Can I turn them in under Equal Lending Laws? In essence, they are saying because I cannot afford a more expensive house, I cannot have a loan. They did not even consider my credit worthiness or debt ratios.
BTW…I was requesting 80,000 for a primary residence.
Also, if you are answering no, can you tell me the loop hole that get them around denying based upon the amount requested.
I was just going through the pre-qual process…when I said I was only looking at 80k range they said it was too low.
Posts Tagged ‘Said’
I tried to apply for a home loan through lending tree, they said I did not qualify due to requested amount?
23
May
When I refinanced 2 years ago the mort. comp. said my home equity LOC was only a personal LOC, how to find out
05
Mar
When we went to refinance in order to take out more money (job loss) we told the mortgage company (biggest one in MI) that we had two mortgages. One was our main and the second was a Home Equity Line of Credit (that this same mortgage company brokered).
The concern was since home values had dropped if there would be any equity left in the home. The banker then came back and said that whenever the Line of Credit was sold from the original company to the second company it became a standard LOC, so we were able to refinance and get money.
The thing is we get interest paid forms for taxes so did the mortgage company make a mistake? How do we find out if the LOC is a Home Equity and if this company actually has a right to money if the house is sold?
Mormons/lds: Have You Thought About What Pres. Monson Said During The Financial Insanity This Past Week?
06
Nov
At the April 2006 Conference, Pres. Monson gave a talk with the following quote:
“The final maka-feke I wish to mention today is one which can crush our self-esteem, ruin relationships, and leave us in desperate circumstances. It is the maka-feke of excessive debt. It is a human tendency to want the things which will give us prominence and prestige. We live in a time when borrowing is easy. We can purchase almost anything we could ever want just by using a credit card or obtaining a loan. Extremely popular are home equity loans, where one can borrow an amount of money equal to the equity he has in his home. What we may not realize is that a home equity loan is equivalent to a second mortgage. The day of reckoning will come if we have continually lived beyond our means.
My brothers and sisters, avoid the philosophy that yesterday’s luxuries have become today’s necessities. They aren’t necessities unless we make them so. Many enter into long-term debt only to find that changes occur: people become ill or incapacitated, companies fail or downsize, jobs are lost, natural disasters befall us. For many reasons, payments on large amounts of debt can no longer be made. Our debt becomes as a Damocles sword hanging over our heads and threatening to destroy us.
I urge you to live within your means. One cannot spend more than one earns and remain solvent. I promise you that you will then be happier than you would be if you were constantly worrying about how to make the next payment on nonessential debt. In the Doctrine and Covenants we read: “Pay the debt thou hast contracted. … Release thyself from bondage.”
You can read the talk in it’s entirety here:http://www.lds.org/ldsorg/v/index.jsp?vg…
I was reminded of this talk today in Relief Society and thought about how relevant it was after the last week’s financial crisis that will continue into next week.
Any thoughts?
*NOTE* This is a fairly specific question directed to a specific group of people. Do not use this as an opportunity to attack a faith, or you will be in violation of Y!A Community Guidelines.