Mortgage rates and advice

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So, what would that process actually look like? Since major banks here in the States have really tightened their belt regarding credit requirements lately, I’m curious about the specifics... Is there any way to secure the same type of loan through a notary public, or am I stuck heading back to the bank to start the whole application from scratch? Thanks!

Just so we can clear the air here... what exactly are we even talking about? Who is buying what, who is selling what... and what kind of mortgage are we actually dealing with?

Let’s say we were looking at buying a house... The lady selling it still has an active mortgage on her property. In a situation like that, would it be possible for me to take over the payments—essentially assuming the debt while keeping the loan technically in her name through some legal arrangement handled by a notary—and still become the rightful owner of the home?

If the owner is foolish enough—and I mean truly, recklessly foolish—to keep the mortgage in her own name while transferring the property title to you, then sure, it’s possible. But I highly doubt anyone would ever walk into such a trap; legally speaking, she remains fully liable for the entire debt while you enjoy the property without any official obligation to pay a cent.
The standard ways people actually handle this are either by assuming her mortgage—meaning you take over the loan with the bank—or by taking out a new loan to pay hers off entirely. In either scenario, expect them to grill you about your credit score.
Of course, if you’re dead set on that first option, your main hurdle is convincing the owner. Personally? If I were in her shoes, I wouldn't touch that deal with a ten-foot pole. Banks have their ways of collecting, but individuals have plenty of other methods too—regardless of whatever "contracts" you might sign.

edit: Just to be clear—she could just as easily demand a promissory note from you to settle things if you default on your private agreement. However, banks are massive institutions; they have much faster, more efficient ways of chasing down money than some individual does.

Steven Reed said:If the owner is foolish enough—and I mean truly, recklessly foolish—to keep the mortgage in her own name while transferring the property title to you, then sure, it’s possible. But I highly doubt anyone would ever walk into such a trap; legally speaking, she remains fully liable for the entire debt while you enjoy the property without any official obligation to pay a cent.
The standard ways people actually handle this are either by assuming her mortgage—meaning you take over the loan with the bank—or by taking out a new loan to pay hers off entirely. In either scenario, expect them to grill you about your credit score.
Of course, if you’re dead set on that first option, your main hurdle is convincing the owner. Personally? If I were in her shoes, I wouldn't touch that deal with a ten-foot pole. Banks have their ways of collecting, but individuals have plenty of other methods too—regardless of whatever "contracts" you might sign.

edit: Just to be clear—she could just as easily demand a promissory note from you to settle things if you default on your private agreement. However, banks are massive institutions; they have much faster, more efficient ways of chasing down money than some individual does.

But what happens if she just stops making payments? If she defaults and that house—which is supposedly yours at that point—gets slapped with a foreclosure notice... then what? What's the plan then?

Anyway, let's get back to reality: if you want a mortgage, you need collateral. Period. If this is the specific property you're trying to buy, you're going to need a letter of intent from the bank handling the existing mortgage (though I still suspect we're talking about a standard home loan here). Once everything is finalized, the bank pays off the seller's outstanding debt directly from the loan proceeds, and the remaining balance goes straight to the seller's account. The old lien gets cleared, and your new mortgage takes first priority. That is how you do things cleanly and safely...

Edit: If people are going to keep obsessing over mortgage specifics, please move this conversation over to the dedicated mortgage discussion thread.

So, let's say I have a house appraised at $300,000 and I take out a mortgage for, say, $100,000 to $120,000. Once the renovation is done and we’ve added another floor or two, bringing the whole place up to three stories and bumping the value to somewhere between $700,000 and $900,000, what exactly am I looking at? Does the bank hold a lien on all three floors, or are they just stuck with whatever was originally valued at that $300,000 mark? I mean, heaven forbid something goes sideways—would the bank just seize whatever was put up as collateral, or would they come after the entire property regardless?

The collateral currently consists of the entire house—it's all on the line. However, you could potentially subdivide those units and petition for a restructuring of the security interest—say, shifting the lien from the whole property down to just one specific apartment. Of course, the real question remains whether a bank like Chase would actually agree to trade a $750,000 asset for a single unit valued at maybe $200,000.

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.

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.

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?

Daniel Fisher said: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?

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

Daniel Fisher said: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?

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. 🤷

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?

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.

Daniel Fisher said: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?

That is absolutely the move... please, I am begging you, once you get the real scoop, come back and lay it out for the rest of us.🙂

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?

Daniel Fisher said: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?

You could pay it off immediately, though they’d likely shave a little off the total for early settlement. How much depends entirely on which bank you're dealing with.

Daniel Fisher said: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?

The kind of credit they’re talking about just doesn't exist here—especially not at JP Morgan Chase.
I honestly don't get it. Why on earth aren't you just picking up the phone and calling the number listed on their website to get some actual answers? Instead, we have everyone here sitting around theorizing about things that aren't even real—it’s clearly just a marketing tactic designed to bait customers.

Look, please give us an update on what you actually found out once you finally got someone on the line.

JP Morgan Chase, mortgage loans—you don't even need a steady job, and they don't even look at your credit score! If you don't believe me, go ahead and check it yourself!!

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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