All Forum Posts by: Veronica Frieling

Trulia is definitely incorrect. 

And @Account Closed is right- one of the reasons for the financial crisis of 2008 is because people received loans they could not afford or had a way of paying back, which resulted in many defaults and foreclosures. 

Sometimes the system may seem backwards, and often times it is, but if you are spending 50% on your rent/mortgage without accounting for the cost of living, then that sounds like a pretty stressful life where you'll never be able to get ahead.

Hey Tyler, I listened to Alex Charfen's podcast yesterday about The Hidden Cost of Debt and he touched on this very topic. Alex was a multi-millionaire with several rental properties and basically lost it all during the recession. The episode is pretty insightful. Hope it helps.

Hey Jonathan, I echo that it sounds like a hard money lender. I lend hard money in CA and DO NOT charge for application fees upfront. The only fee that is sometimes necessary is the appraisal fee, but even those are sometimes paid through the transaction of the loan, rather than being an up front cost. 

Definitely double check with the broker to see what other "fees" will be coming up before actually funding your loan.