Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 309
Registered: ‎04-04-2012
0

Re: I'm not enjoying this ride..


tooleman694 wrote:

If you are grossing 11k a month, then even with 45 percent backend ratio you should still have lots of left over cash.


We have other bills to pay and don't want to stop putting money into savings and retirement accounts.  We have children.  We're not getting any younger (I'm almost 43 and hubby just turned 49).  And, as great of a job and benefits as hubby has, there is no guarantee it will be there forever.  I refuse to be house poor.

 

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: I'm not enjoying this ride..

You must have a crap load of bills.

 

I just want to point out, high income earners dont tend to be house poor even with a maxed out backend ratio.

 

Our backend is over 45 percent. We are not house poor, and iv got 3 kids and bills.

Frequent Contributor
Posts: 309
Registered: ‎04-04-2012
0

Re: I'm not enjoying this ride..


tooleman694 wrote:

You must have a crap load of bills.

 

I just want to point out, high income earners dont tend to be house poor even with a maxed out backend ratio.

 

Our backend is over 45 percent. We are not house poor, and iv got 3 kids and bills.


No, I don't have a crap load of bills and I'm not maxed out on CC or anything else.  Just your every days utilities and two car payments (and no we don't drive luxury cars) like most families.  The only extras we have are school ($399 a month) and we have to use Hinckly Springs for drinking water ($105).  In case you haven't noticed, gas costs a fortune.  I would like to continue to save the amount we are saving each month and in order to do that I need a smaller mortgage.  I would like to be able to help my girls with their wedding some day without taking out a loan.  They may need some help with school.  Again, I don't want to take out a loan for it. 

 

I have my personal reasons for wanting a good cash flow and really, that's all that matters.

 

Contributor
Posts: 81
Registered: ‎05-18-2012
0

Re: I'm not enjoying this ride..

I have to agree with others saying that they would have run far away.  Not once has my realtor or loan officer looked at me any different because I said I wanted to stay WAY below the amount they pre-approved me for.  I was pre-approved for $200k and I was looking at homes for around $80k.  No one ever suggested that I take money from my 401k or to stop putting money into my 401k, that is just crazy!  Now if you don't have the extra cash then I could see them "suggesting" using that money vs having no where to live.  Good luck in your house hunt and I wish you all the best =)

Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
0

Re: I'm not enjoying this ride..

Fuzzy bean- you know what you have to do. Get rid of this mortgage person while you can. Your instincts are right about them. Move on to a reputable person. It is your decision how much house to get, not theirs. 


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (17.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Valued Contributor
Posts: 2,669
Registered: ‎06-05-2008
0

Re: I'm not enjoying this ride..

[ Edited ]

We're at 16 percent monthly compared to net take home, after 401k, medical insurance, etc. and it was the best decision we ever made.  When my Wife's company was bought out by Pfizer and she was laid off, there was never a moment where we were worried about making our payment.  In fact, she took a brief hiatus to spend time with our newborn, stress free.  She's back in the workforce now, and we can afford to do the things we want.

 

We've talked about going bigger, and decided that we would just pay that extra amount toward other debt, then toward savings, and go larger when we had enough saved to still keep the DTI low.

 

I'm pretty blunt, but if it were me I'd just have a frank conversation with the loan officer.  I'd tell him, "This is what we're comfortable with.  If you can't accept that then I'll have to let you go."

 

 

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Frequent Contributor
Posts: 309
Registered: ‎04-04-2012
0

Re: I'm not enjoying this ride..

Good grief, at least read the posts. The man is done!
Frequent Contributor
Posts: 309
Registered: ‎04-04-2012
0

Re: I'm not enjoying this ride..


crunching_numbers wrote:

Fuzzy bean- you know what you have to do. Get rid of this mortgage person while you can. Your instincts are right about them. Move on to a reputable person. It is your decision how much house to get, not theirs. 


Absolutely, he's been "fired".

 

Highlighted
Frequent Contributor
Posts: 309
Registered: ‎04-04-2012
0

Re: I'm not enjoying this ride..


p- wrote:

We're at 16 percent monthly compared to net take home, after 401k, medical insurance, etc. and it was the best decision we ever made.  When my Wife's company was bought out by Pfizer and she was laid off, there was never a moment where we were worried about making our payment.  In fact, she took a brief hiatus to spend time with our newborn, stress free.  She's back in the workforce now, and we can afford to do the things we want.

 

We've talked about going bigger, and decided that we would just pay that extra amount toward other debt, then toward savings, and go larger when we had enough saved to still keep the DTI low.

 

I'm pretty blunt, but if it were me I'd just have a frank conversation with the loan officer.  I'd tell him, "This is what we're comfortable with.  If you can't accept that then I'll have to let you go."

 

 


The loan officer is done!  Good for you and your wife! 

 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.