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My issue wasn’t getting pre-approved, it was being able to actually afford the mortgage amount I was pre-approved for. A lot of these companies don’t give a damn if you can actually afford the mortgages they offer, because they know you’ll either figure it out or go homeless trying.

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Logical@lemmy.world ⁨1⁩ ⁨day⁩ ago
We probably live in different countries, but where I live it’s more like you can’t get pre-approved for anything unless you either have a large amount of money saved up, or your salary is high enough that it’s far beyond what you would reasonably need to get paid to afford the mortgage.

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- volvoxvsmarla@sopuli.xyz ⁨1⁩ ⁨day⁩ ago
  You live in Germany don’t you
  
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  - Blackmist@feddit.uk ⁨1⁩ ⁨day⁩ ago
    Or any country with responsible lending rules.
    
    Lenders are not your friends. They’d take your organs as payment if they were allowed. The rules are there to stop them doing bad lending and then hounding you to your death.
    
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    jumping_redditor@sh.itjust.works ⁨20⁩ ⁨hours⁩ ago
    yes, as any good for profit company should
    
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  - python@lemmy.world ⁨23⁩ ⁨hours⁩ ago
    Is it a thing to find German mortgaging standards whacky?! I finally feel heard! Basically everyone here seems to pick up 35+ year mortgages with seemingly low monthly expenses, but the overall amount of interest they accumulate over that time is absolutely insane! And still, everyone says that you shouldn’t pay more than 30% of your monthly income into your mortgage. It’s hard to even find a bank that allows you to pay for a decent Sondertilgung each year. And don’t even get me started on that whole Bausparvertrag, because I have no idea what is going on with it or why anyone would ever do that
    
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devedeset@lemmy.zip ⁨1⁩ ⁨day⁩ ago
Fudging the numbers a bit, but let’s say I’m paying $3000/mo for a mortgage. Brokers tell me I can afford $10,000/mo.

I cannot afford $10,000/mo.

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Ellvix@lemmy.world ⁨20⁩ ⁨hours⁩ ago
Yeah that was my experience as well. Mortgage companies were happy to pre approve me up to like 75% of my monthly income. Not even close to enough to buy even cheap food.

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