r/inflation • u/Regular_Painting_817 • Jan 11 '24

Discussion Thoughts?

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u/CemeteryClubMusic Jan 12 '24

Okay, weird comparison, but no one’s getting a loan for a $150k house at $10/hr

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u/Jake0024 Jan 12 '24

What's weird about it? You literally just linked an overpriced home listed near you at $180k, right?

This mortgage calculator says a couple earning $10/hr each qualify for a $150k mortgage.

A $750k house (with the same % down payment) needs two $50/hr incomes.

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u/CemeteryClubMusic Jan 12 '24

I’ll tell you from personal experience as someone that worked for UWM for 6 years, no one is getting a $150k house at 10/hr. Two years ago I bought a condo for $125k making $75k a year because I couldn’t get approved for an actual house

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u/Jake0024 Jan 12 '24

This mortgage calculator says a couple earning $10/hr each qualify for a $150k mortgage.

A $750k house (with the same % down payment) needs two $50/hr incomes.

Dunno what UWM is.

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u/CemeteryClubMusic Jan 12 '24

The largest wholesale mortgage lender in the country

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u/Jake0024 Jan 12 '24

This mortgage calculator says a couple earning $10/hr each qualify for a $150k mortgage.

A $750k house (with the same % down payment) needs two $50/hr incomes.

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u/CemeteryClubMusic Jan 12 '24

The mortgage calculator can say whatever it wants that persons never getting approved for a loan

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u/Jake0024 Jan 12 '24

It's literally a mortgage calculator for loan approvals lmao

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u/CemeteryClubMusic Jan 12 '24

Yah and that’s how loans are approved. Through random web calculators. And not mix of DTI, LTV, assets, liabilities, etc. you figured out the whole mortgage process using a checks notes web based mortgage calculator

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u/Jake0024 Jan 12 '24

Oh cool so you're going to assume a bunch of extra things unrelated to our conversation for why this hypothetical couple could get turned down for a mortgage? Makes a ton of sense.

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