Posted on 10/04/2014 12:08:44 PM PDT by SeekAndFind
Edited on 10/04/2014 12:49:01 PM PDT by Admin Moderator. [history]
You want proof that it's tough to get a mortgage? Ben Bernanke, the nation's top central banker until the start of this year, is having trouble refinancing his home.
Bernanke spoke of his problems during an appearance Thursday at a conference in Chicago hosted by the National Investment Center for Senior Housing and Care.
(Excerpt) Read more at money.cnn.com ...
ORIGINAL REPORT HERE:
You Know It’s a Tough Market When Bernanke Can’t Refinance
Is he a veteran?
He’s not poor or black.
If this is true, why am I still hearing refinancing advertisements on the radio all the time?
Perhaps they dropped off recently, but it seems like I’m still hearing them.
What are other people’s take on this?
Just because he's Ben Bernake doesn't mean he pays his bills on time.
I hear tons of refi ads all the time too.
I heard that Bernake’s Capitol Hill townhouse was worth over $800,000. So perhaps he was seeking a jumbo loan, which fall outside normal lending standards? And if he was seeking to do a major cash out, maybe he just didn’t qualify based on income/equity guidelines for jumbo mortgages? Just a thought.
Well there is that... LOL.
Who knows.
About the same time, I contacted my mortgage company about refinancing and was told there was a $450 non refundable application fee. I told the agent that I wasn't going to throw $450 on a crap table only to be turned down and that if she was worth the money then she should be able to tell me whether or not I would be approved.
And yet all we see now on TV are ads from companies begging you to call them to refinance.............
see my last post
It could be that the refi amount was excessive. That’s a reasoned thought. I will say that I have a relative who owns a home in that price range, and was able to refi in California.
Perhaps there’s a mean market value calculation that comes into play. Out here in LA all the homes are quite expensive, so the average would be higher.
Back there perhaps the mean average is considerably lower. Just throwing that out there.
Thanks for the response.
Oh please.
Like Helicopter Ben even needs a mortgage.
What he won’t tell you is how many millions the loan is for.
RE: Like Helicopter Ben even needs a mortgage.
According to the article, he does and he did.
Bernanke already has refinanced twice. When he and his wife Anna bought their Capitol Hill rowhouse in May 2004, they took out two loans, according to Washington, D.C., land records.
The first was an adjustable-rate mortgage of $671,200 with a starting rate of 4.125 percent. The 5-year ARM was capped at 10.125 percent. The second was a fixed-rate loan of $83,900.
They refinanced the property in October 2009, after the ARM was scheduled to start adjusting, taking out a 30-year, fixed-rate mortgage of $685,385 and paying off both earlier loans. They refinanced again on Sept. 26, 2011, taking out a $672,000, 30-year, fixed-rate loan at 4.25 percent.
Of course at a speaker’s fee that he can charge at $250,000 per speech, he could make just 3 speeches and he could pay off the mortgage if he wished.
Just illustrates how ridiculous the bank’s conditions have become...
And I was required to put at least 20% down...both times.
we refinanced our home earlier this year.....they wanted an explanation why I work only part time...(have for 30 yrs)...what this bill was for...what that bill was for....they needed all our wage statements for 2-3 yrs...they questioned every credit card...we felt we were singled out even with Fico scores above 750..both of us...and nearly at 800....and we’d been with the same bank ...Chase...for 20 yrs...
We refinanced last year, of course we have VA, but it wasn’t really a problem. We got a great interest rate, no up front fees and a notary came to our house to sign the paperwork. Everything done via phone, email and fax.
Anyone who’s made as much money as Bernanke has and still needs to finance his home is an idiot.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.