Mortgage Loan approval hell

[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..

[sdrealtor]

BG
Just one more note on the Military Free Ride you advocate as so wonderful. We all know it is not a free ride and is actually more risky than taking out massive student debt. Here’s a true story. A good friend in high school grew up on the other side of town but came to my HS for AP math classes. We were also friends from sports and competed on club teams together for 4 years working out 6 days a week year round. We were very close. His dad was a janitor/security guard at one of the schools. He worked his tail off and got into Annapolis. A great education and a free ride you say. He became a national celebrity soon after graduating from Annapolis and his face was on the cover of TIME magazine and all over the national media outlets. He became the face of the first Gulf War. You see, when you join the military you risk going to war!

After some errr challenging times, he went to Wharton for an MBA courtesy of Uncle Sam but those challenging times stayed with him. Last time I heard (about 10 years ago) he was broke, jobless and living at his parents house again. You can read about him here.

http://www.people.com/people/archive/article/0,,20063365,00.html

[sdrealtor]

BG
Just one more note on the Military Free Ride you advocate as so wonderful. We all know it is not a free ride and is actually more risky than taking out massive student debt. Here’s a true story. A good friend in high school grew up on the other side of town but came to my HS for AP math classes. We were also friends from sports and competed on club teams together for 4 years working out 6 days a week year round. We were very close. His dad was a janitor/security guard at one of the schools. He worked his tail off and got into Annapolis. A great education and a free ride you say. He became a national celebrity soon after graduating from Annapolis and his face was on the cover of TIME magazine and all over the national media outlets. He became the face of the first Gulf War. You see, when you join the military you risk going to war!

After some errr challenging times, he went to Wharton for an MBA courtesy of Uncle Sam but those challenging times stayed with him. Last time I heard (about 10 years ago) he was broke, jobless and living at his parents house again. You can read about him here.

http://www.people.com/people/archive/article/0,,20063365,00.html

[sdrealtor]

BG
Just one more note on the Military Free Ride you advocate as so wonderful. We all know it is not a free ride and is actually more risky than taking out massive student debt. Here’s a true story. A good friend in high school grew up on the other side of town but came to my HS for AP math classes. We were also friends from sports and competed on club teams together for 4 years working out 6 days a week year round. We were very close. His dad was a janitor/security guard at one of the schools. He worked his tail off and got into Annapolis. A great education and a free ride you say. He became a national celebrity soon after graduating from Annapolis and his face was on the cover of TIME magazine and all over the national media outlets. He became the face of the first Gulf War. You see, when you join the military you risk going to war!

After some errr challenging times, he went to Wharton for an MBA courtesy of Uncle Sam but those challenging times stayed with him. Last time I heard (about 10 years ago) he was broke, jobless and living at his parents house again. You can read about him here.

http://www.people.com/people/archive/article/0,,20063365,00.html

[sdrealtor]

BG
Just one more note on the Military Free Ride you advocate as so wonderful. We all know it is not a free ride and is actually more risky than taking out massive student debt. Here’s a true story. A good friend in high school grew up on the other side of town but came to my HS for AP math classes. We were also friends from sports and competed on club teams together for 4 years working out 6 days a week year round. We were very close. His dad was a janitor/security guard at one of the schools. He worked his tail off and got into Annapolis. A great education and a free ride you say. He became a national celebrity soon after graduating from Annapolis and his face was on the cover of TIME magazine and all over the national media outlets. He became the face of the first Gulf War. You see, when you join the military you risk going to war!

After some errr challenging times, he went to Wharton for an MBA courtesy of Uncle Sam but those challenging times stayed with him. Last time I heard (about 10 years ago) he was broke, jobless and living at his parents house again. You can read about him here.

http://www.people.com/people/archive/article/0,,20063365,00.html

[sdrealtor]

BG
Just one more note on the Military Free Ride you advocate as so wonderful. We all know it is not a free ride and is actually more risky than taking out massive student debt. Here’s a true story. A good friend in high school grew up on the other side of town but came to my HS for AP math classes. We were also friends from sports and competed on club teams together for 4 years working out 6 days a week year round. We were very close. His dad was a janitor/security guard at one of the schools. He worked his tail off and got into Annapolis. A great education and a free ride you say. He became a national celebrity soon after graduating from Annapolis and his face was on the cover of TIME magazine and all over the national media outlets. He became the face of the first Gulf War. You see, when you join the military you risk going to war!

