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Comments about ‘For mortgages, it's the best of times and worst of times’

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Published: Thursday, May 16 2013 9:55 a.m. MDT

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county mom
Monroe, UT

I have learned, it doesn't matter what your credit score is.
Banks just are not loaning to small business owners. Especially if you are in an industry that has been hit hard by the economic crisis.
We have good credit scores and our home is worth more the twice what we owe, but as soon as we say trucking, they say sorry. Or worse, they have us get an appraisal costing $500 and get all the paperwork done and then deny our mortgage refi.

mountain man
Salt Lake City, UT

We just refinanced our home which is now an investment property. I can not believe the hoops we had to jump through and they just kept coming. It was a far cry to when I originally took out the loan and all I had was my job.
Back when I took out the original loan, I didn't have any savings or down payment. I went to the closing and I walked away with money in my pocket from the closing. Now, I had to have close to $10,000.00 available in savings to close this loan on the same property. (just cut the interest rate in half)
I had to come up with nearly 1,000.00 for fees and appraisal costs..out of pocket. Mind you I have no debt. no credit card debt..no car loan debt...and very good income. and I have a payment history of 10 years on this property with no late payments. I didn't get any breaks...

My2Cents
Taylorsville, UT

Credit scores and the bureaus only function is for variable rate credit cards and variable rate loans to feed card holders with infromation for daily credit adjustments on persoanl loans. Payment record is more valuable for home loan than credit score which is a function for fees.

Home loans should be on fixed rate mortgage, VA, or FHA loans where banks are restricted from phony fees and monthly service charges. Variable rate loans are sucker loans that trick you in low with no consumer protections.

I've been involved in banking and loans for over 50 years and there is more to it than one man or one person can figure out. Bank workers are given limited knowledge with a no questions asked indoctrination so they are not a reliable sources of information.

If you want to know the hidden secrets of a lone, ask for and make sure you get full written disclosure of "terms and conditions" and read it from front to back. At closing question everything from builder, seller, and mortgage company. Time is irrelevant and if closers push you to sign, get up and leave, you must have full understanding of condition of home and the loan.

Strider303
Salt Lake City, UT

I am not a financial consultant, nor do I play one on TV but it seems to me the reason banks and other lending institutions are so picky and pricey with money that should be wanting to lend with interest to make money, is that they get money from the Fed at almost not interest and since they don't have to pay for money they can be choosey, picky, whatever with the public who seeks a loan.

I suggest a modest rise in interest rates from the Fed to force banks to pay for the money they borrow from them which will pressure them into lending it to the public to make money to at least pay the interest on the Fed's money.

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