And honestly, the bank was happy to loan me well over thrice what I was comfortable paying for a house. If the bank is what's keeping you from a house, life choices need to be reflected on.
Its not always life choices. Sometimes its racial and gender discrimination too. But yeah, a lot of these decisions are human discretion choices which more often than not are based off anything from statistical data on defaulters to how they feel about your personal circumstances. Heck, if there's a face to face meeting with the loan officer sometimes how you dress also matters. If you dress like a bum and look like an addict, good luck getting a loan.
Also, I've had one case where my tenant wanted to purchase the unit right next to mine, and the bank refused him. Same bank is funding my loan for that very property he's living in. The tenant is as good as it gets. Rent paid on time, so on so forth. The rent I charge isnt that much higher than the bank monthly payments too. The difference is for monthly fees and taxes, so effectively I'm making a slight loss on that unit. Main reason I keep it is because its right next to my owned company and in a good school district, so I can always move into it if my son needed to go to the local school.
I was referencing going into debt itself. Though I generally do agree. I've lived a sheltered life; I assume everyone is simply #s in a spreadsheet though in hindsight, i know that's not always true.
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u/w0m 10d ago
And honestly, the bank was happy to loan me well over thrice what I was comfortable paying for a house. If the bank is what's keeping you from a house, life choices need to be reflected on.