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‘Why I can’t get a mortgage’: One man’s tale of woe in the abused middle class
Washington Times ^ | 08/24/2015 | Stephen Moore, Heritage Institute

Posted on 08/24/2015 6:04:06 AM PDT by SeekAndFind

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To: SeekAndFind

Is this the “Club for Growth” guy?


61 posted on 08/24/2015 6:56:41 AM PDT by Poison Pill
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To: driftdiver
The credit score system is a measure of the banks ability to make money off you, not your likelihood to pay it back.

Mine's right around 800 and I haven't paid a dime of interest on my credit cards in 20 years because the balance is paid in full every month. I've paid interest on my student loan.

You can't really separate paying back the loan and the banks making money from you. They go hand-in-hand if you reliably pay your bill on a loan.

62 posted on 08/24/2015 6:59:45 AM PDT by JediJones (The #1 Must-see Filibuster of the Year: TEXAS TED AND THE CONSERVATIVE CRUZ-ADE)
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To: JediJones

I got Ad Block Plus installed on my Firefox - it kills the ads and I can actually read the sites now.


63 posted on 08/24/2015 7:00:22 AM PDT by Aria
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To: Poison Pill

Yeah. He should’ve kept this incident to himself to protect his reputation as someone who supposedly is an expert on financial matters.


64 posted on 08/24/2015 7:01:16 AM PDT by JediJones (The #1 Must-see Filibuster of the Year: TEXAS TED AND THE CONSERVATIVE CRUZ-ADE)
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To: SeekAndFind

Always, always, always, always... GET A LETTER OF CREDIT BEFORE LOOKING FOR A HOUSE!


65 posted on 08/24/2015 7:05:31 AM PDT by Freeport (The proper application of high explosives will remove all obstacles.)
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To: JediJones
My guess is too many credit cards. He might be over-extended. Either a few cards maxed out or too many cards with the total credit limit too high. Those factors will degrade a credit rating.

-PJ

66 posted on 08/24/2015 7:06:58 AM PDT by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: SeekAndFind

We refinanced our house a couple months ago and got a 3 percent note. I had to sign my name 55 times on documents to complete the deal.


67 posted on 08/24/2015 7:07:00 AM PDT by Eric in the Ozarks ("If he were working for the other side, what would he be doing differently ?")
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To: JediJones

Use Ad block plus, it takes the Times and Breitbart.


68 posted on 08/24/2015 7:10:00 AM PDT by Chickensoup (We lose our freedoms one surrender at a time)
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To: SamAdams76
I make a six figure income and I would never take out a $600,000 mortgage. It would cripple me.

A $600k mortgage would cost the borrower less than $3000 per month

Not sure how that cripples someone earning $10,000 per month gross.

69 posted on 08/24/2015 7:12:47 AM PDT by mac_truck (Aide toi et dieu t aidera)
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To: outpostinmass2

Perhaps you should have?

This was infuriating on several levels. First, I have had two previous mortgages and in 25 years I’ve never missed a payment. How can I be a high-risk borrower? The answer is twice in 30 years I was 30 days late paying my credit card bill — and paid the hefty late fee. Even more ridiculous, I, Steve Moore, have $300 of unpaid parking tickets. The horror.

Something similar happened to me a few years back for similar reasons on a 60% equity loan. I could have paid off the mortgage with savings held in the same credit union, but tried a refi instead for ~3%. Loan wouldn’t go through because of gov’t underwriting standards.


70 posted on 08/24/2015 7:18:30 AM PDT by zek157
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To: SamAdams76

***But those were the go-go days of the real estate frenzy***

It has happened before, once back in the Jimmah Carter fiasco and through the 1980s when interest rates went through the roof, and every mortagage company was encouraging homeowners to refinance and SPEND SPEND SPEND the equity they got out of their homes! Then came the real estate crash.

Then again in the pre-Obama years when mortgage lenders were encouraging people to BUY BUY BUY overpriced homes on beer budgets, even lending more than the house was priced at.

I told my wife.. “Hide and watch! It will all collapse soon!” And it did!

We held pat and were in OK financial shape. That is, until I saw this morning’s stock markets crash! Now I am taking diction lessons to say... “Welcome to Walmart!”


71 posted on 08/24/2015 7:19:05 AM PDT by Ruy Dias de Bivar (Never trust anyone who promotes "sensible" gun control laws!)
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To: JediJones

If you’re using Mozilla Firefox . . there is a little icon in the URL that looks like an open book. Click it and it will take you to an ad-free page that makes reading and copying much easier. No ads pop up at all. I love it.


72 posted on 08/24/2015 7:22:58 AM PDT by ElainaVer
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To: MrB

> First answer to the headline -

because you forgot to check one of the “minority” boxes on the application, dummass!

I honestly thought about checking “African American’ on a loan application recently. I thought hey if Shaun King and Rachel Dolezal can do it, why can’t I?


73 posted on 08/24/2015 7:25:12 AM PDT by jsanders2001
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To: SeekAndFind
Well, when you do get your loan approved, you may just find out Obama will not let you buy in the neighborhood you like.

HUD’s social engineering is coming to your neighborhood

74 posted on 08/24/2015 7:30:31 AM PDT by TexasCajun (#BlackViolenceMatters)
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To: SeekAndFind

I think that he is not telling the whole story or he just made it up to have a story to tell for a column.

It doesn’t make a lot of sense.


75 posted on 08/24/2015 7:32:50 AM PDT by buffaloguy
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To: zek157

“The answer is twice in 30 years I was 30 days late paying my credit card bill — and paid the hefty late fee. Even more ridiculous, I, Steve Moore, have $300 of unpaid parking tickets.”

Steve Moore isn’t telling the whole story. Those late bills were probably within the last couple of years and were more than 30 days late. Steve should have looked at his credit prior to shopping for a house.


76 posted on 08/24/2015 7:35:00 AM PDT by outpostinmass2
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To: jsanders2001

If anyone challenges you, call them a racist and they’ll have to shut up - those are the rules they set up.


77 posted on 08/24/2015 7:35:22 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: SeekAndFind

Questions from reading the article:

Where, exactly did his 25% down payment come from? Was any of it a gift or a loan?

Why is his credit score low, and what is it, precisely?

Why does he have $300.00 in unpaid parking tickets? Why aren’t they paid?

What are his other debts and obligatons?


78 posted on 08/24/2015 7:39:28 AM PDT by mountainbunny (Faithless is he that says farewell when the road darkens ~ JR.R. Tolkien)
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To: outpostinmass2
“The main reason I was denied a loan was because of a below-average credit score” No need to read any further

Yet if he were black he would get the loan immediately.

79 posted on 08/24/2015 7:40:20 AM PDT by ladyjane
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To: SeekAndFind

I just got a six-figure HELOC on my primary residence, and the underwriting process was like the DMV on steroids. It took 140+ days despite stellar appraisals, credit score, and income. By the time it came through, I was ready to just walk away. It was truly horrible customer service.


80 posted on 08/24/2015 7:41:58 AM PDT by Cooter (Radicals always try to force crises because in a crisis, everyone must choose sides. - J. Goldberg)
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