After some errr challenging times, he went to Wharton for an MBA courtesy of Uncle Sam but those challenging times stayed with him. Last time I heard (about 10 years ago) he was broke, jobless and living at his parents house again. You can read about him here.

http://www.people.com/people/archive/article/0,,20063365,00.html

[bearishgurl]

[quote=threadkiller]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.[/quote]

I’m happy for you, threadkiller! But I have a few questions for you, if you don’t mind.

Did your wife defer and then consolidate her student loans?

What is their interest rate?

Does your wife still have 30 years remaining in her working life to retire her student loans?

Is your wife currently employed?

Is your wife currently employed in the profession she went to school for (incurring these student loans)?

Are you and she aware that your wife’s student loan creditors will put claims on her estate if she should die before paying them off?

If you don’t want to answer because these questions are too personal, I understand. I’m just adding more “food for thought,” here ;=}

[bearishgurl]

[quote=threadkiller]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.[/quote]

I’m happy for you, threadkiller! But I have a few questions for you, if you don’t mind.

Did your wife defer and then consolidate her student loans?

What is their interest rate?

Does your wife still have 30 years remaining in her working life to retire her student loans?

Is your wife currently employed?

Is your wife currently employed in the profession she went to school for (incurring these student loans)?

Are you and she aware that your wife’s student loan creditors will put claims on her estate if she should die before paying them off?

If you don’t want to answer because these questions are too personal, I understand. I’m just adding more “food for thought,” here ;=}

[bearishgurl]

[quote=threadkiller]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.[/quote]

I’m happy for you, threadkiller! But I have a few questions for you, if you don’t mind.

Did your wife defer and then consolidate her student loans?

What is their interest rate?

Does your wife still have 30 years remaining in her working life to retire her student loans?

Is your wife currently employed?

Is your wife currently employed in the profession she went to school for (incurring these student loans)?

Are you and she aware that your wife’s student loan creditors will put claims on her estate if she should die before paying them off?

If you don’t want to answer because these questions are too personal, I understand. I’m just adding more “food for thought,” here ;=}

[bearishgurl]

[quote=threadkiller]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.[/quote]

I’m happy for you, threadkiller! But I have a few questions for you, if you don’t mind.

Did your wife defer and then consolidate her student loans?

What is their interest rate?

Does your wife still have 30 years remaining in her working life to retire her student loans?

Is your wife currently employed?

Is your wife currently employed in the profession she went to school for (incurring these student loans)?

Are you and she aware that your wife’s student loan creditors will put claims on her estate if she should die before paying them off?

If you don’t want to answer because these questions are too personal, I understand. I’m just adding more “food for thought,” here ;=}

[bearishgurl]

[quote=threadkiller]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.[/quote]

I’m happy for you, threadkiller! But I have a few questions for you, if you don’t mind.

Did your wife defer and then consolidate her student loans?

What is their interest rate?

Does your wife still have 30 years remaining in her working life to retire her student loans?

Is your wife currently employed?

Is your wife currently employed in the profession she went to school for (incurring these student loans)?

Are you and she aware that your wife’s student loan creditors will put claims on her estate if she should die before paying them off?

If you don’t want to answer because these questions are too personal, I understand. I’m just adding more “food for thought,” here ;=}

[bearishgurl]

[quote=sdrealtor]BG
Just one more note on the Military Free Ride you advocate as so wonderful. . . [/quote]

I haven’t looked at your article yet. I am fully cognizant of the trials and tribulations of being in the military, both for the member and their families. That’s why they offer the “free” living unit with paid utilities and the “free” education. Yes, I am aware that it’s not for everyone. In the “olden days,” people enlisted specifically to take advantage of the Vietnam-era GI Bill. It was the ONLY way many would get a college education and they knew this from the age of 12 onward. Many had no choice and were drafted. After 4 years in the military (or much less if previously stationed in a war zone and/or disabled in service) many got out and enrolled in college FT and received $250 – $450 mo “living expenses” in addition to paid tuition, fees and books. The amount of living expense paid for a full four years depended upon their marital status. This was also during the era I attended college where I met MANY VA-funded students.

