around and spend it right away on something else…ha ha ha..

[Author]

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