Yeah, sounds about right

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CapnJuicebox on February 16th, 2021 at 15:57 UTC »

I say this a lot. Get a mortgage consultant. The world of loans is confusing and having an expert is super helpful. They are usually paid by the company that eventually approves your loan so you can shop around and find someone you like at no cost. Also, make sure you don't use the closing lawyer recommended by your loan guy.

_Atoms_Apple on February 16th, 2021 at 16:15 UTC »

I had a friend that bought a house in 2007, right before the crash at like 7.5% interest. He was in construction and things were booming until 2008 happened. Then he started to get laid of for months at a time only to be called back when they actually had work for him.

Interest rates started dropping, and he was struggling to pay his mortgage with his now part time job. He decided to attempt to refinance for 4%ish interest in 2009-10 or so. The bank denied him because his recent work history didn't show enough income/consistent employment. The monthly difference between what he was paying and the rate he wanted to refi for was about $400 a month.

He said to them "You understand that if I can't refinance its likely I will default, and you won't be getting any payments at all? I am doing this so I can afford to keep living here and paying you on time every month."

They still denied it, and 6 months later he stopped paying his mortgage as his financial strain had become too great, and he walked away. Messed up his credit for awhile, but he recently was able to buy another house, but he had a tough go of it in the last 10 years.

Sackmastertap on February 16th, 2021 at 16:16 UTC »

This thread is a great one. Listen to the advice of others before you and you just might learn a thing or 12.