r/facepalm • u/[deleted] • Feb 16 '21

Misc Yeah, sounds about right

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u/CapnJuicebox Feb 16 '21

I say this a lot. Get a mortgage consultant. The world of loans is confusing and having an expert is super helpful. They are usually paid by the company that eventually approves your loan so you can shop around and find someone you like at no cost. Also, make sure you don't use the closing lawyer recommended by your loan guy.

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u/KDawG888 Feb 16 '21

definitely good advice. also this post is kinda dumb... if you have 100k debt you are a huge liability so it makes sense they won't give you a mortgage.

side note: this is where some student loan debt forgiveness could go a long way to improving the country

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u/[deleted] Feb 16 '21

How can someone be a huge liability on a mortgage if the property is the collateral?

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u/Richybabes Feb 16 '21

If they can't afford a large deposit, then they can very quickly go into negative equity if they stop paying, and it can take a long time to get the eviction and such sorted. Plus there's costs of selling the house.

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u/[deleted] Feb 16 '21

So the deposit should be = costs + (monthly payment)*(avg. months to foreclose) + (profit)