I understand that many, many members that spent any time at all in war-torn regions while in the military suffer from PTSD and worse for life and need constant or intermittent counseling. Not only have I had longtime co-workers with these problems, I see it in some of my current neighbors.

When you take the free education and free housing from the military for as long as it takes you to obtain your professional credentials, there is a price to pay. Often that true price is unknown at the outset.

[bearishgurl]

[quote=sdrealtor]BG
Just one more note on the Military Free Ride you advocate as so wonderful. . . [/quote]

I haven’t looked at your article yet. I am fully cognizant of the trials and tribulations of being in the military, both for the member and their families. That’s why they offer the “free” living unit with paid utilities and the “free” education. Yes, I am aware that it’s not for everyone. In the “olden days,” people enlisted specifically to take advantage of the Vietnam-era GI Bill. It was the ONLY way many would get a college education and they knew this from the age of 12 onward. Many had no choice and were drafted. After 4 years in the military (or much less if previously stationed in a war zone and/or disabled in service) many got out and enrolled in college FT and received $250 – $450 mo “living expenses” in addition to paid tuition, fees and books. The amount of living expense paid for a full four years depended upon their marital status. This was also during the era I attended college where I met MANY VA-funded students.

I understand that many, many members that spent any time at all in war-torn regions while in the military suffer from PTSD and worse for life and need constant or intermittent counseling. Not only have I had longtime co-workers with these problems, I see it in some of my current neighbors.

When you take the free education and free housing from the military for as long as it takes you to obtain your professional credentials, there is a price to pay. Often that true price is unknown at the outset.

[bearishgurl]

[quote=sdrealtor]BG
Just one more note on the Military Free Ride you advocate as so wonderful. . . [/quote]

I haven’t looked at your article yet. I am fully cognizant of the trials and tribulations of being in the military, both for the member and their families. That’s why they offer the “free” living unit with paid utilities and the “free” education. Yes, I am aware that it’s not for everyone. In the “olden days,” people enlisted specifically to take advantage of the Vietnam-era GI Bill. It was the ONLY way many would get a college education and they knew this from the age of 12 onward. Many had no choice and were drafted. After 4 years in the military (or much less if previously stationed in a war zone and/or disabled in service) many got out and enrolled in college FT and received $250 – $450 mo “living expenses” in addition to paid tuition, fees and books. The amount of living expense paid for a full four years depended upon their marital status. This was also during the era I attended college where I met MANY VA-funded students.

I understand that many, many members that spent any time at all in war-torn regions while in the military suffer from PTSD and worse for life and need constant or intermittent counseling. Not only have I had longtime co-workers with these problems, I see it in some of my current neighbors.

When you take the free education and free housing from the military for as long as it takes you to obtain your professional credentials, there is a price to pay. Often that true price is unknown at the outset.

[bearishgurl]

[quote=sdrealtor]BG
Just one more note on the Military Free Ride you advocate as so wonderful. . . [/quote]

I haven’t looked at your article yet. I am fully cognizant of the trials and tribulations of being in the military, both for the member and their families. That’s why they offer the “free” living unit with paid utilities and the “free” education. Yes, I am aware that it’s not for everyone. In the “olden days,” people enlisted specifically to take advantage of the Vietnam-era GI Bill. It was the ONLY way many would get a college education and they knew this from the age of 12 onward. Many had no choice and were drafted. After 4 years in the military (or much less if previously stationed in a war zone and/or disabled in service) many got out and enrolled in college FT and received $250 – $450 mo “living expenses” in addition to paid tuition, fees and books. The amount of living expense paid for a full four years depended upon their marital status. This was also during the era I attended college where I met MANY VA-funded students.

I understand that many, many members that spent any time at all in war-torn regions while in the military suffer from PTSD and worse for life and need constant or intermittent counseling. Not only have I had longtime co-workers with these problems, I see it in some of my current neighbors.

When you take the free education and free housing from the military for as long as it takes you to obtain your professional credentials, there is a price to pay. Often that true price is unknown at the outset.

[Author]

Posts