'Just Miss A Few Payments, Screw Up Your Credit Score': Peter Schiff Slams Biden's New Mortgage Rule.

Yahoo Finance ^ | 5/8/23 | Jin Pan

[CFW]

Mortgage fees are changing under the new rules from the Biden administration’s Federal Housing Finance Agency. Because some borrowers with good credit may end up paying higher fees compared to those with lower credit scores, the change has sparked a discussion.

Among the critics is Peter Schiff, CEO and chief global strategist at Euro Pacific Capital.

During an interview posted on Schiff’s YouTube channel, the host shared his intention to buy a home but voiced concerns about getting punished if the plan goes through because of his good credit score.

Schiff’s response was, “Just miss a few payments, screw up your credit score. That will help your mortgage rate.”

[CFW]

Remember how the advice used to be that if you were thinking of buying a house in the future, one of the first thing to do was check your credit rating? And if there are outstanding issues, do your best to clear them up immediately. Also,you were advised to make sure that for the months prior to applying for a mortgage any monthly payments, including utilities are paid on or before the due date so you have no recent "past-dues".

Well, that is considered "boomer" advice now. The current advice is to make a few late payments, maybe skip a credit card payment altogether so to lower your rating below 740 or so. THAT is what will get you a lower mortgage rate.

What an upside down world we now live in!

[drSteve78]

What an upside down world we now live in!

KAKAFooo!

[JSM_Liberty]

Getting your credit score below 740 will not lead to a lower rate.

[Seruzawa]

Democrats always reward the incompetent the lazy and the stupid. It’s what they are. Every act is calculated to destroy in the name of help.

[dragnet2]

Not upside down, it’s greed. These big companies like mortgage and insurance companies are simply greedy SOBs.

[Ikeon]

Getting your credit score below 740 will not lead to a lower rate.

anybody want to explain to this to a the lower functioning brain what it means when

" if you have a good credit score you'll pay more".

so.. if you have a lower credit rating you'll pay_____. ( fill in the blank goober)

[ActresponsiblyinVA]

Democrats subsidize irresponsible conduct and get more of it.

[Allegra]

Yep. In the screwed-up Democrat world, irresponsible behavior is rewarded and even encouraged.

[ridesthemiles]

Some of us were already in that world.

I sold my house in Calif in 2004-—and bought current residence cash-—free & clear......

I bought my car in 1981 & last payment was 1984.........

I bought my truck in 1986 & paid cash........

I hadn’t checked my credit score since about 1989—when I bought a 2nd property.

I asked a friend to check my numbers a couple of years ago-—

IT came back 690.

I was more than puzzled-—I was furious.

NO late payments on ANY utilities.

NO late payments on ANY credit cards

SO -—— WHY ?????

Turns out that OWNING my home & OWNING both my vehicles is a detriment because the credit companies CANNOT look at current mortgage or car payments to track how dependable you are !!!!!!!

What a dirty trick !!!!!

[Recompennation]

The old top down bottom up scheme that ban jones and the obamaa fun zoo injected in foolish heads. Nothing good ever came out of goodie do gooders.
Biden lost! fix that first

[dynachrome]

And put 20% down.

[dragnet2]

Anyone recall the housing collapse a few years back?

Here is audio from a Bush speech about 2 years prior to the historic housing collapse, where Bush demanded banks lend money to UNQUALIFIED minorities.

This caused millions to lose their asses...Many never recovered. It’s one big con job.

https://www.youtube.com/watch?v=GkAtUq0OJ68

[Mean Daddy]

Schiff gets it. Tell me how you’re going to measure me & I’ll tell you how I’ll behave.

I have a friend who inherited a couple million when his dad died. He went to the county where he lives and they told him his healthcare was “free” since he didn’t have any income. He emailed me to thank me for paying for his premiums.

[DeplorablePaul]

I think this hand out is directed to the same dead beats who defaulted on their student loans.

[jz638]

Ugh, stop blindly reacting to headlines folks. (I know, why start now?)

Folks with bad credit will still be paying more fees than folks with better credit. The changes pinch the edges a little bit, but folks with bad credit still pay far more.

The folks with good credit? The “extra” fees amount to tens of dollars per 100k borrowed, and if you’re using an FHA loan to finance the purchase of a 450k house, you’ve got bigger things to think about.

[napscoordinator]

The goal is to have a zero credit score. Dave Ramsey is brilliant at debt reduction and getting a great retirement. He has a zero score.

[dragnet2]

My advise to young folk out there thinking of buying a home. Do not do it. Do not get into any debt at this point, forgo getting credit cards, new cars, mortgages etc. It’s just a major debt trap that can literally destroy your life.

Your government is completely unstable, and it’s run by corrupt professional lawyer politicians, who’ve now got us 30+ trillion in the hole. Way to risky to do anything at this point.

[Openurmind]

How can he even do this?

[Bonemaker]

“...the change has sparked a discussion....”

Should spark a revolution! Is there anything that can’t be F’d up by the filthy Biden adminisration?

[MotorCityBuck]

This only applies if you want to get a loan through Freddie May & Mack.
There are dozens of banks to get a loan that want a good credit score.