I'm the same person...
By TheRealDawn
@dawnald (85135)
Shingle Springs, California
April 25, 2016 11:37pm CST
Annoyingness, as I find out that I have a problem getting approved for a refinance due to being in a "contract" job. Never mind that it lowers my payments or that I've made every mortgage payment on time every month for 30+ years, or that my credit rating is high 700's, low 800's depending on the agency, no, I have to be in a "full time" ie "direct hire" job. Now, I do have two job offers coming, but they are putting the refinance on hold until I have the jobs and can produce one paycheck. Because a big company is going to hire me and not pay me (?).
OK, I see it from their side, sort of. A contract can end at any time, and then how will I pay? From savings and unemployment money until I get another job, duh. And never mind that the last loan I got, I got laid off before it closed, and continued to make the payments. Laid off from a NOT contract job. Urgh.
So would you call this discrimination against contract employees or would you consider it a sound business practice?
And how do they expect Americans to buy homes when more and more of us are shuffled into part time, contract and low wage jobs?
8 people like this
7 responses
@vandana7 (98827)
• India
26 Apr 16
Oh even worse Dawny...I join a job and have a job that says it will give me PF (provident fund) and immediately I become eligible for home loans. Bankers swarm around me. I do have good credit profile thanks to not missing out on payment of installments. But what if I leave the job as I did a couple of months later? lol I just did! I kind of got perverted pleasure in doing that. That is because when homes were dirt cheap, the installments would have been equal to the rent I paid and no banker helped me out.
1 person likes this
@saulgoodman (2643)
• Dundee, Scotland
30 Sep 16
Hello there
I must admit that you could write what I know about the things you are talking about on the back of a postage stamp.
But I saw your pretty ava tar and that you live in Shingle Springs and thought that only a really cruel system could discriminate thus.
Contract empoyees are discriminated against here in the UK. But then again if you work hard here and try an advance you are discriminated against.
America sounds like here.
Blame Milton Friedman.
I do.
1 person likes this
@katsmeow1213 (28717)
• United States
26 Apr 16
They don't care about you, what you need, or what's best for you. They care about their bottom line. Every place is the same!
@dawnald (85135)
• Shingle Springs, California
27 Apr 16
True, but I don't see how giving me the loan is going to hurt their bottom line.
@ElizabethWallace (12074)
• United States
26 Apr 16
They do not expect Americans to buy homes. They expect big companies to buy home and rich foreigners, of course. Your credit score and payment history should be enough. The fact that it isn't is very telling, not about you, but about them. Can't you find a better bank, maybe a credit union? They seem to be more humane in their treatment of their members.
@ElizabethWallace (12074)
• United States
27 Apr 16
@dawnald The appraisal is for the house, not the loan. If the company is accredited, then you should be able to use it, just don't wait too long. They expire.
@dawnald (85135)
• Shingle Springs, California
28 Apr 16
@ElizabethWallace It is, but I don't know if all lenders will accept all appraisers. But I'll keep it in mind if the loan falls through.
1 person likes this
@jstory07 (134463)
• Roseburg, Oregon
26 Apr 16
It is hard to get a good paying job anymore. But places still should look at your credit scores.
