Mortgage rates and advice

Come on, Nicholas Sanchez3, you’re out there in Cleveland—give us the scoop, what do you actually know? 🙂

Look, I haven't heard of a single bank in the States that’s going to fund your musical fantasies. When it comes to mortgages, everyone—and I mean everyone—is going to grill you on your credit score first.

Look, I haven't heard of a single bank in the States that’s just gonna roll out the red carpet because you have some specific musical craving. When it comes to mortgages, everyone's looking at the same thing: your credit score.

Nicholas Sanchez3 said:Look, I haven't heard of a single bank in the States that’s going to fund your musical fantasies. When it comes to mortgages, everyone—and I mean everyone—is going to grill you on your credit score first.

thanks
but once I find one, I'll let you know 🙂
because from what I hear, they only care if you have an employment verification—basically just proof of regular income, doesn't matter how much it actually is.

Nicholas Sanchez3 said:Look, I haven't heard of a single bank in the States that’s going to fund your musical fantasies. When it comes to mortgages, everyone—and I mean everyone—is going to grill you on your credit score first.

thanks
if I ever find one, I'll let you know 🙂
because from what I hear, you can only get one if you have an employment verification—basically showing steady income, doesn't even matter how much it is.

Wells Fargo:

Mortgage loans with EUR currency clauses—no credit assessment required.

REQUIREMENTS:
Adult US citizens residing in the United States
Steady employment for at least 12 months prior to application
Borrowers must be under age 70 by the time the final annuity payment is due
LOAN AMOUNT: Minimum $15,000, maximum $108,000 (USD equivalent)

REPAYMENT TERM: Up to 15 years.

INTEREST RATE:

8.49% APR, variable, for existing clients*
8.89% APR, variable
Effective interest rate (varies by term), e.g.:
-10.45% ($86,000.00 loan, 8.49% interest, 15-year term, 2.50% credit insurance premium)
-10.94% ($86,000.00 loan, 8.89% interest, 15-year term, 2.50% credit insurance premium)

Wells Fargo:

Mortgage loan with a EUR currency clause; creditworthiness assessment not required

REQUIREMENTS:
Adult U.S. citizens with permanent residency in the United States
Steady employment for at least 12 months prior to application
Borrowers must be under age 70 by the time the final annuity payment is due
LOAN AMOUNT: Minimum $15,000, maximum $108,000 (USD equivalent)

REPAYMENT TERM: up to 15 years.

INTEREST RATE:

8.49% APR, variable, for existing clients*
8.89% APR, variable
Effective interest rate (varies by term), e.g.:
-10.44% ($86,000.00 loan, 8.49% interest, 15-year term, 2.50% loan insurance premium)
-10.92% ($86,000.00 loan, 8.89% interest, 15-year term, 2.50% loan insurance premium)

thanks Gerald Thomas11

thanks Gerald Thomas11

@Gerald Thomas11
hey, would you actually take out a loan like that? I'm asking because I'm thinking about doing something similar, but man, my experience checking with different banks has been a mess. even though they claim they don't check your creditworthiness, they totally do. specifically, I've been looking at Bank of America. their website makes it look so easy—they lay out all the terms and collateral methods perfectly, and it explicitly says they won't run a credit check. but... I go down to a branch in person, and the banker tells me my monthly income isn't enough to cover the payments. I figured maybe the employee just didn't know what they were doing, so I tried a different branch, and I got the exact same answer. like, who's actually running the show here? 🤷

Hey there. So, I’m looking at owning half of a house and some land, and honestly, I’m not really feeling the whole co-signer thing. I’d much rather just go out and grab a mortgage on my own.
Does anyone know if a bank will actually even consider giving me a mortgage based solely on my portion of the property?

The plan is to renovate the place, and while the other owner is totally on board with the upgrades, they’ve got their own separate cash pile and don't want to be tied down to a mortgage right now.

It really just depends on whether the house is subdivided—you know, if you can actually point to your specific unit. But if you just own a 50% stake in the whole thing without knowing which part is yours, then yeah, you’re probably stuck unless your co-owners jump in to deal with the mortgage.

I actually tried looking for the same thing once, but came up empty. I guess you’d have to pull some strings with someone you know at a big bank like Wells Fargo, because apparently there’s a loophole or something (though it sounds pretty shady), but I ended up finding a workaround and just stopped digging.

Yo, hit me up in my DMs. I’ve got this perfect little slice of real estate that you’re gonna love—plus, there's zero chance of anyone building a high-rise over it to block your view.

Henry Parker7, I don't think it looks like a condo unit. The ideal share is some mystery piece of nothing. Is it actually subdivided into two distinct ownership parts (and recorded in the books)?

Just saw the update—so subdivision isn't an option. That doesn't leave much room for maneuvering, but like I said before, there’s supposedly a loophole somewhere, though I never quite managed to pin it down myself. The old cats working at the banks usually know where the bodies are buried. Don't bother asking the rookies; they haven't a clue what's going on.

I'm probably not much help here.🤷

Maybe this might actually be useful. You could take this down to the bank and see if they'll bite...

Article 35.

(1) A mortgage can be recorded against an entire property parcel or as a lien against a specific co-owner's undivided interest. You can't just slap a mortgage on individual components of a single property parcel.

Thanks for the help regardless. I actually found this listed on Zillow, and honestly, the details are pretty telling. I dug up this bit:
JPMorgan Chase residential loans (miscellaneous).
- covers home renovations, finishing construction, additions, or even buying land and setting up utilities, ranging from about $5,500 to $68,000, or anywhere from $43,000 up to $167
. Plus, you’ve gotta deal with a mortgage that's at least double the loan amount if you aren't putting down a deposit or bringing in co-signers.
I'm gonna go hunt for some loose change under the couch cushions. Maybe I'll get lucky.

Good luck... with that investment 👍

So, here’s the actual response from one of the banks...

Dear Customer,
thanks for checking out what our bank has to offer. Chase offers a whole bunch of different mortgage products, so I've attached some flyers with all the details for you.
To actually get a mortgage approved, there are a few hoops you have to jump through. One of those big ones is that you've gotta put the entire property up as collateral, mostly because it isn't legally subdivided yet.
You can play around with the credit calculator on our website (www.chase.com), or if you want the deep dive, just swing by your local branch or give our toll-free info line a ring at 1-800-xxxx.

Best,

John Doe
Chase Bank
Customer Service Center
New York, NY 10001
tel. 1-800-xxxx
e-mail: info@chase.com

Sadly, 👎

Henry Parker7 said:Hey there. So, I’m looking at owning half of a house and some land, and honestly, I’m not really feeling the whole co-signer thing. I’d much rather just go out and grab a mortgage on my own.
Does anyone know if a bank will actually even consider giving me a mortgage based solely on my portion of the property?

The plan is to renovate the place, and while the other owner is totally on board with the upgrades, they’ve got their own separate cash pile and don't want to be tied down to a mortgage right now.

No bank is going to touch a partial interest in a property. If you default, trying to sell off a fractional share of a home is a legal nightmare.
Look into a home improvement loan instead. But if you go the mortgage route, you’ll have to put up the entire property as collateral, and you'll need signed consent from all other owners.

Alright, thanks. So, there’s this old lien on the property deed from way back in the day—something leftover from the old South era about 60 years ago. It was actually settled ages ago, but I just don't have the paperwork handy right now. Once I dig through my files and find it...