find out monday how big of a loan i can get
so me and the girl want to buy a house. i went to wells fargo on thurs and filled out the application and the vibe i got there wasnt good. i have real bad credit. monday they tell me how much i can get on a home mortgage loan. i am pretty sure its not enough to afford a house around here, lol. oh well, i never liked this city anyway.
on a side note- when i went to buy a new car they said my rate would be 19.9% . i said "no thank you, my old truck will do for awhile"
on a side note- when i went to buy a new car they said my rate would be 19.9% . i said "no thank you, my old truck will do for awhile"
0
-
$12.73. 0 -
Souinds like you need to get used to living in a tent and driving the old truck for a long long time. WOW 19.9% on a car loan ouch. 0 -
Unless your credit is horrible the bank will most likely loan you much more than you can afford.
Save as much money as you can each month for a year. The month you saved the least is the biggest payment you can afford and you now have some cash reserves.0 -
quote:Originally posted by elkoholic
Unless your credit is horrible the bank will most likely loan you much more than you can afford.
Save as much money as you can each month for a year. The month you saved the least is the biggest payment you can afford and you now have some cash reserves.
I've got pretty crappy credit too.....that sounds like really good advice. Thanks elkoholic.0 -
For small loans, try Prosper.com
and report back your results please.0 -
with questionable credit your better off finding a forclosed property or lease/option to buy/owner finance. then you can rebuild your credit 0 -
quote:Originally posted by reloader44mag
Souinds like you need to get used to living in a tent and driving the old truck for a long long time. WOW 19.9% on a car loan ouch.
yeah, i was told the legal limit in california for car loans is 21%. anything higher is considered loan sharking, lol0 -
Before you jump in to a high interest home loan or an adjustable mortgage, you should try to clean up your credit score and maybe take a year and do all you can to repair your credit before you just add to the problem. 0 -
Your loan payment must NEVER be over 25% of your take home pay and the loan should never be over 15 years and fixed interest. Have you not been reading about the subprime fiasco? If you can't meet the above terms, you need to save more. Tom 0 -
I disagree with the 15 year term. There is nothing wrong with the 30 year term.
Save up so you have enough for a 25% down. Most lenders will jump at the chance to lend if you are bringing 25% down to the table.0 -
25% of your take home pay on a 15 YEAR fixed rate mortgage is all you can afford. 20% down and pay it off in 8 years is good planning. 0 -
quote:Originally posted by tccox
Your loan payment must NEVER be over 25% of your take home pay and the loan should never be over 15 years and fixed interest. Have you not been reading about the subprime fiasco? If you can't meet the above terms, you need to save more. Tom
For many of us renting types, housing is 1/3 or more of our take-home pay. I'm paying about a third of my take-home pay to housing, and I live in a CHEAP housing market!0 -
in case im the only one awake, for those that are following home loans, home loans are the hardest thing to get these days. even with good credit, loans are not being approved. 0 -
live and borrow like a catastrophic economic collapse could happen any day. 0 -
Be glad you don't live on the crooked island of Guam...$1,000 just for them to record the deed. I ain't ever heard of anyplace in the States charging that much. 0 -
Ain't Guam part of the United States? 0 -
quote:Originally posted by bobski
in case im not the only one awake, for those that are following home loans, home loans are the hardest thing to get these days. even with good credit, loans are not being approved.
Harder to get. I know what you meant.0 -
The 25% I quoted should include the escrow account. 25% TOTAL against your take home pay. Do you want to own a home or have a home own you?
Listen to Dave Ramsey if you can get him in your area. He has some good advice re credit. Tom0 -
Dave Ramsey! Arrogant jerk at times, but he gives EXCELLENT advice. Listen to him. 0 -
wells fargo is one of the worst places you can find for a home loan, the best they typically offer is variable rate 4-5% over prime with a 15 year balloon on a 30 year rate, it will never be in your favor unless you can fix your credit, and refinance before they raise it{and they will}, look out for a high penalty if you refinance before the first 2 years 0 -
perhaps the big lenders know something that we don't????
i have a deal going that i may get screwed out of a large amount of money because of a big lender is getting scared......nothing i have done, but an outfit owes me large amount of money and as i found out today...the risk of not getting paid is pretty high....i am about to sheet my pants......i'll find out in the morning.....this all i can say about it now.0 -
times are gonna get real hard this winter. its coming fast. nobody's letting go of any money around here either. work is gettin slim. hold on to yer butts 0 -
After all THAT advise, I bet ya know it all now...[:D][:D] kidding guys. 0 -
quote:Originally posted by 1911a1fan
wells fargo is one of the worst places you can find for a home loan, the best they typically offer is variable rate 4-5% over prime with a 15 year balloon on a 30 year rate, it will never be in your favor unless you can fix your credit, and refinance before they raise it{and they will}, look out for a high penalty if you refinance before the first 2 years
I have a 5.0% 15 year fixed mortgage from Wells Fargo. Purchased the house in November of 2004 and have been very happy with Wells Fargo. Hope to pay it off in another 6 years if the good lord is willing and the creek don't rise. [:)]0
Please sign in to leave a comment.
Comments
24 comments