I hate banks

A

Alpha1404

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Everything is in the title.
I want to buy an apartment, to finally be a homeowner. I have applied to my bank for a relatively modest sum.
Answer: you need a 50% deposit for your loan application to be accepted.
If you can come up with something even more useless than banks, I promise to like your posts.

Yes, I know it's not directly related to the theme of the forum but I needed to get my bile out.​
 
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It’s not always 50%. We bought a home with loan, and we had to pay 20% upfront. This is something that the government is responsible for more than the bank. So, blame the government lol.
 
Alpha1404 said:
Everything is in the title.
I want to buy an apartment, to finally be a homeowner. I have applied to my bank for a relatively modest sum.
Answer: you need a 50% deposit for your loan application to be accepted.
If you can come up with something even more useless than banks, I promise to like your posts.

Yes, I know it's not directly related to the theme of the forum but I needed to get my bile out.​
Click to expand...

Years ago in the UK you could get 90% and 100% mortgages, which people rushed out to get.
Then property prices fell and a lot were left with negative equity.

All I can suggest mate is save as much as you can for the deposit.
 
Don't go to a bank ifyou want them to budge and give you unconventional financing. They won't, and will always give you the standard deal. Perhaps go to a mortgage broker to see if there are non-conforming options out there.
 
Right now is absolute worst time to be buying a home, the market is near peak, prices will probably still grow for a few more years though and you might not be able to wait that long for correction. Have you ran the numbers for buy vs. rent?

Banks offer cheap loans only to people who don't need them.
 
Gogol said:
It’s not always 50%. We bought a home with loan, and we had to pay 20% upfront. This is something that the government is responsible for more than the bank. So, blame the government lol.
Click to expand...
No, it's not the Government
 
MisterF said:
Years ago in the UK you could get 90% and 100% mortgages, which people rushed out to get.
Then property prices fell and a lot were left with negative equity.

All I can suggest mate is save as much as you can for the deposit.
Click to expand...
I already do, but save 50 000 €, it's not so easy
 
InfinityPeace said:
Don't go to a bank ifyou want them to budge and give you unconventional financing. They won't, and will always give you the standard deal. Perhaps go to a mortgage broker to see if there are non-conforming options out there.
Click to expand...
Yes, it could be a solution
 
oldguyjoe said:
Right now is absolute worst time to be buying a home, the market is near peak, prices will probably still grow for a few more years though and you might not be able to wait that long for correction. Have you ran the numbers for buy vs. rent?

Banks offer cheap loans only to people who don't need them.
Click to expand...
Where I live, the market is near peak since ... 20 years.

In fact, where I wanted to buy was not in my actual country.
 
Alpha1404 said:
No, it's not the Government
Click to expand...
Well, atleast I was told so. They said for new properties, the max loan I can get by any bank would be xx%. This is not about a single bank. We did a lot of research as we were short of cash. From their words, it felt like it is an instruction by the government. Yeah, laws can be different in different countries, so.. Perhaps you are correct for where you live.
 
Gogol said:
Well, atleast I was told so. They said for new properties, the max loan I can get by any bank would be xx%. This is not about a single bank. We did a lot of research as we were short of cash. From their words, it felt like it is an instruction by the government. Yeah, laws can be different in different countries, so.. Perhaps you are correct for where you live.
Click to expand...
In my case, it's a little different. I will explain.

I'm living in a country, I rent my flat. Furthermore, I don't want - for the moment - to buy in my country because I don't find that I really want.

Also, I plan to spend 6 months a year in another country, where I found a flat. So, for my bank, it's a second home. That's why it asked me almost 50 000€ to borrow 100 000€.

In the country where I want to buy, I cannot ask for a home loan for the moment because I'm not registered with the immigration service. And they will also ask me half of the sum.
 
Not sure which country you are in.
However, at least where I am at, the prices have exploded nearly x2 it's original market value in some suburbs.
The processes for loans & also signing retail contracts have slightly changed to adopt the new market right now.

At the same time, a lot of it has to do with government and the economic status. Banks are greedy organizations who are there to suck you dry yet we need them.
If you have netflix, take a watch on Money Explained (https://www.netflix.com/title/81345769)
Pretty good short series to binge through (@Blackhat Lifter recommended it to me awhile back)
Wish you well buddy, all I can say is, work hard and get yourself that first home.
 
Make a lot of money here, and then you won't need to get loans from banks. You will be able to pay for everything with cash instead!
 
You probably do not have good credit history or your credit score is too low so the bank do not want to risk
 
Alpha1404 said:
Everything is in the title.
I want to buy an apartment, to finally be a homeowner. I have applied to my bank for a relatively modest sum.
Answer: you need a 50% deposit for your loan application to be accepted.
If you can come up with something even more useless than banks, I promise to like your posts.

Yes, I know it's not directly related to the theme of the forum but I needed to get my bile out.​
Click to expand...
Which country? This is pretty shitty, most of the banks want 10 or 20% down payment.. they really, really, really want to give you loan, so make no sense whatsoever to ask for 50%.
 
xReminisce said:
Not sure which country you are in.
However, at least where I am at, the prices have exploded nearly x2 it's original market value in some suburbs.
The processes for loans & also signing retail contracts have slightly changed to adopt the new market right now.

At the same time, a lot of it has to do with government and the economic status. Banks are greedy organizations who are there to suck you dry yet we need them.
If you have netflix, take a watch on Money Explained (https://www.netflix.com/title/81345769)
Pretty good short series to binge through (@Blackhat Lifter recommended it to me awhile back)
Wish you well buddy, all I can say is, work hard and get yourself that first home.
Click to expand...
Glad you reminded me the money explained thing totally forgot about that one
 
xReminisce said:
Not sure which country you are in.
However, at least where I am at, the prices have exploded nearly x2 it's original market value in some suburbs.
The processes for loans & also signing retail contracts have slightly changed to adopt the new market right now.

At the same time, a lot of it has to do with government and the economic status. Banks are greedy organizations who are there to suck you dry yet we need them.
If you have netflix, take a watch on Money Explained (https://www.netflix.com/title/81345769)
Pretty good short series to binge through (@Blackhat Lifter recommended it to me awhile back)
Wish you well buddy, all I can say is, work hard and get yourself that first home.
Click to expand...
Thanks for the recommendation : I will watch it :)
 
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