Mortgage rates and advice

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

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...

Daniel Fisher said: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...

Let us know when it actually hits your account. I'll start preparing the ashes for the funeral procession. 🙂

Daniel Fisher said: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...

Mr. Black Hawk. Please, let me know if you actually walk away with that loan. I have two or three clients in almost the exact same boat—some of them are actually in a better position than you—looking for $3,000 to $5,000, and they all have homes in Los Angeles to use as collateral.
So, I did some digging and called both Bank of America and OTP Bank's customer service lines to ask about mortgage-backed loans.
The folks at Bank of America seemed genuinely baffled that anyone is still issuing loans without steady employment, while over at OTP Bank, they basically admitted that they aren't even touching mortgage-backed loans right now.

If you find out this is actually doable somewhere, please reach out. Even just a quick DM would be huge.

🤷

I honestly wish they’d share this information with the rest of us too. It feels like every single time I turn around, someone is coming up to me claiming that these kinds of loans get approved left and right... so that we can actually know 🙂

Kimberly Nguyen said:I honestly wish they’d share this information with the rest of us too. It feels like every single time I turn around, someone is coming up to me claiming that these kinds of loans get approved left and right... so that we can actually know 🙂

Either he's talking nonsense, or someone got through via a connection—like an outside consultant for the bank—and doesn't even realize it. 😁
ps. Volkswagen is running a promotion on mortgages without checking creditworthiness.

Let’s just sit tight and see how this plays out... @Richard Wright is an outside consultant (and from what I can gather, he’s incredibly well-versed in the specifics of this offer), yet even he’s completely in the dark about them.

Thomas Walker13 said:Either he's talking nonsense, or someone got through via a connection—like an outside consultant for the bank—and doesn't even realize it. 😁
ps. Volkswagen is running a promotion on mortgages without checking creditworthiness.

Volkswagen always verifies everything. I've personally dealt with at least five cases where they were applying for mortgage loans without submitting credit history, and they demanded every single document. Not one of them was approved.

At Volksbank, they require an application for an indefinite period—or they demand a legal adversary who is also on an indefinite term

ambermoose20 said:At Volksbank, they require an application for an indefinite period—or they demand a legal adversary who is also on an indefinite term

Exactly...
I mean, even back when the Austrians were dealing with those "credit sharing" schemes in the Alpe-Adria region, they at least demanded pay stubs from any kind of steady employment—even if it was just freelance work, as long as it was consistent.

Hey everyone, hope you're all doing great.
I was wondering if anyone knows which bank here in the States offers the biggest mortgage loans with the longest repayment terms? And, I guess, how strict are they being with credit scores and debt-to-income ratios lately?
Basically, my wife and I currently have a mortgage, plus some credit card debt and a couple of personal loans hanging around... I'm really hoping to roll everything into one big mortgage to simplify things.
If anyone here has actually done a cash-out refinance or consolidated their debt like this, or if you happen to know what the best move would be, I’d really appreciate the help....
Thanks in advance!

redcyclist21 said:Hey everyone, hope you're all doing great.
I was wondering if anyone knows which bank here in the States offers the biggest mortgage loans with the longest repayment terms? And, I guess, how strict are they being with credit scores and debt-to-income ratios lately?
Basically, my wife and I currently have a mortgage, plus some credit card debt and a couple of personal loans hanging around... I'm really hoping to roll everything into one big mortgage to simplify things.
If anyone here has actually done a cash-out refinance or consolidated their debt like this, or if you happen to know what the best move would be, I’d really appreciate the help....
Thanks in advance!

You're looking at maybe 15 years max.
As for creditworthiness, your monthly payments can't exceed about half of your take-home pay...
Just go online and use a mortgage calculator, like www.chase.com, www.bankofamerica.com, or www.wellsfargo.com... and you'll see what kind of loan you might qualify for.
Take your salary plus your co-signer's salary, subtract any existing debts that aren't being paid off by the new loan, and you'll get a rough idea of your limit.
That's just a ballpark estimate, though. You have to account for the standard stuff when banks calculate your capacity—things like your FICO score and whether you've been staying on top of your bills with major lenders or ended up on a collections list.

Thanks!
So, if I have my $3333 paycheck, but there's already about $3,500 in garnishments or deductions coming out of it, is there any chance I could land a standard loan for maybe $10,000 to $15,000? I mean, looking for a normal interest rate—not a mortgage, just a personal loan or something similar—but I was wondering if anyone knows if they’d even look at my credit score or debt-to-income ratio? I actually have some other side obligations too (on top of that $3,500) that don't show up on my official pay stub...
Also, what are the typical terms for a mortgage at OTP Bank? I know I'm jumping around a bit here and being a little all over the place, but I'm kind of in this situation where I really just need some quick cash...

driftingviper12 said:Volkswagen always verifies everything. I've personally dealt with at least five cases where they were applying for mortgage loans without submitting credit history, and they demanded every single document. Not one of them was approved.

So, I actually went down to the local Volkswagen branch myself, and it’s not that they skip the creditworthiness checks... It’s more like they're just a little more lenient compared to how they handle other types of loans....
For a mortgage, you basically have to be left with $800 of your income... Kind of like you're living on the minimum wage or something...

I’ve been looking over this mortgage offer from Bank of America and the interest rates seem surprisingly decent compared to other lenders offering similar terms. I'm just searching for the catch—there's always one, isn't there? It looks like they require a 1:2.5 loan-to-value ratio on the property. Does anyone here have any firsthand experience with them?

I'm considering taking out a mortgage to fund some renovations and furnishing for my apartment.

Honestly, you really ought to sit down and read through this entire thread first before jumping to conclusions 😉

Look, mortgage loans are specifically designated for property—they aren't "all-purpose" loans... what you're actually looking for are residential housing loans (there's a separate discussion on that just a bit further down the list) =>

Found the right thread. :-)

I prefer this general-purpose option. I need liquid cash for renovations and remodeling, and with a specific home improvement loan, they don't just hand you the full amount upfront.

Kimberly Nguyen said:Honestly, you really ought to sit down and read through this entire thread first before jumping to conclusions 😉

Look, mortgage loans are specifically designated for property—they aren't "all-purpose" loans... what you're actually looking for are residential housing loans (there's a separate discussion on that just a bit further down the list) =>

And just how much cash are we actually talking about here?

Let's say $30,000

Kimberly Nguyen said:And just how much cash are we actually talking about here?

That’s why I was asking you about the whole process... I honestly thought if the amount was lower, it might be easier for you to just go after a standard personal loan instead. I mean, sure, a mortgage offers a better interest rate and you get much more breathing room with the repayment term, but the paperwork is a total nightmare and the closing process takes forever... Plus, they're going to scrutinize your income and credit score just as hard as they would for any other loan.