a gold bug who went to a bank today

[G2Rad]

Here I am, a typical GIMer.

for the first time in my life I went to a bank today to get pre-qualified for a mortgage

(I am a life-long renter )

expected to hear the maximum to be in between $220 - $280 thousand

I was very wrong

based on my info ( which would be typical 4 a long-term GIMer ), and the interest rates,

I was told that I am pre-approved for any property I want to buy.

Think about it. The bank will give me money for any property I wish in my town

up to 2.5 million dollars. there are a lot of great houses in my search area, but none is remotedly close to that price

I am utterly astonished

that is the value of having no debt aand being finantially fit. thank you GIM-GSUS

[gunDriller]

how much did they ask you to put down ?

i talked to a bank about a mortgage for a condo. but maybe they finance condo's different than single family homes.

hope you get a beaut !

[palani]

If you ever sign anything best get a receipt for the original document (notes, mortgages, etc).

[k-os]

Aw, see . . . I think if you were a real GSUS freak, you would have never walked into that bank for a loan in the first place. ;)








Full disclosure: I have a mortgage, so I am not judging. :-*

[chad]

that's because they aren't lending you any money, so they don't give a shit how much they loan you. 2 seconds after you close, they'll sell the loan to freddie or fannie and then "service" it for them. same thing happened to me recently.

[ximmy]

Same thing happened to me.. approved for way more than I was able to pay... I didn't go for it... just found a nice repairable REO for 99,000.00... and a very low mortgage... :)

[G2Rad]

how much did they ask you to put down ?


I told the mortgage officer that my desire is to put down 20% of whatever sum the bank is willing to sell me

In case if more money needed than I currently show on my bank account, the money will be "un-stuffed from my mattress" and the cash will be deposited into the account

He replied that in such case the cash will have to marinate 60 days on the account before it is good to use for down-payment

[Libertarian_Guard]

how much did they ask you to put down ?


He replied that in such case the cash will have to marinate 60 days on the account before it is good to use for down-payment


Why that is odd. Only because it flys in the face of what is stated on the fiat currency, something about being good for all debts, public & private.

[mamboni]

how much did they ask you to put down ?


I told the mortgage officer that my desire is to put down 20% of whatever sum the bank is willing to sell me

In case if more money needed than I currently show on my bank account, the money will be "un-stuffed from my mattress" ;) and the cash will be deposited into the account

He replied that in such case the cash will have to marinate 60 days on the account before it is good to use for down-payment

To quote Big Dick Blaque: "That's boolsheet!" They get to hold your cash for 60 days before it can be a downpayment? Fvck them! You're nuts if you do business with these crooks. And you've learned nothing if you take out a mortgage now. DO NOT BUY ANY REAL ESTATE RIGHT NOW, UNLESS IT IS SITTING ON SOME HUGE UNKNOWN GOLD, SILVER OR OIL/NATURAL GAS DEPOSIT.

[G2Rad]

"That's boolsheet!" They get to hold your cash for 60 days before it can be a downpayment? Fvck them!


I didn't like that either.

the case is hypothetical. for my modest price range I will not need any "mattress" cash infusion

[osoab]

To quote Big Dick Blaque: "That's boolsheet!" They get to hold your cash for 60 days before it can be a downpayment? Fvck them! You're nuts if you do business with these crooks. And you've learned nothing if you take out a mortgage now. DO NOT BUY ANY REAL ESTATE RIGHT NOW, UNLESS IT IS SITTING ON SOME HUGE UNKNOWN GOLD, SILVER OR OIL/NATURAL GAS DEPOSIT.


You might be sitting on a nice deposit, but if you don't control the mineral rights it currently wouldn't matter what was below.

Water rights in certain places is good as gold too.

[Twisted Titan]

Of course they will "loan" to you

They are soo eager to get those shackles on

[osoab]

that's because they aren't lending you any money, so they don't give a sh*t how much they loan you. 2 seconds after you close, they'll sell the loan to freddie or fannie and then "service" it for them. same thing happened to me recently.


Not always.

Depends on the bank.

Yep mortgaged myself, before I knew. Mine is still held with the originating bank.

I asked before I signed.

I do expect Fed Gov to force banks to move all mortgages over to freddie or fanning eventually. Maybe not force, but incentives to sell off the loans just in case another down turn occurs.