Main > Everything Else
Bloodbath only a few hours away
shardian:
I got my preapproval letter from CountryWide. They were very easy to deal with. When it came time to get a loan, I talked with them, the FTHB thing, and my bank, Suntrust. The Suntrust Broker was a fast talker, spouting things quick and making sure to say "Oh i can beat the FTHB offer real easy". Any time I asked for clarification, or asked questions, he got irritated with me and just pressed harder for what HE wanted me to have. I can totally understand overwhelmed first time buyers getting sucked in by brokers such as that.
ChadTower:
So am I being unreasonable in expecting people do put substantial energy into researching mortgages in general and theirs in particular? When I bought my house I spent most of my free time for three weeks doing research and learning about the process and the role of various people in it. Hell if I was going to spend two hundred thousand dollars without a solid understanding of what I was getting my family into and what the risk/reward concepts were for the various mortgage types.
shardian:
--- Quote from: ChadTower on January 22, 2008, 03:56:34 pm ---
So am I being unreasonable in expecting people do put substantial energy into researching mortgages in general and theirs in particular? When I bought my house I spent most of my free time for three weeks doing research and learning about the process and the role of various people in it. Hell if I was going to spend two hundred thousand dollars without a solid understanding of what I was getting my family into and what the risk/reward concepts were for the various mortgage types.
--- End quote ---
No you are not unreasonable. I did the same thing, and totally expect others to do the same thing. Most people are either overly coddled, or are overly lazy. They take the word of the broker because he "sounds honest".
The same people that are being foreclosed on are the same people that expect the government to take responsibility and "bail them out" for their laziness. Its just the way things are.
I also have tangent to share that was a BIG lesson in life and taught me pretty much everything I know about financial responsibility. I'll also probably get made fun of for it... ;D
When I was a clueless 22 year old college senior, I got engaged to my wife. We got one of those invites to a "seminar" with the promise of a "free vacation". It ended up being a demo for Royal Prestige cookware, if any of you are familiar with it. Anyways, there is a reason they target newly engaged young people -- they are young, dumb, and blinded by love (which coincidentally is the same target audience of home loan brokers and Cadillac dealers nowadays). Once the night was over, we were the proud owners of $2000 worth of pots, pans, and a full set of dinnerware...and we thought we wheeled and dealed like pro's. ;D
Then, I got to learn all about high interest loans, and compounding options. Needless to say, $2000 is NOT what I paid. As a sidenote, the stuff really is super nice stuff that even pro cooks will admit to...but everything we got is more realistically worth $400-$500. We ended up paying off the amount way early, but still paid several hundred in interest.
These salespeople are just like home loan brokers - they put you in a situation in which you think they have your best interests at heart, that this is a great deal that you "have to take now before it's gone", and they browbeat you into thinking you'll never know as much as them, so you might as well not waste your time researching anything. Sure they might have a few people actually walk away, but the odds are in their favor.
I was lucky, because we learned a VERY valuable lesson in life, we aren't in debt for our mistake, and we ended up with a really nice set of kitchenware. ;D
ChadTower:
--- Quote from: shardian on January 22, 2008, 04:25:27 pm ---No you are not unreasonable. I did the same thing, and totally expect others to do the same thing. Most people are either overly coddled, or are overly lazy. They take the word of the broker because he "sounds honest".
The same people that are being foreclosed on are the same people that expect the government to take responsibility and "bail them out" for their laziness. Its just the way things are.
--- End quote ---
Exactly... but every time I pick up a freakin' newspaper I read about these poor victims as if they're 85 year old widows who were just bilked out of their meager life savings by someone pretending to be from the local VA Hospital. How they couldn't possibly have understood what was happening and how they were forced by the market to buy the 2500 sqft house on a hill rather than a 1200 sqft house they may be able to afford.
And to put it out there that I'm not just being a condescending a-hole, 1200sqft is larger than my house.
shardian:
People who bought mansions aren't the only ones being foreclosed on. People who are buying small 100k houses, but only have wal-mart salaries are also being foreclosed. I do know that I was approved for FAR more than I could realistically afford.
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version