user3
New member
We got turned down for a credit line of equity. We really needed that! We wanted to add on another bedroom to our house so that an my husbands' grandpa could come live with us instead of the family putting him in a retirement home. We didn't even ask for a large amount because we just needed the money for the supplies. We also wanted to have extra money incase things get tight such as when taxes are due. Neither of us has owned a house and we are worried about having to owe taxes. There are other things we have like to use the money for too but the main reason was the extra bedroom. We have a three bedroom house but I work at home and need the office space. The loan officer told me that the underwriter didn't like all the transfers going on in our bank account. Hello! It's just my own money I am moving from savings to checking. He also didn't like that my paycheck deposit didn't all go into one bank! Yet, he has all my paycheck stubs and all the bank records back into this past March!!
I just don't get it! Everytime we try to do something like this we get turned down yet I know tons of people with really bad credit that get cars, houses and loans. We don't really have credit, all we have is the house showing on our credit. We have never had a credit card just Debit/bank cards. We both have always felt if we can't pay for it with cash we don't need it. We have managed to save up for 5 different cars in our lifetime and pay for them before we drove them off the lot! You'd think that would count for something but NO "they" want us to be in debt up to our ears and then they'll give us money. We already tried to get a personal loan and that didn't work. I don't even know if it is worth a try to go out for a home improvement loan. It just doesn't make sense. All we asked for is $5,500 We don't even need that much but that was the min. Our house has anywhere from 50,000 to 70,000 in equity since we bought it this past Feb. we can't refinance until 2007 due to a prepayment penalty. Which was the only damn way we could get a home loan. You'd think people would be happy that we didn't have any debt!
I have been balling my eyes out since I found out. I hate owning a home! It has not helped out at all! If anything it ties up more of our money!
How the hell does anyone even get a loan?
I am sorry to ramble on like this but I am so upset and none of my friends understand. They are all single and live in apts.
UPDATE IN POST BELOW
I just don't get it! Everytime we try to do something like this we get turned down yet I know tons of people with really bad credit that get cars, houses and loans. We don't really have credit, all we have is the house showing on our credit. We have never had a credit card just Debit/bank cards. We both have always felt if we can't pay for it with cash we don't need it. We have managed to save up for 5 different cars in our lifetime and pay for them before we drove them off the lot! You'd think that would count for something but NO "they" want us to be in debt up to our ears and then they'll give us money. We already tried to get a personal loan and that didn't work. I don't even know if it is worth a try to go out for a home improvement loan. It just doesn't make sense. All we asked for is $5,500 We don't even need that much but that was the min. Our house has anywhere from 50,000 to 70,000 in equity since we bought it this past Feb. we can't refinance until 2007 due to a prepayment penalty. Which was the only damn way we could get a home loan. You'd think people would be happy that we didn't have any debt!
I have been balling my eyes out since I found out. I hate owning a home! It has not helped out at all! If anything it ties up more of our money!
How the hell does anyone even get a loan?
I am sorry to ramble on like this but I am so upset and none of my friends understand. They are all single and live in apts.
UPDATE IN POST BELOW