No Shirt, No Shoes, No Mortgage
It’s getting more and more difficult for would-be borrowers in the New York region to get a mortgage, according to an article in yesterday’s Times. Mortgage brokers say many lenders are refusing loans to applicants with credit scores that are below the 680-700 range. Stated-income loans, meanwhile, are basically history, and people with lower credit…
It’s getting more and more difficult for would-be borrowers in the New York region to get a mortgage, according to an article in yesterday’s Times. Mortgage brokers say many lenders are refusing loans to applicants with credit scores that are below the 680-700 range. Stated-income loans, meanwhile, are basically history, and people with lower credit scores have to pay much bigger down payments. To add insult to injury, loans are coming with more fees nowadays, especially for those with less-than-pristine credit. One financial analyst says loan applicants with credit scores below 720 and down payments of less than 40 percent face fees between .5 and .75 percent of the loan amount. Is all this a necessary correction, or has the pendulum swung too far in the other direction, making home ownership unattainable for a huge segment of the population?
Lenders Raise the Bar [NY Times]
Chart from The New York Times.
“A gallon of gas in any country in Western Europe is approximately $8.00-10.00.”
Do you why? Because the extra taxes support free health, stupid! America is the ONLY industrized country without free health care. Every Asshat parrots this BS but don’t know why!
“”Here we go! This weekend clinton hill was a ghost town.”
I own a business on Myrtle and we had a good day on friday, a very good, strong day on Saturday and a very good strong 1/2 day on Sunday but when it started raining it slowed down.”
Did I say anything about Myrtle Ave??????!!!! Please read my posts and I’m glad (No BS) you are doing well. I hope this continue for you!
The What (yep, that’s him officer!)
Someday this was is gonna end…
anyone who uses “lmao” has an IQ of 50.
or is 14.
Really? As a condo owner you find that you get to pre-approve your neighbors before they are allowed to settle on their apartment?
lmao
Much more than you do as a renter, which is none at all.
4:01, if you buy a condo, how much control do you really have over the hallways and who gets to live above and below you?
Yeah, it sure sucks 3:55 to be able to make your own decisions about what happens to your home. I’d much prefer some nameless faceless landlord deciding what color my hallways are painted and who gets to live above or below me.
“Some of them are just so in love with ownership”
And this will probably always be the case for mankind.
That’s why 70% of the U.S. and other developed countries own their own homes.
You can fight it all you want, but it’s human nature.
“spending 3500 a month on rent is obscene to me.”
Uh, what city do you live in? Seriously?
People don’t like to admit this, but most people who rent have been given the following choices:
1. Rent a place you like in a neighborhood you like.
2. Buy a place you like in a neighborhood you don’t like.
3. Buy a place you don’t like in a neighborhood you like.
4. Buy a place that seems OK without even being sure if you like the neighborhood because you’ve been scared into thinking prices are going to go up forever and this is your last chance to buy! Buy!! BUY!!!!
There are people who will scream at the top of their lungs that options #2 and #3 are always better than option #1, but they are wrong. Some of them are just so in love with ownership that it clouds their judgement. Others do understand but are just lying for whatever reason (usually money).
The people who scream for option #4 have a name. And that name is “realtor”.
No, of course he doesn’t know what the income tax paid on a 275K salary in NY is. All he hears is that the “rich” get “tax breaks”, have “tax shelters”, pay proportionately less tax than he does. and just stick it to the poor guy. After all, thats what his buddies tell him. Its true isn’t it?