Osteen had to be shamed into opening his huge church for displaced people after hurricane Harvey destroyed Houston. source.
Now, however, we found out that the gop stimulus bill handed out millions in forgivable PPP loans to his church, despite the fact that his church is filthy rich and greedy as fuck.
The senate republicans treat these scamevangelists like kings and they treat us like peasants.
Disgusting.
I'm currently in the process of financing the purchase of a home through Wells Fargo. After a few phone conversations with my mortgage loan consultant, who is tasked with walking me through the entire process, I began to suspect that he wasn't really experienced in this arena when I corrected him on interest rate terms a couple times. When I received a loan estimate summary, I noticed there were several lines that were questionable so I took a screenshot and sent it to him. He responded back and thanked me for bringing this to his attention and said that he would "escalate it to his internal team." After this, I began to snoop.
I found his LinkedIn page and it looks like he has a bachelor's in marketing and this seems to be his first real job post-college. Not knocking a marketing degree but it is definitely unrelated to the mortgage process. He's a nice guy and all, and I'm in finance so I'm confident in my ability to catch errors and oversights, but I'm getting a little nervous that something could slip through the cracks and end up throwing a wrench in the process.
Anyone have a similar experience working with Wells Fargo or other banks on a mortgage and receiving someone with questionable qualifications? Should I take any action to try to work with someone a little more experienced?
Edit: It was not my intent to shit on the WF employee. He has been responsive and polite and I recognize that everyone is new at some point. I just wanted a little insight into what my expectations should be for this process.
I've always been a "glass half full" type guy, and let me tell you... COVID-19 really gave me a great opportunity this year. I just finished a master's program in June of 2019 with $15K in student loans. The terms of the loan were such that interest wouldn't begin accruing until February of 2020. I had just begun working full time in January of 2020 in a high cost of living area. Then COVID hit.
During this time, the government froze all interest accruals on federal loans until further notice ("involuntary forbearance"). I also moved home to be with my family and cut my absurdly high rent expense out of my life.
Super randomly, during the year I ended up needing to take a 5 week unpaid medical leave (un Covid related). And despite it all, less than a year later, I had enough money to pay off the ENTIRE loan, with only one month of accrued interest!!!
I recognize how fortunate I am to have a job, to be healthy, and to be with my family during this time. I know other people have much larger debts to be dealing with too. I don't want to come off as unappreciative of this situation. I'm just so incredibly stoked to have this debt off my back!!
Now I know there are benefits to carrying low cost debt while investing the rest, as well as other benefits for your credit history for having an extended history of consistent loan payments. This isn't the route I chose however. I saved every week, and had enough at the end of 1 year to pay off the entire loan. I'm beyond happy with my decisions!
Forgiveness will not happen via executive order - full stop. There's legal memos out there stating the authority to do so isn't there and Biden himself is calling on Congress to do it rather than saying he will.
The broad student loan forgiveness proposal is controversial even among Democrats so it's very much an uphill battle. I don't see them doing it at all unless they address what accrues the debt in the first place - the cost of higher ed. If there's a reconciliation bill where Congress has the appetite to take on such a broad policy change then maybe...maayybbee...they will include the $10K but i suspect even if they do there will be income parameters and maybe other parameters. No I don't know what those might be.
The fact that Sanders is already calling for reconciliation and the fact that Congress actually has three bites at the reconciliation apple is hopeful. You can read more about it here https://www.forbes.com/sites/zackfriedman/2021/01/12/congress-may-cancel-student-loans-in-new-stimulus-package/?source=bloomberg&sh=47f172ef388d The article talks about it being added to the stimulus bill - which it wasn't - but applies to reconciliation as well.
In short and so there's no misunderstanding - i still say broad forgiveness is unlikely. I give it a 10% chance which is 9.9999999% more than I would have given it in the last 25 years. Nobody should be making financial decisions assuming forgiveness. Don't take out more loans than you need because of this; don't go buy a life sized statute of Christopher Walken or even Danny Davito instead of paying your student loans; don't give up your side hustle. Plan for the worst - hope for the best.
Edit: biden just released an outline of his proposal from last night. Nothing about student loans.
With all the hacking into medical records and financial institutions, why isn't there a hacker who will go in and erase student loan records? Is it because it doesn't benefit them in any way? Also, if any hacker reads this.... you know what to do. Lol
Okay, I'm editing this because people are assholes. I never once said I wasn't paying my loans back. I am obviously paying them right now. I simply asked a question. Also, why are people assholes on a subreddit that is centered on TOO AFRAID TO ASK. Jfc. If people can't ask things here, then where?
Thanks to all the wonderful and helpful comments. I won't lie familial pressure/guilt was getting to me a little because I realize how fortunate I am. I also wanted to apologize for downplaying my socio-economic status. I just have been living beneath my means for so long I sometimes forget how fortunate I truly am. I just wanted to show my children the importance of being financially responsible and rarely ever splurged.
