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MyFako Condones this Crap

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7 hours ago, Rogue said:

So Hege, did your wife receive her Vera Wang ring? At least she saved you 50%......

she isn't into aspirational brands although we'd save money is she was.

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I found something even more sad than the auto finance posts... I never looked at the mortgage approval posts... holy cow... I had to hunt high and low for anyone putting 20% down...

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8 hours ago, Big Bear said:

Yikes. Nothing like making impulse purchases like that based on 'sales'. 

 

And then the price was the same online weeks later... 🤷‍♂️

 

These are the same people that think they are getting a hell of a deal at Kohl's (not knocking those that shop there, just making the point they are hardly ever selling anything at the sticker/msrp price). 

I wouldn't be surprised if this gem ends up being sold at Kohl's at their jewelry counter. Simply Vera (Vera Wang clothing line) is sold at Kohl's.

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10 hours ago, hegemony said:

I found something even more sad than the auto finance posts... I never looked at the mortgage approval posts... holy cow... I had to hunt high and low for anyone putting 20% down...

And you’re surprised? You probably get banned over there for anything other than an FHA loan. 

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Quote

 

APPROVING BANK: Toyota financial
BUREAU PULLED: all three
CREDIT SCORE: (auto 😎 TU- 683, EQ: 625 EX: 622

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: DC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Toyota
MODEL: RAV 4 
MILEAGE: 175
FINANCE/LEASE: Finance

PURCHASE PRICE: $27,411
AMOUNT OF LOAN: 33,873 (had negative equity from trade in and added on additional free maintenance)
TERM CONTRACTED: 84
APR/LEASE RATE: 6.29%
MONTHLY PAYMENT: $505
ANNUAL INCOME: $46k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: going to try to refinance in a few months with penfed or navy

 

At least it's a Toyota lollllllllllzers

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you claim to make 130k but you need to borrow `9k for 6 years? Make no (financial) sense.

 

PPROVING BANK: NEPA Federal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 651 (They used my morgage score and called it a FICO Risk Score 2)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: PA
NEW/USED: Used
YEAR OF VEHICLE: 2019
MAKE: Subaru
MODEL: Impreza Sport
MILEAGE: 18, 346
FINANCE/LEASE: Finance

PURCHASE PRICE: $19,479 (Includes tax, tags and all fees)
AMOUNT OF LOAN: $18,325 (includes GAP from CU)
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 5.25 % (received 1/4 % discount for auto pay)
MONTHLY PAYMENT: $297.28
ANNUAL INCOME: $130,000 
DEBT TO INCOME RATIO: DTO Before 15.026% After 17.310%

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doesn't seem like someone who should have the liability of home ownership right now:

 

 

Purchase Price: $310k (walked back from $325k list)

Down Payment: $3.5%

Product: FHA- 30 year

Mid-Score: 585

Rate: 5.25 (not locked yet) WITH POINTS.  

Closing Date: September 10th , 2020

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Posted (edited)
2 hours ago, hegemony said:

you claim to make 130k but you need to borrow `9k for 6 years? Make no (financial) sense.

 

PPROVING BANK: NEPA Federal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 651 (They used my morgage score and called it a FICO Risk Score 2)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: PA
NEW/USED: Used
YEAR OF VEHICLE: 2019
MAKE: Subaru
MODEL: Impreza Sport
MILEAGE: 18, 346
FINANCE/LEASE: Finance

PURCHASE PRICE: $19,479 (Includes tax, tags and all fees)
AMOUNT OF LOAN: $18,325 (includes GAP from CU)
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 5.25 % (received 1/4 % discount for auto pay)
MONTHLY PAYMENT: $297.28
ANNUAL INCOME: $130,000 
DEBT TO INCOME RATIO: DTO Before 15.026% After 17.310%

It would have made sense if they showed it as a 0% deal, since after all...free money IS free money.  But to get a crappy rate AND drag something like that out for six years makes no sense, no matter WHAT the income.  And adding GAP to boot...they saw him coming.  Subaru uses Chase for the underwriting and mom STILL gets pelted with 0% offers if she will trade for something new (she bought an Outback about four or five years ago and has long since burned the note). 

