/biz/ - Business & Finance

GOYS i have big news. I'm moving out of state and I wanted to take out a loan against my current home so that I could buy another house, and then sell this one.

I fucking cant.

I have ~800 good goy score and good tax returns to file with.

Many banks, even big ones like wells fargo simply will not do home equity loans now, period. If you dont believe me, go to their site and look, they say right on it that they're not even taking applications. my bank called and flat out told me is a super "scrutinized" process, minimum one month application, very few getting approved.

My house has appreciated in value by almost 1/3 in the last 5 years. Loaning against it is as sure of a loan as they could make, yet they almost won't even consider it.

The banks know that shits fucked and they don't wanna be stuck with a bunch of houses to resell in a market they know is about to crash hardcore.

This scared me like almost nothing I've seen in the last year. Things are gonna get crazy, frens