Congratulations on your home. I went through this process a few years ago and I was astonished how much time and effort it took just to get all the paperwork they requested. Then when you sign, there are so many places and things you have to agree to, one feels like they are drowning in information. Hope all goes well with the new house.

Thanks so much, I am very happy and am lucky to be in this opportunity. It is fun to own a home, but expensive!

Congratulations on the home purchase and the move, Frank!! I know this has been a big goal of yours for a while, so I am very happy to hear you achieved it.

FrankN wrote: We just finished moving in. MAN MOVING IS TIRING. I am too cheap to hire people so we did it all ourselves.

WELL DONE! You didn't just save money. If movers where you are are any like the last ones I hired, you probably saved anything fragile that needed moving!

We just finished moving in. MAN MOVING IS TIRING. I am too cheap to hire people so we did it all ourselves.

Congratulations on your new home purchase ... pretty cool Yes, the process is a test of one's nerves. Over the years I have owned homes and even then I still seem to never know all there is about the process.

I just purchased a home and going through the process was terrible. I have great credit, but they ask for your full life story!

They do keep us in a pinch, don't they Goldbug? I pay cash/full price for everything I can and use credit sparingly. i'm a reluctant participant.

Moneyes wrote: If all else fails, pay cash.

Credit and the ensuing rating is important for getting your name established in the financial world. There is no denying that. But there is no greater buying power, even in 2017, than cold, hard cash.

The problem with using cash is that money laundering regulations place a limit on how much you can spend in cash or by cash transfer. You might get away with a debit card and the cash in an account, but in order to stop organised crime a lot of innocent people get penalised.

I think the last time we obtained a loan from the bank, we had to sign in blood and offer up our first born. Not really! Just kidding. We did have to supply them with quite a bit of information though and then they would only loan us so much. I can't blame them though. They loose lots on people who don't pay.

There is a downside to that as well. In theory if you only used cash and basically had no credit score/ credit history, you would also never be able to take out a loan or get approved as the bank would not have any history on you.

Wanderer wrote: So what do we do for credit in the future? Take your credit very seriously. In this automated world you can't hide. And, there may be no forgiveness.
Signed Concerned

If all else fails, pay cash.

Credit and the ensuing rating is important for getting your name established in the financial world. There is no denying that. But there is no greater buying power, even in 2017, than cold, hard cash.

Depends on the economy, attitude of the lender and record of the proposed borrower. Truth, it was tougher to become a borrower and it was harder to slip slide and away into a loan (not impossible just harder). Speak with experience as I lived through the old days.

I wonder if going back to doing things this way will help some people who may have a lower credit score but a decent income. Or will a low credit score still be the undoing of the loan?

Going back to the 1970's and 1980's often you submitted an application and statement of net worth. Then the lender pulled a manual credit report from one the of the credit bureaus and verified with your employer actual employment and earnings. Nothing was taken for granted.