 

Edit: just looked at the Subie site...0% for 63 months on a 2020 Impreza.  And five years is STILL three years too long on something like a Subaru.

Edited by centex

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On 8/3/2020 at 12:14 PM, hegemony said:

84 months... had negative equity and will continue to for YEARS!

 

 

 

e: Auto Loan Approvals!

APPROVING BANK: Toyota financial
BUREAU PULLED: all three
CREDIT SCORE: (auto 😎 TU- 683, EQ: 625 EX: 622

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: DC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE: Toyota
MODEL: RAV 4 
MILEAGE: 175
FINANCE/LEASE: Finance

PURCHASE PRICE: $27,411
AMOUNT OF LOAN: 33,873 (had negative equity from trade in and added on additional free maintenance)
TERM CONTRACTED: 84
APR/LEASE RATE: 6.29%
MONTHLY PAYMENT: $505
ANNUAL INCOME: $46k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: going to try to refinance in a few months with penfed or navy [good luck!]

$33k car making $46k... another one... wow

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Posted (edited)
On 8/4/2020 at 7:01 PM, hegemony said:

I know another way to get 50% off  a Vera Wang ring that’s not a loophole.

 

Ebay. Where I bought my wife’s Vera Wang engagement and wedding rings, and way under Mr. Loopholes price.

Edited by scott31337
Typo

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2 hours ago, scott31337 said:

$33k car making $46k... another one... wow

 

Every time I see someone being approved for a car loan equal to 70% of their annual gross, I'm encouraged that if one day I decide to pull a "Thelma & Louise" exit, I can do so in class, style and sportiness  (I'll make sure I elect GAP coverage ... and please don't complicate a response with insurance intricacies!). 

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I'm just going to put this down right here...

 

Quote

 

We have 600k in Student Loans. Can I get a Mortgage?

My wife and I recently graduated with our PhDs and we are looking to purchase our first home. 

  • We have a pretty good job history (spouse 10 years, me 8). 
  • Our lowest middle mortgage FICO score is 641.  No collections, but some charge-offs from last year that all have a $0 balance.  No late payments in the last 18 months or so.
  • Down payment: 10K from savings, another 10K from 401(k) if necessary.
  • Our combined salary is 133k.  An academic salary is based on 9 months.  Our 12-month salary this year is 165k, but only the 9-month salary is guaranteed each year (teaching in the summer is extra pay).
  • $1,831 combined monthly bills, including our student loan payments of $120.  We are each consolidated in IBR, but in forbearance/deferment due to CARES act and reporting to bureaus as $0 monthly payment.

I reached out to a couple of brokers today and they will pull tomorrow.  I talked to Bank of America and they denied me because they calculate monthly SL payment as 1.15% of total principle regardless of amortization. Feeling really nervous about getting preapproval due to our high student loans.  Can anyone give us an honest estimation of our chances?

 

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1 hour ago, hegemony said:

I'm just going to put this down right here...

 

 

Even doctors have been known to call into DR or Suzie on occasion. Usually call after they barely squeaked by on the mortgage approval. 

 

I'm also willing to bet they have at least one euro car on payments. I don't trust their combined monthly bills number.

 

 

 

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12 hours ago, scott31337 said:

$33k car making $46k... another one... wow

Ya know...I could almost ride along with someone getting into a vehicle for $500 a month on that salary if they have next to no other expenses.  After all, $46K would be roughly $3800/mo before taxes so probably $2500 after taxes.  Being willing to get a NEW vehicle suggests they don't live IN DC itself, but costs of living, to include the insurance on that thing, leave them as the next candidate for a Branch Covidian headline about needing funds...

 

When I see the seven year note in order to have made it happen...THAT leaves me shaking my head because I KNOW they are not going to shovel extra at it each month to get the balance killed in a few years. 

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2 hours ago, TheVig said:

Even doctors have been known to call into DR or Suzie on occasion. Usually call after they barely squeaked by on the mortgage approval. 

