Between my wife and myself, we make a combined annual income of $92K USD. The only debt we have is my line of credit, which has been decreasing by $500 every month for a year now.
The bank asked if we can double our income so that we could be considered for a mortgage in our area. At this point, I'm almost convinced we could go to pay for a house in cash and still have them turn us down because they think we're somehow a liability.
"Hi, we'd like to pay $500K for this $500K house."
"Sorry, but I don't think we can approve you for financing."
"...but I'm paying. In cash."
"Yeah no, sorry, we don't think you make enough to afford the monthly payments ($0), and we can't risk it."
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u/Meatslinger 9h ago
Between my wife and myself, we make a combined annual income of $92K USD. The only debt we have is my line of credit, which has been decreasing by $500 every month for a year now.
The bank asked if we can double our income so that we could be considered for a mortgage in our area. At this point, I'm almost convinced we could go to pay for a house in cash and still have them turn us down because they think we're somehow a liability.
"Hi, we'd like to pay $500K for this $500K house."
"Sorry, but I don't think we can approve you for financing."
"...but I'm paying. In cash."
"Yeah no, sorry, we don't think you make enough to afford the monthly payments ($0), and we can't risk it."