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So I'm wondering ....

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So I'm wondering ....

Postby Kicker774 » 9/24/2009, 7:46 pm

So I'm wondering ....

If banks were given ungodly sums of money by the government ...

Then were given ungodly cheap rates by the government to borrow more money ...

Wouldn't you think banks would be in a position to you know start doing their job and lending people money?

Shouldn't they be salivating over the fact that someone like me whos done all their homework, has 20% down and steady income?

You would think they would have dollar bill signs in their eyes and cash registers ringing in their head.

Oh no wait 1 problem. I've had too many jobs in the past. Thats right too many fucking jobs. Apparently it's a crime to be a contractor and make some good money instead of taking some low quality, low pay, low morale phone bank job where I could work for years doing the same thing over and over again.

At times I worked 2 jobs at a time to get extra money to save up. Maybe that was the problem. 2 jobs? Hmm must be really short on money. No way you could afford a mortgage for 30 years. .... Even though you've never once been late on a rent payment in the past 8 years.

Everything lines up for me, great house, great neighborhood, great rates, but the problem comes when I work too hard apparently.

So the American economy doesn't want my business. Fuck it.
Guess I'll just move. No not Canada (For once) I'm seriously thinking about living and working in Kazakhstan now.

/rant

... for now
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Postby xjsb125 » 9/24/2009, 8:06 pm

Explain more about your work history. Have you worked for multiple companies for less than 2 years at a time?
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Postby faninor » 9/24/2009, 8:41 pm

That sucks! But from their point of view, giving a loan that will be paid back over 15+ years, one of the key things they have to consider is how likely will you have a steady income over that period of time? Contract work by nature should be fairly short-term and that in itself is a risk for them, because they know your current job will end relatively soon, and they need to count on -- after your current contract ends -- that you (1) find another contract position and (2) your new position pays out good enough that you can still afford mortgage payments.

Do you do direct contract work with various companies? Have you ever been employed by a consulting firm which places you with different clients as things come up but ultimately the consulting firm is the one cutting your paycheck? I would suspect that banks would find that more desirable and you still wouldn't be stuck doing the same work forever.
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Postby Kicker774 » 9/24/2009, 8:58 pm

Yes that's how contracting works in the IT biz.
Work a project for X months then find another one. I've never had a problem finding a job except for the month after I returned from Kazakhstan to find the economy in complete ruins.

Without this loan the owner of the house can't finance the replacement of his older trucks for his business.

Without trucks his drivers can't deliver.

Not only that but there goes another sale lost for GM and another auto worker out of work.

All because banks just want to hold on to this money and keep it all for their greedy selves.
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Postby xjsb125 » 9/25/2009, 6:46 am

Yeah, the short term work flags a risk for banks, as well as employers. I typically do not consider applicants who stay in jobs for periods less than 2 years. Banks and businesses prefer to invest in something they can get longevity out of. They need to know you will be able to make your monthly obligation to them.
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Postby Kicker774 » 9/25/2009, 8:50 am

Just friggin aggravating.

1st Bank approved me financially but their underwriters said my house was too 'unique' and were not willing to finance it.

Sorry for not wanting to live in a box.


Next bank we checked into we both got the used car dealer vibe from the banker. Their closing costs and fees came out to be $3000 higher than the first bank.

Sooo you treat us like crap aaand you expect us to pay more. Yea good luck with that.


Next bank comes along says underwriting won't have a problem with the house we've already financed 2 other houses in that area.

Ooo but too bad you've worked too many jobs in the past.
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