Applying for Mortgage... Gambling Charges?

[TheMoneyShot]

You guys are too paranoid. And make sure you tell them why that one section of the bank statement money going in and out was from the weed growth in the basement.

[stevek173]

Call me.

[jjgold]

Thanks Stevie I'll call you later on we can do business

I know many of guys faking applications and getting them for gambling

It's all about showing the officers in charge cash

10 years ago I gave a loan officer $1000 in cash any approve my loan for 10k

He just doctored up paperwork

Still goes on today

K I like how you operate

[thunderous]

You guys are too paranoid. And make sure you tell them why that one section of the bank statement money going in and out was from the weed growth in the basement.

No man things have changed. As steve mentioned underwriting rules have changed drastically.

My sister tried to get a mortgage and had the 20% down payment in her bank acct and W-2's for 2 years showing she makes more than enough to cover the mortgage yet it was declined. And her credit score is perfect too.
The problem was she could not show where the 20% came from...there was no paper trail.

[jjgold]

Banks strict which is good

[Reload]

Happened to me when I applied for my mortgage. Had just deposited a big check from sportsbook.com. Even though it was offshore gambling, having the stub from the check explained it came from there.

Had no issues and got approved. Then again, that was in 2005 when anyone could get a mortgage.

[stevek173]

Also you weren't using that money for your money down, sounds like which is the big difference. Using for money down - full paper trail. Not using for money down - just tell them what it was, or if you're 99.99% of the posters here find a place to rent.

[Doughboy22]

Rent money is dead money, that's right but it's not bad as mortgage. If you're able to buy a house in cash (no mortgage), then renting for few years is a good option.

I bought my current house with cash money, zero mortgage. Stayed in rent for 2 years. Of course, money I spent on rent went to toilet flush but still it's less then mortgage cost. Mortgage sucks man. Glad I don't have any mortgage etc.

If you have a good income, if you can save/build money then staying in rent for few years is a much better option then making yourself slave to mortgage.

Peole are buying real grown up houses pal. 1.5+ not 80k homes. Fukking cash!! Lol

[stevek173]

Who moved this thread, who and why

man/woman up

[jjgold]

Mortgages have advantages also if only in if for 10 years or so

good tax breaks off income

many feel paying cash not worth it, everyone has different angles

[stevek173]

regardless, whoever moved this topic will need to take out a home equity line of credit to fix their face if they move a topic I am posting in again

[jjgold]

It's still in players talk it's divided into two forms

[stevek173]

ah ok I guess that's acceptable for now. Thanks coach.

[TheMoneyShot]

No man things have changed. As steve mentioned underwriting rules have changed drastically.

My sister tried to get a mortgage and had the 20% down payment in her bank acct and W-2's for 2 years showing she makes more than enough to cover the mortgage yet it was declined. And her credit score is perfect too.
The problem was she could not show where the 20% came from...there was no paper trail.

I understand. But it's all in who you know. If you don't know "true" lenders... or have someone that can pull some strings for you... it's tough. A friend of mine had a 803 credit score. He could of easily purchased this condo cash... needed some work done. The value at one point was around $160,000... it's on a golf course here in Michigan. It was foreclosed. Bank wanted only $70,000 for it. He was going to put $35,000 down. And make payments. Bank said why are you putting half down for? He said... because I wanted to. But we (the bank) only require 20% down. He said... what difference does it make? Bank wigged out... and cancelled the loan. He said fuk you guys I'll pay the entire thing off right now. He paid cash for it.

My point is... it's all in who you run into to. You can't just use one lender... you need like 4-5 going. Who cares how many times they run your credit score. Expect a marathon. Anyone getting involved with real estate and lending... start pulling your hair out. I've had a lot of success going through Quicken though. They seem fair... and don't gouge you.

[stevek173]

Very solid sarcastic post, well done.

