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Old 02-28-2010, 03:52 PM   #21
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Some of the mortgage lenders are reverting to the standard 28% mortgage debt/36% total debt ratios, and the denominator of that ratio is income.
Nords:

If all I can get is 28% of my reportable "income" of $6700 then I would just have to put a little more money down to get to a $1876 payment. Surely with enough money down some silly bank or credit union would do the loan, right? That payment would put me at about a 58% LTV.

PS
Went on a surfing trip to my secret spot in Costa Rica last week. Surf was kind of small in the chest high range with some bigger sets every once and awhile, but clean and loads of fun.

Still don't want to live there full time-- much easier to just visit a few times a year. Rented a nice 3 bedroom house with an easy walk to the beach for $1000 for the week and split it between 5 guys. They are trying to sell the house for $500K. Doesn't make any sense to buy down there when you can rent so cheaply IMO.
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Old 02-28-2010, 07:41 PM   #22
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If all I can get is 28% of my reportable "income" of $6700 then I would just have to put a little more money down to get to a $1876 payment. Surely with enough money down some silly bank or credit union would do the loan, right? That payment would put me at about a 58% LTV.
Either that or buy a lower interest rate by paying points. This is where the mortgage broker can tap into their databases and find the combination of loan amount & interest rate most likely to be approved.

On our rental refi they wouldn't even waive the escrow account. Non-negotiable, unless we were willing to pay an extra quarter-point of interest.

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Went on a surfing trip to my secret spot in Costa Rica last week. Surf was kind of small in the chest high range with some bigger sets every once and awhile, but clean and loads of fun.
Excellent! I'm not sure the mortgage brokers or the lenders appreciate that aspect of refinancing...
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Old 02-28-2010, 09:18 PM   #23
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I guess opinions do vary because if I wanted suggestions for sources of cheap brake fluid in bulk and you asked me why, I can't imagine how it would be helpful ....
Well we can agree to disagree, but I do find it helpful to understand the context of the question. If you said "because my brake fluid is low every week", it would be more helpful to suggest that you have an expert look at your brakes, rather than looking for a cheap source of brake fluid. And if your brakes fail and you run into me, it becomes helpful to me too!

I'm sensitive to this, as I have a relative who is great at asking me for detailed, specific info about this or that. Turns out, 99/100, when you ask *why* he wants to know that information, the real solution is something completely different than what he asks about. And it would be a waste of time for both of us to dig up the requested info. And the real solution is almost always simpler, less expensive and better than what he was asking about.

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Old 02-28-2010, 10:03 PM   #24
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I'm sensitive to this, as I have a relative who is great at asking me for detailed, specific info about this or that. Turns out, 99/100, when you ask *why* he wants to know that information, the real solution is something completely different than what he asks about. And it would be a waste of time for both of us to dig up the requested info. And the real solution is almost always simpler, less expensive and better than what he was asking about.

-ERD50
Is it possible that this could be seen as patronizing? One of my sons sometimes asks me narrow technical questions that might usefully be approached more broadly, but woe betide me if I venture beyond the narrowly defined requested item.

Ha
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Old 02-28-2010, 10:20 PM   #25
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Is it possible that this could be seen as patronizing? One of my sons sometimes asks me narrow technical questions that might usefully be approached more broadly, but woe betide me if I venture beyond the narrowly defined requested item.

Ha
I suppose it can come across that way. But you know what? This world (fortunately) is made up of all different types of people. Since in my heart, I am honestly trying to be helpful, I am OK with it, even if the person isn't that thrilled with my approach. To *not* do what I see as being the most helpful thing would be more troubling to me than having someone think I am being patronizing. And my personal experience is, in the end, they are happier getting the real solution, rather than the solution they asked about.

Obviously, you learn if people are really touchy about this (easier in real life with visual feedback), and you adapt. No one has poisoned my soup....yet.

But some people totally avoid any sense of conflict like that. I once saw a guest fall out of a chair at my Mother's house. Later, my Mother said to me- "I saw how he was leaning back in that chair, and I just *knew* it was going to tip over, because those chairs do that.". I said - why didn't you warn him? She just didn't want to 'correct' him in front of other people.

So you see - I'm built 180 different. I would *want* someone to warn me about something - don't worry about 'embarrassing' me. A slightly bruised ego is better than a broken neck!

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Old 03-01-2010, 07:22 AM   #26
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Ha, FWIW, I think your point is well taken. As such, I try to give a straight technical answer, in addition to asking for background. So while I think EIAs are a waste of money, I have laid out in black and white how you can roll your own. But I often have been helped by the background questions, so I also ask them.
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Old 03-01-2010, 02:30 PM   #27
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Don't bother with TD Bank. I was denied a HELOC refi for all the same reasons (no w2).

Ooops, he's asking where he CAN get a loan ... I answered where he CAN'T.

Sorry.
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