Mortgage rates and advice

Are you trying to annoy everyone with those flashy font changes across all 1,166 of your posts, or what?
Let’s get back to the actual point—everything you wrote sounds like you're speaking a language only you understand. I honestly don't think most people have any clue what you're even trying to ask.

Look, if you own property worth $200,000, you can typically pull out a mortgage for somewhere between $100,000 and $110,000.
Naturally, you'll need the right income level to qualify for that kind of loan.
And don't sweat the broker. They aren't the ones cutting you the check; the Bank of America does. A broker is just a middleman—just like the name implies—who helps you navigate the communication with the bank and handles the headache of gathering paperwork.
Your contract is strictly with the bank.
The only way a broker can actually screw you over is through sheer unprofessionalism or dishonesty—like pocketing a massive commission and then promising you things they have absolutely no power to deliver.

Zdravo Zrako Svjetlosti

P.S. If your husband knows he's more flexible, why don't you just trust him? 😍

James Cox6 said:Well, that's just a business decision for Bank of America.

You've got a point there...

but I’d watch out for one thing—some banks slap a restriction on you that prevents selling property without their explicit okay.

It’s illegal. Banks don't actually have the right to do that, yet they still pull it—and some courts let them get away with it.

If you're stuck with one of those, my advice? Demand that Bank of America removes it, because they have zero legal ground to stand on.

This applies specifically to mortgages.

With Fiducij, it's possible.

I’ve gotta say, this is actually the first time I'm hearing about this. 😲 Can anyone give me some more context on which bank we’re actually talking about here? I'm wondering if they typically bake that kind of clause directly into the loan agreement. Like, say a bank decides to slap a restriction like that in there, and the buyer goes ahead and signs off on it—even if the whole thing is totally baseless—does the buyer have any ground to stand on later? I mean, could they go back to the bank and demand the restriction be lifted, or if the bank plays hardball, would they actually have a legitimate case to sue them over it?

Honestly, looking at how things are going lately, I feel like we're hitting a point where even getting a basic loan or a mortgage on top of a mortgage is becoming a total pipe dream. If you don't have the rock-solid income, a massive pile of collateral, and a co-signer to back you up—just like Richard Wright was saying—you’re basically out of luck. It feels like the doors are slamming shut on anyone who isn't already sitting on a mountain of cash.

Richard Wright said:Are you trying to annoy everyone with those flashy font changes across all 1,166 of your posts, or what?
Let’s get back to the actual point—everything you wrote sounds like you're speaking a language only you understand. I honestly don't think most people have any clue what you're even trying to ask.

Look, if you own property worth $200,000, you can typically pull out a mortgage for somewhere between $100,000 and $110,000.
Naturally, you'll need the right income level to qualify for that kind of loan.
And don't sweat the broker. They aren't the ones cutting you the check; the Bank of America does. A broker is just a middleman—just like the name implies—who helps you navigate the communication with the bank and handles the headache of gathering paperwork.
Your contract is strictly with the bank.
The only way a broker can actually screw you over is through sheer unprofessionalism or dishonesty—like pocketing a massive commission and then promising you things they have absolutely no power to deliver.

Zdravo Zrako Svjetlosti

P.S. If your husband knows he's more flexible, why don't you just trust him? 😍

thanks lucas. may the light shine upon you.😉

Look, people... let's try to actually educate ourselves for once here. 😁

Mortgage-backed loans are NOT the same thing as standard residential mortgages => sure, you need property as collateral to get one, but we are talking about a strictly purpose-driven loan type here.

Then you have these other mortgage-backed instruments that function more like general-purpose credit => which brings us to the topic of Mortgage-Backed Securities

Where can I find a mortgage for $25,000—secured by a property worth about $225,000—without them being too strict about my credit score?

Kimberly Lopez17 said:Where can I find a mortgage for $25,000—secured by a property worth about $225,000—without them being too strict about my credit score?

As far as I know, every bank looks at creditworthiness—either yours alone or yours combined with a co-signer.

The fact that your loan-to-value ratio is 1:10 (instead of the usual 1:2.5) is great news for the bank, but it doesn't mean you can skip the basic credit requirements.

On the flip side, loan sharks and those shady payday lenders will be absolutely thrilled to have a "client" like you.

Look, I’m not crazy enough to go running to a loan shark... if I had done that, I would’ve been out of debt way faster than I actually was...

You aren't taking out an auto loan, I hope?

Nah, it’s not for a car—actually, I’m selling my Chevy Astra if anyone’s interested 🙂... I just need liquid cash for some investments. I can definitely handle the payments on this loan, it's just that since I already have one active loan, banks automatically flag me as high risk...