In the end I contacted my sister and BIL for a sit down, public so they couldn't cause too much of a scene, but private enough so we could vaguely discuss sensitive information plus there was the social distancing. I simply did a basic laid down of the situation. I told them that I needed them to hear everything I had to say first and if they interrupted me I would walk away and not give lend them a cent.
First, I told them that it is good to help family when you can, but couldn't give them $40,000. I am able to offer them $3,200/mo for at least six months. I told them that I simply can't afford anymore without it effecting my kids and that I am a mother before I'm a sister or daughter. I also told them that I can't afford to bail them out every time they're in trouble and that since the future is so uncertain I may not always have the means to care for others. My money is going to have string attached and if they didn't like it they could go somewhere else. I made it clear that I wasn't doing this to be mean or controlling but I want to help my sister help herself. The rules were:
A) The money would be deposited in a new Joint bank account with one Authorized Signer.
B) My sister and BIL were going to meet with a Financial Advisor (which I would pay for).
C) Since neither of them are working it doesn't make sense to have two cars so I expect them to sell one of them and then our parents can let my sister or BIL use one of their cars when they need it.
D) Before they can get the first payment they will be having their meeting with the Financial Advisor and I will be in the meeting just so I know they went.
I made it very clearly that this is the best that I could GIVE them. They looked upset but I told them that Beggars can't be Chooser. They said they'd "think" about it. I knew that my sister was going to c
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I work in credit approval for a bank and typically approve a couple million in loans a day. I thought a brief guide may be helpful for someone who is looking at either refinancing or getting a loan for the first time. All banks have different policies, these are all general comments around the basics and vary from bank to bank.
How much can I borrow?
Rule of thumb - up to 6 times your normal income usually wouldn't be an issue unless you have personal loans / big household / big credit card spend. Up to 8 is typically the max policy limit for most banks.
Do the banks care about our assets?
Assets do contribute to a risk grading system, but the final say is done on servicing - so no
Servicing
A Bank will lend you money if your annual total cash inflows / income is greater than the sensitised new loan amount + other credit facilities + living expenses. Some banks are more conservative than others. Servicing killers include credit card limits, novated leases and personal loans. For example - a $500,000 loan commitment for 30 years would be roughly $30k a year in sensitised commitments. A 70k personal loan over 5 years is roughly around the same. In other words, don't get a large personal loan if you are planning on buying a house.
Credit Scores
If you have never had a credit facility before we don't care - this is not the US. You start out with a generic score rather than build one up.
Equifax reports show comprehensive data on your facilities for conduct and inquiries - the bank will know if you are lying or have forgotten any of them.
Common examples include Latitude Store cards that people forget. So try and remember everything to avoid unnecessary questions. Please also note that these checks pick up any directorships or businesses that are in your name.
Late repayments greater than 14 days are recorded on file. Banks appetite to account conduct varies - definitely not viewed positively but if it's a trivial thing then it can usually be worked around.
Living expenses
It amazes me how many people don't know how much they spend - e.g. declare $2k per month - provide the bank 6 months of statements showing $5k per month. Use pocket book or something to get an idea of what you are actually spending.
The bank uses the greater of declared living expenses or their internal HEM benchmark which is based on a reasonable living expense figure given household income, dependents etc.
Income
Ass
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My friend works at a large Honda dealership and he's always telling me stories about people being buried in debt and they're fascinating.
Anyone have any stories?
First of all, the answer is going to be no. For a lot of reasons.
Basically, something happened with her government loan for last semester. Something got denied and sheβs now on the hook. Itβs around 11k. So she is trying to take out a private student loan and needs a co-signer. She told me it would cost me nothing and that I wouldnβt be responsible for anything. Clearly she doesnβt understand how a co-signer works. Yes, I would be on the hook if she doesnβt pay and the loan amount is applied to my debt to income ratio. My wife and I are also planning on having our first child. The last thing I need is a loan over my head for a decade or more for something I didnβt buy.
For context, my sister is divorced and both she and her ex husband have less than stellar credit. My sister said she can co-sign if I canβt, but she would prefer not to as she wants to buy a house this year.
My question is, how should I handle this? Iβm absolutely saying no. But I also want her to understand why the answer is no. I want her to understand why. I still have bills, my wifeβs student loans, etc. How would you guys handle this?
When I was getting my MBA, I had to sell all of my assets to pay for school and took out over $100K in student loans. The only thing I didn't sell was my Bitcoin. Today Bitcoin surpassed $35,386 triggering my sell order of 1 BTC that is equal to my current student loan balance. Now I am debt free and can switch focus from paying off my student loans to saving for my daughter's college fund so she never has to take on debt for college. Thank you Bitcoin, you have changed my life and the life of my family forever!
