Quote:
Originally Posted by VTXDave  Doesn't the final responsibility lie in the hand(s) of the buyer(s)? Anybody, IMO, with any sense would first look at their budget to determine if the house they're buying is beyond their financial capability, yes? Nobody held a gun to their head and made them sign the loan docs. I am fully aware that there are unscrupulous lenders offering "less than ideal" loans, but the onus lies on the buyer as to whether they want to enter into one of these loans or not. |
Wow, common sense. It's nice to see it.
I wanted to put 5 percent down. One jackass tried to sell me on 2 loans. 1 was for 20 percent of the house value and it was a 10 year loan, the other was 75 percent of the value for 30 years. "Most people do it this way." Needless to say that skeeve didn't get my business. I checked with 3 other different lenders after that, all were within $10-20 bucks on the monthly payment. Doing homework has it's benefits.
The people who lost their houses because of wages driven down by the influx of illegals because of the governments failure to protect it's citizens are the ones I feel for. Losing $2 an hour on a forty hour work week equals ~$4,000 a year before taxes.
People who lost money because they invested in a second house for profit get little sympathy for me.