[doublek1229]

Thanks for the responses everyone. I did not realize this would be such a hot topic. We sent in all of the preliminary paperwork, and I did not even include my check account. Just her checking/savings, my savings, and our joint savings account. They did not even question where my checking account statements were...

Anyhow hopefully this is not brought up further down the line, but they said with our combined income we "easily qualify" for the 20 year 3.78% rate we had wanted.

Thanks.

[stevek173]

Real nice APR but if it goes to a 15 shoot for more like 3.5%. Unless you have some kind of attachment to these guys you should get a Good Faith Estimate and shop it around.

[Plaza23]

I've owned my home for 5 years and I probably would have come out better by renting. My mortgage rate isnt bad, but the home's value has stagnated and the property taxes/interest payment per month almost makes it cheaper to rent right now. Cash is still king and if you got your savings in a non-liquid asset like real estate, then you are screwed till the market comes back (if it ever does).

[jjgold]

Seems like renting is better but it never is even car leasing is the stupidest thing you could ever do in your life

People don't become rich by renting

[stevek173]

Yeah especially if you're running a sex dungeon - a lot less questions asked if you own the place.

[jjgold]

You have no options when you're renting at least when you own property you can rented out


Most renters just cannot afford houses

[stevek173]

Squatting really wins over time - find the right place and tell them you'll see them in court. Those things drag on forever.

[jarvol]

I never seem to have these issues.

I guess every motherfukker but me wins here, huh?

Well.....you are a loser.

[vividjohn45]

One bank account for general use and household expenses.

A separate one for punting purposes. Preferably at a different bank.

I agree keep it seperate from ur everyday life flow. Id still put my winnings on my tax return. But fugg the bank. They r snoopy though. If they smell a gambling winning deposit. They will be on u some. Guaranteed. Banks do get it on some with feds and federal agencies. So yah. Seperado. Is best choice.

[vividjohn45]

Just recently i made a *********** deposit. On a offshore account. And this bank started calling me and emailing me asking to get in touch with their fraud department. I ignored them. Then this book is offerering a 50% nfl. reload bonus. So i tried to use the same card. Bank blocked the offshore deposit. Still havent been able to deposit. I want that 50%. Bonus. Ill roll that fugger and make it mine. ill get some on this account 50% is juicy.

[vividjohn45]

One book is offering 100% free money. Deposit 100 get a free 100 no rollover. Lol. I deposited more then that. Its football season.

[BriGuy]

Tell them

None of your damn business

Well, since he's asking them to lend him a hundred thousand dollars (if not more) than ya it kind of is their business.

[Mac4Lyfe]

I have always bought property where the money was. When I was 15, I purchased a lot in Ohio on a canal. How many places in Ohio have a water channel that you can dock your boat? I didn't even think about it, I paid $6k for it in cash. 8 months later it was worth $17k and I cashed out. 2 years later however it was worth $38k. I bought my first home in Florida when the northerners was buying up like crazy, sold that home 5 years later for almost double. Bought a duplex in Atlanta Ga near Ga Tech that had positive cash flow in 5 months of the year. Sold that about 10 years ago for about double. Moved to California right as that market was booming. Beachfront property for $300k. Sold it for $800k in 7 years because I wanted to move to the valley. Huge mistake. That property skyrocketed to $3.5 million 5 years later and today is worth $5 million (I'm still kicking myself on that one). But I made good money selling my house in Woodland Hills (down the street from Dr Dre) several years later as I foresaw the California market drought. Moved to Houston 10 years ago and this market is becoming the new California. Houses here do not stay on the market more than a couple of weeks. A neighbor just sold their home for $100k over the asking price. Another neighbor had a sign put out on a Friday and had 3 offers the next day before noon all bidded over asking. My house has almost doubled in value in the last 4 years. The tax assessments have all gone up a whole bunch but Houston's energy corridor is freaking unreal. You don't have to be smart purchasing in areas of growth. For every piece of property I've bought, I've kicked myself on one's I didn't buy.

