Comments on: Maybe they can’t afford a mortgage

By: Sam

Sam — Mon, 15 Feb 2010 15:41:43 +0000

I agree – the death of creative financing is the best thing for everyone.
I had no concept of creative financing when I bought my house – and while I’m still hosed because of the terms of my mortgage…. if I had done everything they were trying to push on me we’d be homeless by now. They wanted me to get a house for 50k more. While I have discovered some flaws in my small house living experiment I’m glad the house has a equally smaller mortgage.

People now a days are spoiled. You’ve got parents going into debt to keep their adult kids at a high standard of living & when Mommy ‘n Daddy run outta money the kids don’t know what to do. One of the few good things about my not having any family is that I’ve had to teach myself how to do things, how to do with out and how to make do when I can’t afford to pay someone for a repair. Now my friends call me when something is broke cause I can probably bail them out in exchange for dinner or babysitting my kid.
Owning a home is a privilege (I wish I didn’t have) and it is a much bigger responsibility then I ever fathomed & many of these people who want a house NOW are clueless.
Break over – back to electrical work in the kitchen. Yay!

By: debtfretter

debtfretter — Wed, 22 Aug 2007 10:55:01 +0000

Yeah I agree. While I think it can be hard to get into the market for many, I do find it interesting how so many people want to have a home NOW, as well as have all the good stuff in life like big TVs and holidays. ALso, people want to live in a nicer house than their parents have, even if they are only 25 years old. Saving for a downpayment gets you ready for what is to come when you have a mortgage.

By: Lynnae

Lynnae — Wed, 22 Aug 2007 01:45:57 +0000

That’s messed up too. If a person has good credit and has the tenacity to save a down payment, he should be able to get a mortgage. Being able to save a down payment, especially in today’s society, would show to me that the applicant was worth taking a chance on with a mortgage.

By: the baglady

the baglady — Wed, 22 Aug 2007 01:18:17 +0000

The credit industry is just very funny to me. A lot of young people also have problems getting funded for just being young. Younger people have shorter credit histories so the income doesn’t even matter.

By: Heidi

Heidi — Tue, 21 Aug 2007 19:33:24 +0000

I agree. Someone who makes 150,000 dollars a year should be able to save at least 50,000 a year.

I’m really tired of all the stories about the poor people who can’t afford stuff. BUDGET! Don’t buy everything you see.

By: boomeyers

boomeyers — Tue, 21 Aug 2007 17:23:15 +0000

Wow! I couldn’t agree more! If that single guy lived like a college student, he could probably pay CASH for a house in a few years! It is time for a reality check for all the people who received “creative financing” for thier homes!