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I am only going to say this once:
If you are looking to refinance, and after going through a full interview with me we determine that the amount of a new mortgage payment will be equal to or more than your entire monthly take home pay the loan is a bad idea. Period.
If you ask me about doing a stated income loan to "get it done" you can call someone else; I cannot sleep at night by putting you in a home loan that costs more than your monthly take home pay; no matter how much cash you have in the bank.
It’s not a good idea, it’s a terrible practice. I won’t do it. I’m not being mean - I just need to sleep.
Image credit: monroenews.com
Last 3 posts by Morgan
- What We're Reading 1/4/09 - January 4th, 2009
- What We're Reading 1/3/09 - January 3rd, 2009
- What We're Reading 1/2/09 - January 2nd, 2009
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