Playing devil’s advocate - at one time you could not get a mortgage or loan unless the bank believed you could pay it back. Sure, a shady salesperson could make you a “deal,” but if you didn’t have the credit or income the bank would turn you down flat. People who are honest about their income who get approved for a loan naturally think if the bank thinks they can pay it back, the bank knows best. It really is buyer beware. The bank, through a stringent approval process used to be an extra layer between zealous salespeople and dumb consumers. No more.
“The bank, through a stringent approval process used to be an extra layer between zealous salespeople and dumb consumers.
I’m aware of that-—I’ve been a homeowner for 53 years.
We had a case that was profiled here in Boston about a woman who earned about $50,000.00 a year,yet she purchased a $400,000.00 home——with practically nothing down and an ARM. That’s sheer stupidity.
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