Alright, so my closing date is in 4 days. However, I have no clear to close paperwork, no approval, no nothing. Seriously, my LO rarely even communicates with me. Apparently things will just fall into place miraculously by my closing date. I’ve signed some paperwork and he has all of my information but the processor nor underwriter has contacted me like the LO said. I hope to hear something today because this is just ridiculous!!! The more I try to be rational about it, the more I get upset. I try not to be the helicopter client but I can’t understand why I’ve not really heard anything. What could possibly be going on??? Has anyone gotten their conditions from uw AND ctc this late in the game??
Dave Ramsey gives mortgage advice to a caller with no credit score.
Recently I just learned this and i am only in my 20’s
I have credit cards. They are paid off in full each month. My credit score
is over 800.
Its not possible to have a zero credit score.
I make payments to a bank and don’t pay a dime in interest. I pay the card
off at the end of each month. I put the same bills on it every month so I
know what it will be. I get about $30 cash back a month for doing this.
That is $360 a year I get back! I have been doing this for 15 years and
not paid a dime in interest or an annual fee.My credit rating is in the
high 800’s. You can use credit to your advantage if you have the
responsibility. If you aren’t responsible enough to pay it off every month
then pay cash for everything.
I think many people could save and pay cash for their house. It requires
sacrifice…living way below your means…renting an apartment or small
house while saving a lot of money you would be spending on a mortgage. Of
course, if rent is as much as a mortgage, and that is all you can manage,
you can’t save extra for a house. Many people living in 2500-4000sf new
houses COULD live beneath their means and save so much they could pay cash
for that $300-400k house in a short time…..but that means maybe ten years
of sacrifice. That ten years to save up to pay cash means the other twenty
years most people pay to the bank is theirs to save for their future.
ir10031981 the way you look at it is not necessarily 25% out of what you
make. My rule was could I make the mortgage and utilities on minimum wage
full time work for one job. The food and other I could take care of with
secondary work as needed. If you go 25% of $75K take home to 25% of $25K
you are probably going to lose the house. It depends on your skills and
how marketable you are. If 25% in your area puts your family in a bad
position then by all means go more, but percentages aren’t everything.
Sometimes it’s just about the bottom line dollar amount.
How does the banks..know how well you pay your bills on time…they dont
want your home back??
On top of this, the banks hold your money hostage and tell you when and how
much you can withdraw. I just shredded a credit card application that a
credit card company sent to my minor child since she’s going to college
next year. That really angered me.
Im 41 years old. I have bought 3 homes and 3 empty lots all cash in my life
and I go to the bank to try to borrow money but since I don’t have a fico
score they will not loan me money with grant deeds in hand. private
lenders will loan me in a heart beat. I don’t get it! This is my way of
looking at f.i.c.o score
Dave’s advice is make sure your mortgage payment is no more than 25% of
your take home pay, I sort of disagree there, I give a leeway. I allow
40-50% of your take home pay if necessary. Especially if you’re debt free ,
you have no other payments to make, why not? go for it. Maybe 60% if you
really roll up your sleeves, eat less, and live more like the amish or cave
How can you then pay your home off early if you’re putting 40-60%of your
net income toward a mortgage? The point is to live in something that can be
paid off as quickly as possible while also meeting all of your needs. Once
the home is paid off, you then save money that can be added to the equity
in your home to upgrade in home or even consider a second home. 40-60% of
your take home pay is an absurd amount and can really set you up for
disaster if you unexpectedly end up out of a job.
I love Dave, he’s so right, I hope America wakes up…