Wednesday, October 15, 2008


Well, the housing thing is still going okay, it's moving forward. The only catch is that 6 months ago, people just took out a small loan to pay closing costs, etc. Now, they want you to prove that you could liquidate your assets (401ks, savings, checking, etc) to pay your closing costs. Now why anyone in their right mind would think that was a good idea over taking out a small loan you could pay back in about 3 months is beyond me. So what, we should empty our retirement accounts and live on credit cards for a few months to prove something to them? Doesn't that seem kind of stupid? I thought the lending industry was all about taking care NOT to overstretch yourself. We were approved for more than $55,000 MORE to roll into the mortgage than the actual mortgage. Apparently that doesn't prove anything to them either. If we'd known this would be a problem, well, we wouldn't have paid out the equivalent in closing costs to pay off our truck, or my student loan within the last 6 months. Jerks. I know, they're trying to keep people from 'overextending' -- but seriously, when you pre-approved us for more than $50k more than that, what would it hurt for us to take out a couple thousand bucks to cover the closing costs so we're NOT broke when the baby arrives? Jeez.

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