My dad always said... "they don't make anymore land". Property has always been the way to get wealthy in America. Just make sure you buy in the right location. It doesn't take a rocket scientist to know where to buy. Texas is booming. Companies are moving here in droves. 5,000 new people a month are moving into Houston. They have to live somewhere. Austin, San Antonio, Dallas, Houston are no brainers. 7 of the top 15 fastest growing cities are in Texas. Areas out west like Seattle, cities in Utah, Az and the Dakota's are all growing. On the East coast, DC, Charlotte area steadily growing. If the city is growing, throw a rock and buy something.

[jjgold]

Mac one of the best post I've ever read on real estate

What do you think about Vegas?

[Mac4Lyfe]

This is a great time to buy in Vegas again. California folks are gravitating there and more companies are moving in. My preference out west though would be Utah. Something like Lehi outside Salt Lake are most likely the next silicon valley or South Jordan. Those areas are much less riskier and pretty much guaranteed to grow.

Look for places Californians are running to. California people and businesses are fed up with high taxes, high cost of living, high housing. Where are those people and businesses moving? Micron, HP, Blue Cross are in Meridian, Idaho for example. Arizona is another area too. The only thing keeping people in California is the weather.

Mac one of the best post I've ever read on real estate

What do you think about Vegas?

[jjgold]

Thanks Mac

California is in deep trouble

[stevek173]

I was at one closing back in the Party Poker days where the guy had his money down from a recent tourney win and was way too excited about it, I was there as a witness for a company that is no longer in business. At the end of the closing the buyer shouts "I'd like to thank Party Poker!" hugs his wife and collects the keys to the place from the realtor, everyone shakes hands and starts to leave. I was watching out the window and saw a couple unmarked cars drive up and take them in, one guy that looked like he walked out of the building had a mini recorder that he played in front of the buyer, took the keys and shoved them in the car and I saw some more guys stop the seller and get the proceeds but they didn't take them in. Not sure what else happened there but glad I wasn't involved. The place went out of business about a week later.

[Fishhead]

I have always bought property where the money was. When I was 15, I purchased a lot in Ohio on a canal. How many places in Ohio have a water channel that you can dock your boat? I didn't even think about it, I paid $6k for it in cash. 8 months later it was worth $17k and I cashed out. 2 years later however it was worth $38k. I bought my first home in Florida when the northerners was buying up like crazy, sold that home 5 years later for almost double. Bought a duplex in Atlanta Ga near Ga Tech that had positive cash flow in 5 months of the year. Sold that about 10 years ago for about double. Moved to California right as that market was booming. Beachfront property for $300k. Sold it for $800k in 7 years because I wanted to move to the valley. Huge mistake. That property skyrocketed to $3.5 million 5 years later and today is worth $5 million (I'm still kicking myself on that one). But I made good money selling my house in Woodland Hills (down the street from Dr Dre) several years later as I foresaw the California market drought. Moved to Houston 10 years ago and this market is becoming the new California. Houses here do not stay on the market more than a couple of weeks. A neighbor just sold their home for $100k over the asking price. Another neighbor had a sign put out on a Friday and had 3 offers the next day before noon all bidded over asking. My house has almost doubled in value in the last 4 years. The tax assessments have all gone up a whole bunch but Houston's energy corridor is freaking unreal. You don't have to be smart purchasing in areas of growth. For every piece of property I've bought, I've kicked myself on one's I didn't buy.

My dad always said... "they don't make anymore land". Property has always been the way to get wealthy in America. Just make sure you buy in the right location. It doesn't take a rocket scientist to know where to buy. Texas is booming. Companies are moving here in droves. 5,000 new people a month are moving into Houston. They have to live somewhere. Austin, San Antonio, Dallas, Houston are no brainers. 7 of the top 15 fastest growing cities are in Texas. Areas out west like Seattle, cities in Utah, Az and the Dakota's are all growing. On the East coast, DC, Charlotte area steadily growing. If the city is growing, throw a rock and buy something.

Farmland 5-1 over housing