Posted on: 25th Apr, 2010 12:00 pm
I don't know much about financing however I am purchasing a second home which is an estate from the family so it can stay in the family.
The bank says the rate is higher (7%) which is higher than my current 4.5% on my primary home. I am borrowing 30K on the property which is worth 165K.
Additionally they said I could only get a 10 yr loan on it.
I think these banks need stronger Government regulation because this is plain BS. They are thieves and robbers and hold all the cards. This is not the way this Country should be. A 30K request for a loan on a 165K property and this is high risk because of what???? No wonder we are in the shape we are in. Banks giving big loans on worthless properties got us into this mess and when an American needs a little help to secure an honest and very fair deal he gets screwed big time.
What a country, Americans screwing Americans to get ahead. I am sick and tired of Banks and their unregulated ways of doing business while the little honest guy gets it in the rear. What a country.
The bank says the rate is higher (7%) which is higher than my current 4.5% on my primary home. I am borrowing 30K on the property which is worth 165K.
Additionally they said I could only get a 10 yr loan on it.
I think these banks need stronger Government regulation because this is plain BS. They are thieves and robbers and hold all the cards. This is not the way this Country should be. A 30K request for a loan on a 165K property and this is high risk because of what???? No wonder we are in the shape we are in. Banks giving big loans on worthless properties got us into this mess and when an American needs a little help to secure an honest and very fair deal he gets screwed big time.
What a country, Americans screwing Americans to get ahead. I am sick and tired of Banks and their unregulated ways of doing business while the little honest guy gets it in the rear. What a country.
Welcome dicklugar,
I would suggest you to contact other banks/lenders and check out if they can approve you for a mortgage. If you get better terms and conditions with other lenders, then you should go with them. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will give you a fair idea whether or not you would get a loan and what type of rates and terms you would receive.
I would suggest you to contact other banks/lenders and check out if they can approve you for a mortgage. If you get better terms and conditions with other lenders, then you should go with them. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will give you a fair idea whether or not you would get a loan and what type of rates and terms you would receive.