SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Tradelite who wrote (27953)3/10/2005 7:42:49 AM
From: damainmanRead Replies (1) of 306849
 
Don't need a blog or to talk to a lender, my brother in law
was given these options in nov:

1. line of credit (yes, to buy a house)
2. interest only
3. 3 year arm
All with 0 down. They gross 38k last year and have 2 kids. They were approved by the lender for ctx to buy a 255k house.Right now they're at the nonrefundable deposit stage and it's gonna be interesting to see what happens as rates have gone way up since they were approved.
In 1993 I applied for a 120k mortgage with a 20% downpayment on a condo. I was single and grossed 50k, with no car payment or credit card debt or student loan. They called me in 2x for additional questions and 2 more months worth of bank statements and gave me a hard time about being on this job for only 2 years and said this loan would take awhile because they had to get "additional approval."
Based on my personal experience, YES they ARE giving away mortgages. I'm not even going to start in on the dinner party
stuff about how many houses people I know own. Other people's story's just serve to corroborate my own experience with this real estate BUBBLE. Or maybe these home prices are just a currency phenomenon...
I should write this in a blog or something.

0

0
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News