Politics

[Newboomer]

My wife and I have been hesitantly looking for a home for a while now but have decided to hold off for a bit given the current climate. I just wanted to add something on the topic of home loans. When we discussed it with our bank they approved us for a loan that was over double the budget we had decided on. Significantly above the national average. I’m not going to get into the details but the payment would’ve been an amount that would’ve practically guaranteed foreclosure if one of us lost our job and weren’t able to work. When our loan officer told us how much we were approved for it floored me. I wanted to ask her if she was serious. I’m admittedly overly cautious in a lot of ways but I seriously felt that it would’ve been a predatory loan and I can’t imagine that they would consider it. It’s no wonder that people are living paycheck to paycheck if they’re choosing to get loans like that.

That's how they sucker you into some catastrophy. Make it sound sooo great and "Oh, don't worry about the payments."

 

[Lone Star Bluegrass]

Once again, a prophetic message from the late President Richard Nixon. This time, subject: Russian Imperialism

 

[ActionBob]

I would have taken the loan if it was 0% interest instead of 0% down. Jeep had a deal a few years ago, 0% interest if the loan duration was 36 months. Jumped on it for girlfriend's Jeep. I figured it was another 10+% discount by having that money invested.

Exactly! Back in the day those 0% loans were somewhat common. I remember buying a pickup where I wanted cash back instead of the loan... they were actually offering more rebates if you took the 0% loan than if you didn't!??? Crazy.....

 

[DillonG]

Exactly! Back in the day those 0% loans were somewhat common. I remember buying a pickup where I wanted cash back instead of the loan... they were actually offering more rebates if you took the 0% loan than if you didn't!??? Crazy.....

I thought I was lucky getting a 1.9% this year. I remember being a kid and that rate was normal. That kind of rate was constantly promoted on tv ads.