I find it upsetting and disturbing that people can walk into a bank and obtain a mortgage without showing proven payments simply because they have a down payment. Not to say everyone should not have a chance, but I find it heart breaking when someone such as ourselves at fifty-seven and sixty-three are told over and over we cant obtain a mortgage based on credit score! My husband had triple a credit with a mortgage history some people never acquire in a lifetime where he has paid half million dollars off never defaulting on any mortgage he held!!!!
We ran into a financial crunch due to some circumstances and our score took a hit and we are told we can’t help you we have paid mortgages off early too!!! Doesn’t count. So I hate hearing how they shouldn’t relax some of the lending rules!!! It should be based on merit experience and individual basis!!!!!!!!!!!!! Many can’t afford the American dream anymore since banks/ mortgage industries control this and many greedy!!!
Why should you also be penalized for paying your mortgage off early? We paid a $5000 penalty for doing so on a mortgage, this is wrong!!!!!!!!!! The banks figured they couldn’t collect this interest over the life of the loan so we will penalize you this is wrong too but again counts for nothing!!! They destroyed the American dream!!! Greed!!!! We finally found a company that worked with us even though the payment is high at present that believed in us and our income and hard work!! They were giving us a chance to get back up!!!
Every case should be looked at not just credit score we also cant refinance until we come up with money which we don’t have!!! So much for working with us! Life gets in the way sometimes
As far as these young people wanting a home “with big price tag” yes, I am all for that, but if they have small incomes and cant support it the mortgage companies that do this are unethical knowing they will foreclose down the line! This is wrong!!! Advise them to start small like my husband did but the generation today wants to start at the top and don’t want to work up the ladder with finances!!!!! They want it right now!!! Not all but some!
