As a person who has just closed on a new home, the banks are quite aggressive at investigating every aspect of ones financial standings. Good credit must come along with a good source of income. I had to explain every deposit into my checking and savings accounts. Not just once, but over three month period, once each month.
I can say, they are in fact practicing the same old stunts that produced the bubble burst. The banks still advise what one can afford month to month as far as a mortgage. I had found that what was suggest is not remotely close to the reality of my financial situation. Unless one does not pay insurances, water, electric, TV/cable or buy grocery then what is suggested is affordable is correct. If anyone does buy the services I stated, plus eat, then what the banks suggest is off the mark. The banks also base an affordable mortgage payment on gross income and not actual(net). This my friends is totally deceptive. A practice that needs to stop. They attempted to pull this on me. I was livid. The banks knowingly promote the gross income as the figure to work with than using net which is the correct way. I was told this is standard practice and set up by the Feds as the way to determine what one can afford.
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