It is downright frustrating to shop for a mortgage these days. First of all, some stranger wants to know how much you make and how much you have in the bank. Then you have to show someone your recent tax returns. I don’t know about you, but I don’t even tell my best friend that information. Why should I tell some stranger? This disclosure is the price of getting a loan, though.
The problem here is that you’ve told the lender that all you care about is having someone give you a low estimate. And many people will gladly take you down this primrose garden path.
This should incentivize any home seller to give this a try, after all what could it hurt and it’s going to be a win / win situation for the home seller, as well as for the home purchaser. Isn’t that great reports for the home seller? This can give the home seller a lift in getting the house sold. Almost everyone would consider purchasing that house if the they knew the home seller was willing to make an estate note or trust deeds to secure the home consumer qualifying for the house.
The lender can ask the borrower to provide details including personal details, liabilities, employment history, and mortgage payments, if any. This type of loan is approved quickly. Although, Online application process is easy, the lender may ask for the borrower’s past and present employment details. This is done to make sure that an individual, who take the loan, is capable enough to repay the loan amount without any problems.
It is very important to watch for all fees and interest rates charged on this type of credit. Many places will charge up to 25% for their cash as well as originating fees. When these outrageous fees are charged, it is not a very good idea to use these types of lenders. Fortunately, they are not all that expensive.
The bank uses the depositors’ funds to make business loans small to businesses, home and car buyers and so on. All financial institutions including credit unions are performing a very important and essential service to the businesses and individuals. You can buy a car today and pay for it in installments over a three year period; the same for the house. Buy it, move in, and benefit from living in your own home, and pay as you go over a period of 30 or 15 years.
I told my own story here because I wanted to highlight one of the main reasons many people are still living at home well into their 20s. Yes, there are other reasons, but the cost of living is a huge factor. Entry level jobs simply are not paying enough to keep up with the record levels of student loan debt and the skyrocketing cost of living.
Personally, I feel embarrassed to admit that I still live with my parents. I’d much rather be out on my own, and I’m sure most people in my position feel the same. I’m just happy I have a job to pay my student loan bills and give my parents some money each month.