Americans just don't see these kinds of loans... even back in the States, you'd be hard-pressed to find them 😁 ...

Since we're already talking about this topic => I'm merging these threads

Kimberly Lopez17 said:Nah, it’s not for a car—actually, I’m selling my Chevy Astra if anyone’s interested 🙂... I just need liquid cash for some investments. I can definitely handle the payments on this loan, it's just that since I already have one active loan, banks automatically flag me as high risk...

At that point, your only real move is finding a co-signer to boost your credit score. Just keep in mind you’ll need that same person whenever you want to apply for a standard personal loan too.

That said, taking out a mortgage to get cash in hand isn't a bad play—the interest rate might be 2 or 3 percent lower than a personal loan—but it’s risky if things go south with the repayments. I'm not trying to scare you, but that's just reality.
Losing your house for a fraction of what it's actually worth is a risk I personally wouldn't touch.

Kimberly Lopez17 said:Nah, it’s not for a car—actually, I’m selling my Chevy Astra if anyone’s interested 🙂... I just need liquid cash for some investments. I can definitely handle the payments on this loan, it's just that since I already have one active loan, banks automatically flag me as high risk...

That isn't necessarily true at all.... it all boils down to how much you're pulling in versus what your monthly payments look like... personally, I'm juggling two different loans right now and I'm still perfectly fine to qualify for more credit.

Kimberly Nguyen said:That isn't necessarily true at all.... it all boils down to how much you're pulling in versus what your monthly payments look like... personally, I'm juggling two different loans right now and I'm still perfectly fine to qualify for more credit.

There's some truth to that. I've got them too... honestly, more than Kimberly Nguyen, pretty much every type under the sun 🙂... and I could probably take on even more if I wanted to.

But I'm starting to think it might be smarter to slowly pay them all off, except for the mortgage.😂

What does your situation have to do with his? Not everyone is sitting on a massive paycheck like you guys are... $6.00 🙏
If he had gone to, say, JP Morgan Chase, they would have told him straight up that he needs a "clean" salary $5.00 (assuming he’s got, say, one kid) and that his monthly payment would be north of $1,700... (that’s just an example—who knows which bank he actually walked into...)

The thing is, mortgage holders—if any bank is even willing to cut them a deal nowadays without demanding five different types of collateral—are looking at 15 to 18 years, and their interest rates are basically the same as what you'd pay on a personal loan...

Richard Wright said:What does your situation have to do with his? Not everyone is sitting on a massive paycheck like you guys are... $6.00 🙏
If he had gone to, say, JP Morgan Chase, they would have told him straight up that he needs a "clean" salary $5.00 (assuming he’s got, say, one kid) and that his monthly payment would be north of $1,700... (that’s just an example—who knows which bank he actually walked into...)

The thing is, mortgage holders—if any bank is even willing to cut them a deal nowadays without demanding five different types of collateral—are looking at 15 to 18 years, and their interest rates are basically the same as what you'd pay on a personal loan...

For heaven's sake, just look at which part of his post I’m actually responding to!

A lot of people seem to think that if someone has one loan, the bank is just going to slam the door on them forever... but you know perfectly well that isn't how it works.

Richard Wright said:What does your situation have to do with his? Not everyone is sitting on a massive paycheck like you guys are... $6.00 🙏
If he had gone to, say, JP Morgan Chase, they would have told him straight up that he needs a "clean" salary $5.00 (assuming he’s got, say, one kid) and that his monthly payment would be north of $1,700... (that’s just an example—who knows which bank he actually walked into...)

The thing is, mortgage holders—if any bank is even willing to cut them a deal nowadays without demanding five different types of collateral—are looking at 15 to 18 years, and their interest rates are basically the same as what you'd pay on a personal loan...

??
The guy would have a $150,000 loan => so the monthly payment is roughly $1,600 over 15 years.

Regarding point number one—I don’t really have much to add because the response was pretty much directed at mellowraven8 and you anyway. It deals with how creditworthiness is calculated, so I’m not exactly stepping into new territory here.

But when it comes to point two? Man, I completely missed the mark there. I didn't even realize we were talking about dollars.🙈

For the first word—well, more like the first letter—it looks like you’ve struck gold (at least from where I'm sitting)

Can I get in on this too, specifically regarding the $6000 😢 😍
?
Oh, and just to confirm—here in the States, having a solid credit score is just as vital as your mortgage application 😉
.

Steven Reed said:Can I get in on this too, specifically regarding the $6000 😢 😍
?
Oh, and just to confirm—here in the States, having a solid credit score is just as vital as your mortgage application 😉
.

Well, they require it in Austria too... 😉

Is it actually possible to purchase a property directly from an owner if there's still an outstanding mortgage on it?