ok, the banks are insane - Earth Empires Forum

martian

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7830

Jan 31st 2014, 16:33:46

Apparently I qualify for a $2 million mortage if I put 20% down (under Canadian rules, note interest rate payments are not tax deductible).
Given my family income that's somewhat insane.

If I had that kind of savings there's no way I would waste it that way but it explains why the bank really wants to offer me a mortgage lol.

Why on earth would I ever waste my money that way.. seriously.... our housing market is boned.

you are all special in the eyes of fluff
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RUN IT IS A KILLER BUNNY!!!

Trife

Member
5817

Jan 31st 2014, 17:52:49

ahhh, sounds like america jr has caught the lending crisis bug from it's big brother!

Vic

Member
6543

Jan 31st 2014, 18:50:45

i don't get it... how do you qualify for a $2 million mortgage IF (<---this is the condition) you put 20% down, AND don't meet the condition you just stated is required to qualify for this mortgage?

it sounds as if the minimum qualification is having $400,000 to put toward the down payment ... but you say you don't even have this kind of money and you still qualify? me is confuses

+ wouldn't the mortgage payment on that be at least $6,000 a month?

CX LaE

Member
1896

Jan 31st 2014, 19:04:28

Apparently they aren't taking your income as a constraint. Someone is neglecting the nature of mortgage lending....

LaE | Monks | NA
Since 1999

Vic

Member
6543

Jan 31st 2014, 19:58:13

but still, how does someone qualify for a $2 million mortgage IF you put 20% down, and that person can't put 20% down, as martian made it sound like was the case for him?

"If I had that kind of savings there's no way I would waste it that way"

in addition to neglecting income, did they not even look at your savings account martian? or do you guys have 400k you could use, even if it wouldn't be the best use of funds?

mrford

Member
21,358

Jan 31st 2014, 20:03:12

he said he qualified for, not that he was applying for or was accepted for.... its called a hypothetical situation

reading is fun vic

Swagger of a Chupacabra

[21:37:01] <&KILLERfluffY> when I was doing FA stuff for sof the person who gave me the longest angry rant was Mr Ford

Syko_Killa

Member
5024

Jan 31st 2014, 20:19:35

damn ford is some kind of pedantic prick

Do as I say, not as I do.

iScode

Member
5718

Jan 31st 2014, 20:27:49

hi cheater!

iScode
God of War

DEATH TO SOV!

GodHead Dibs

New Member
1399

Jan 31st 2014, 20:37:38

banks are just greedy. the insane people are the ones who agree to the loan terms.

Dibs Ludicrous was here.

mrford

Member
21,358

Jan 31st 2014, 22:52:05

Originally posted by Syko_Killa:

damn ford is some kind of pedantic prick

and it wouldnt be half as fun being me if it wasnt for little puppy dogs like yourself following me around wit that cute little bark now would it?

Swagger of a Chupacabra

[21:37:01] <&KILLERfluffY> when I was doing FA stuff for sof the person who gave me the longest angry rant was Mr Ford

braden

Member
11,480

Feb 1st 2014, 0:09:30

i was under the impression, martian, that our housing market was to drop? ie, 900k to 750k..

does what you mention above suggest that to be a correct or an incorrect statement?

Heston

Member
4766

Feb 1st 2014, 0:26:58

In cali they sold a homes with intrest only payments for up to 3 years. Your eligibility was based on the intrest amount only. When people started to to pay their principle when it kicked in people were scrambling to refi while the markets take a fluff. Their morgages tripled or better. Plus banks had low standards. Welfare recipients were buying decent homes and cars.

❤️️Nothing but❤️️💯❤️️❤️️🌺🌸🌹❤️❤️💯

En4cer

Member
1035

Feb 1st 2014, 0:36:55

Just to be able to service that kind of a loan here in Australia you income (or combined incomes if you have a partner) would have to be around 300k PA.

Trotsky

New Member
3

Feb 1st 2014, 2:48:34

You just have to be able to fall in line with 32% and 42% GDS and TDS. But if you have no other debt they can sneak it in using only the 42% sometimes

Qualifying bank of Canada rate is around 4% and say they are claiming 150 per month on heating and 500 a month on property tax

Your required income for such a mortgage would be 259000 a year or so. Give or take a little bit.

braden

Member
11,480

Feb 1st 2014, 2:54:34

um, five hundred a year unless you live in the bridal path and own four properties?.. or..?

d20

Member
270

Feb 1st 2014, 3:45:56

bonus!

Vic

Member
6543

Feb 1st 2014, 4:41:47

Originally posted by mrford:

he said he qualified for, not that he was applying for or was accepted for.... its called a hypothetical situation

reading is fun vic

lol pwned :p

Requiem

Member

EE Patron
9094

Feb 1st 2014, 5:06:04

I'm sure if he actually applied for such a loan they'd look at his income and realize he wouldn't be making the payments...

tellarion

Member
3906

Feb 1st 2014, 5:39:24

Originally posted by Requiem:

I'm sure if he actually applied for such a loan they'd look at his income and realize he wouldn't be making the payments...

2007 called. It wants it's blissful ignorance back :)

braden

Member
11,480

Feb 1st 2014, 5:43:06

in sykos defense, he only knew the term of or relating to pedantry because i used it on express talk and he learned it through a subsequent google search ;) <3 syko :P

mrford

Member
21,358

Feb 1st 2014, 7:41:36

you dont have to explain how stupid syko is to me. i have seen it first hand multiple times.

Swagger of a Chupacabra

[21:37:01] <&KILLERfluffY> when I was doing FA stuff for sof the person who gave me the longest angry rant was Mr Ford

Pontius Pirate

Member

EE Patron
1907

Feb 1st 2014, 10:36:43

Originally posted by CX LaE:

Apparently they aren't taking your income as a constraint. Someone is neglecting the nature of mortgage lending....

you rent the house out

Originally posted by Cerberus:

This guy is destroying the U.S. Dollars position as the preferred exchange for international trade. The Chinese Ruan is going to replace it soon, then the U.S. will not have control of the IMF

Vic

Member
6543

Feb 1st 2014, 10:39:01

pp!

Vic

Member
6543

Feb 1st 2014, 10:39:19

dai1@!!!

Requiem

Member

EE Patron
9094

Feb 1st 2014, 18:26:20

Originally posted by tellarion:

Originally posted by Requiem:

I'm sure if he actually applied for such a loan they'd look at his income and realize he wouldn't be making the payments...

2007 called. It wants it's blissful ignorance back :)

It was the government that pushed the banks into writing bad loans not necessarily the bank heh. And you're right I dont work in the loan industry so its speculation on my part.