 

I'm also willing to bet they have at least one euro car on payments. I don't trust their combined monthly bills number.

 

 

 

but we;re talking Ph.Ds not MDs... 600k for 2 Ph.D. to go into academia is dumb. And I say this as someone who never would have had the opportunity for an academic career without student loans. 133k combined salary with 600k in loans. just. dumb.

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Posted (edited)
On 8/15/2020 at 11:08 AM, hegemony said:

but we;re talking Ph.Ds not MDs... 600k for 2 Ph.D. to go into academia is dumb. And I say this as someone who never would have had the opportunity for an academic career without student loans. 133k combined salary with 600k in loans. just. dumb.

This...x 1,000,000.  And the $600k is just loans!  I am sure there was some grants, etc.  I couldn't imagine paying the equivalent for a nice house in the majority of this country for an eduction.

 

I am all for doing what you love as a career (and for $600k you damn well better be!).  I sure as hell wish I was.  That said, putting yourself in such an enormous hole like that is lunacy (IMO).  I mean my combined college education (BS & MBA) was around 10% of that amount and when I was done with MBA school I was making more.

Edited by CTSoxFan

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8 hours ago, CTSoxFan said:

This...x 1,000,000.  And the $600k is just loans!  I am sure there was some grants, etc.  I couldn't imagine paying the equivalent for a nice house in the majority of this country for an eduction.

 

I am all for doing what you love as a career (and for $600k you damn well better be!).  I sure as hell wish I was.  That said, putting yourself in such an enormous hole like that is lunacy (IMO).  I mean my combined college education (BS & MBA) was around 10% of that amount and when I was done with MBA school I was making more.

wow. a couple of real geniuses adding to their debt load.

 

Quote

UPDATE: We're preapproved!

There were a couple of small issues that the broker found that we fixed.  Got a rapid rescore.  New lowest middle mortgage score is 661.

Purchase Amount: 300k

loan type: conventional 30-yr fixed

downpayment: 15k (5%)

rate: 3.375% (1.3 points)

PMI: 1.25% ($300 mo, YIKES!)

 

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I'm far less inclined to be critical of this couple.  I'll grant them the benefit of the doubt that they fully grasped the financial burden they took on and deemed it worthy for the sake of the quality of the program they attended.  If their intellect is exceptional, there's a lot to be said for learning from the best and the brightest.  And since I've known more than one or two PhD's who've gone on to reasonably lucrative careers, I wouldn't necessarily assert that the loan debt was foolhardy.

 

I'll simply assert that there's far too much unknown here to take a critical stance.  At least no one is shedding tears here; at worst, they're simply voicing the frustration typical of many seeking their first mortgage.

 

 

 

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1 hour ago, hdporter said:

I'm far less inclined to be critical of this couple.  I'll grant them the benefit of the doubt that they fully grasped the financial burden they took on and deemed it worthy for the sake of the quality of the program they attended.  If their intellect is exceptional, there's a lot to be said for learning from the best and the brightest.  And since I've known more than one or two PhD's who've gone on to reasonably lucrative careers, I wouldn't necessarily assert that the loan debt was foolhardy.

 

I'll simply assert that there's far too much unknown here to take a critical stance.  At least no one is shedding tears here; at worst, they're simply voicing the frustration typical of many seeking their first mortgage.

 

 

 

For me the questionable decision is about taking on that level of debt and then going into an academic career. Even in STEM, unless you're a rock star you're not making bank. They state their HHI is 133K which means they are not in STEM or even a Business school. Next they'll be posting about how they want to have 5 kids too.

 

I've worked with some real dolts with Ph.Ds from top places. Intellect is not coterminous with education. The person in my program who has done the best financially is head of an investment arm of a major international bank. Of course he also works 90 hours a week even now in his 50s.

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Posted (edited)

I hope you like the frickin' boat...

 

I want to pay maybe $5k for a pontoon boat when we move to the lake. I like $4k better. It floats, a motor, it turns, and has some seats. A top would be a bonus.

Edited by scott31337

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