NO DISRESPECT TO THE BANKING SYSTEM, BUT EXPLAIN THIS LOGIC TO ME.
Iβve paid $2,100 in rent every single month for six years straight.
Thatβs $151,200 paid on time, directly to shelter, without a single late payment.
My landlord uses my monthly check to pay his bank mortgage on this exact apartment.
Last month, I applied for a mortgage on a starter condo where the total monthly payment principal, interest, taxes, and insurance would be $1,800.
The bank denied my application.
Reason given: "Insufficient income to debt ratio to cover a $1,800 monthly obligation."
I have proven for 72 consecutive months that I can reliably pay $2,100 to keep a roof over my head.
Why does the financial system trust me to pay off someone elseβs $2,100 mortgage, but considers me a high risk gamble for my own $1,800 mortgage?
The system isn't measuring risk. It's enforcing a gatekeeping fee.