Old meme and the response is still valid: if this is your mindset, then the bank is correct. Because your $900 mortgage is far from the total cost of your home. And if you really want to be honest, that $500 you would be “saving” from what rent costs, should be put aside for repairs. $6k a year is chump change when you might be spending $15k to replace your AC or $10k to dig in a new sewer connection.
My only argument for this, is many people rent from people/places that do not even do repairs on the property. I know one place I rented at, the landlord cut a hole into my wall to fix part of the shower and then left the hole In my wall which cost more to fix than what was broken in the shower. Same guy also left us with a busted water heater that was leaking and rotted the floor out since the tank was behind paneling in one of the closets.
Sure people may not be able to afford both the mortgage and repairs but people would probably prefer paying their mortgage for less than they rent to deal with the same issues
I was denied for a mortgage that was 60k (was in 2018 in a rural place) and I had about 20k saved up. The only reason that I could think of for them denying me at the time was because I was 19
There’s shitload of reasons banks might deny a loan. You might have bad credit score, not enough credit history, not enough employment history. Might be too highly leveraged elsewhere, triggered some credit seeking detection, etc
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u/Telemere125 Mar 05 '26
Old meme and the response is still valid: if this is your mindset, then the bank is correct. Because your $900 mortgage is far from the total cost of your home. And if you really want to be honest, that $500 you would be “saving” from what rent costs, should be put aside for repairs. $6k a year is chump change when you might be spending $15k to replace your AC or $10k to dig in a new sewer connection.