Posts by Daniel Fisher

Steven Reed said:It depends—if you send it now, it should hit your account by tomorrow afternoon. But if you wait until Friday afternoon, then you’re looking at Monday...

I actually sent it over today around 1:00 PM, but the funds haven't cleared yet... and the lady at my local Chase branch assured me it would be visible within two to three hours.

I’m looking to transfer some funds from my account over at JP Morgan Chase into my checking account at Wells Fargo. Does anyone happen to know how long it typically takes for those funds to actually clear and show up in the destination account?

driftingviper12 said:Hold your horses and don't get ahead of yourself. Look before you leap. Good luck.

It isn't that I'm getting ahead of myself... honestly, my loan officer over at JP Morgan Chase assured me that there wouldn't be any hiccups and that the approval would come through as quickly as possible. They made it clear that there shouldn't be any issues at all; they even mentioned that this specific type of credit doesn't strictly require a certain credit score, though based on their own assessment, I am more than qualified anyway, so everything should proceed without a hitch...

So, I spent some time at JP Morgan Chase today getting all my paperwork in order, and I’m planning to head back in tomorrow to officially submit my application. It turns out that for a mortgage with a Euro-denominated currency clause, you don't actually need to meet those strict creditworthiness requirements! Does that even sound right? It means I should be able to secure this loan quite easily with my $833 income, keeping my monthly payments at just $333... though, of course, I'll be putting the house up as collateral
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ambermoose20 said:I am not entirely certain how Chase handles their specific criteria, but I can speak from experience regarding another institution. Up until quite recently, when they defined "steady income," they essentially required a narrative—a way to prove how someone taking out a mortgage would actually cover their monthly payments. For instance, saying something like, "I work under the table and bring in about $1333 per month." That approach stopped working once the real estate market cooled down. Now, they simply demand proof of traditional employment.

And therein lies the rub...
I've been with the same company for three years now, and I report a steady income of $833 (which bumps up to 2800 starting this month) to the bank, even though my actual take-home pay is closer to 8000—$3333 (since the rest is paid to me in cash).... So, the issue isn't whether I can afford the payments; honestly, I'd love nothing more than to just throw the full $833 toward the mortgage every month, but the bank simply won't allow it based on my official paperwork...

edit:
One more thing... suppose I managed to save up enough in a year to pay off the entire loan at once (plus interest, of course)—would I actually be allowed to settle the debt immediately? And if so, how much interest would they end up charging me in that scenario?

Kimberly Nguyen said:Yeah, you’re absolutely right about that... honestly, I find myself saying the exact same thing more often than I care to admit.

We started hashing this out on the previous page, but honestly, nobody has actually stepped up to confirm or deny anything. We’re still stuck without any real, concrete information about what’s actually happening here. I mean, let’s be logical for a second—if they aren't even running a proper credit check or calculating your debt-to-income ratio, then what on earth is the point of them asking for your pay stubs? It makes zero sense. If you aren't verifying my ability to pay, why am I jumping through hoops to prove my income? It’s just ridiculous. 🤷

The text mentions "only with regular monthly income," which might just be their way of verifying that you actually have a steady stream of revenue coming in. I think I'll head down to my local Chase branch tomorrow to ask around and get some clarity myself; isn't it always better to hear things straight from the source?

Kimberly Nguyen said:Look, you won't find any classic mortgage products in America that don't require a full credit check. And even if they did exist? If I were in your shoes, I wouldn't touch it. Seriously, never. I would absolutely never, under any circumstances, put a lien on a property just to secure a measly $15,000 loan. It makes zero sense.

If you were actually in my position, believe me, you might feel differently... I used to say the exact same things, but you know how that old saying goes... never say never!

I was browsing bankrate.com and stumbled upon some information regarding mortgage products at Chase, but one specific section (in BOLD) has left me feeling quite perplexed:

# No co-signers or deposits required
# Highly competitive market interest rates starting at 7.68% for CHF or 8.68% for USD
# Loan processing fees starting from 0.5% of the total loan amount
# No formal creditworthiness assessment (provided there is steady monthly income)
# Choice of currency for the loan—CHF or USD
# Mortgage serves as collateral at a 1:2.5 ratio
# Cash disbursement directly into the borrower's checking or savings account
# Interest rate reductions available through specialized banking packages
# Maximum loan amounts up to $100,000 USD / $155,000 CHF
# Processing fees can be deducted from the approved loan funds
# Flexibility to choose your monthly payment date (either the last day of the month or another preferred date)
# Property appraisal costs starting from $207 plus tax.

It's written HERE... does this mean that as long as I have a steady monthly income, that's effectively all the proof I need to qualify for the loan???

Also, could someone please explain the concept of a loan with a currency clause in USD or CHF? What is the actual difference between that and a standard cash loan denominated in USD or local currency?

I find myself in an urgent situation where I need to secure $15,000 quite quickly, and I’ve been considering taking out a loan. Since my monthly take-home pay is $833, I suspect it might be difficult to qualify for a loan without a co-signer. Things are moving so fast that I am even willing to put my house up as collateral just to get this sorted out as soon as possible. That being said, there are a few things I’m curious about... which lenders currently offer the most favorable rates for home equity loans, and realistically, would someone with my income level even be able to qualify for an amount like this? I could comfortably commit to paying back more than a third of my paycheck each month—meaning, significantly more than $278. To be perfectly honest, my actual earnings are much higher than $833, but since most of my income is deposited into my bank account, it looks a certain way on paper. My home is valued at over $100,000, and if I’m being truthful, the appraisal might even come in higher than that.
Since I have never applied for any kind of credit before, I wanted to get a better sense of how the whole process works before I head down to Chase or Wells Fargo to ask questions in person.

If anyone could offer some guidance or insight, I would truly appreciate the help.

Alex Evans2 said:Hi,

No bank is going to cut you a check—they require collateral that you likely just can't provide right now.

But you might want to look into:

Amex Start ( )

Honestly, though—if I may suggest—you'd be better off finding a part-time gig through a campus job board to earn the money... that's my best advice...

Best regards,

Well, I’m certainly not looking to pick up those campus jobs because the pay is absolutely abysmal...
Over the summer, I managed to earn $3500 in just 35 working days, whereas if I had gone through a student employment office, I probably wouldn't have even cleared $2000.... plus, I'm still doing a bit of that same work even now...
That's why I'm specifically looking for a loan to get things moving; I can easily manage the repayments. If I try to save up while dealing with all my other living expenses, it's just not feasible... but with a loan, I could definitely set aside enough for the installments.
By the way, I know I could eventually save the money over a year, but I need it right here, right now.

I was wondering if there is any way to actually secure a loan while you're still a student?
The situation is that I'm currently unemployed—well, "unemployed" in the sense that I'm a full-time student—and since I'm just starting my freshman year, I'm looking to pick up a laptop. It’s an absolute necessity for my studies, but I simply don't have the funds on hand right now. I managed to cover my tuition, and I worked quite a bit over the summer, but now that I've started tutoring, I can't work enough hours to save up the cash for a decent machine...
So, does any bank actually consider lending to someone in my position? I could comfortably manage monthly payments of up to $100, provided the laptop isn't something outrageously expensive—maybe something in the range of $1167?
If anyone knows of a viable way to get the money I need, I would be so incredibly grateful if you could let me know...