Why can't I obtain a loan from a bank or morgage company ? They say that you can have good credit or bad, But I guess they are only looking for reallllllllly good A+1 credit score.
2006-08-07 17:46:11 · 4 answers · asked by eternalgorilla 1 in Business & Finance ➔ Credit
The mortgage industry is such an interesting and tricky business. As with any loan, the possible lender will assess what sort of risk you are for defaulting on the loan. Factors to consider are of course credit history and credit score, monthly income versus monthly debt payments. If you think that your credit is at least average or better, I would examine your debt-to-income ratio as the next target for denial of the loan. Additionally, look at what kind of a down payment you are able to provide, perhaps you are requesting a greater amount of financing than is usually provided by the institutions you are inquiring with. To simplify this whole process, call the lender who declined your application to see if they will provide any insight on refusal.
2006-08-07 17:56:05 · answer #1 · answered by Freddie 3 · 2⤊ 2⤋
This is a very vague question, but generally speaking - lenders look at the amount of assets you have in the bank, investments, etc.; salary and security of job as well as amunt of debts and credit score. Credit score below 660 will fall into alternative lending = higher interest rates, higher payments, etc. Also, having too little credit can hurt you as well.
2006-08-08 01:39:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I found lots of good information here.
2006-08-08 02:58:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Cause you can't spell first
2006-08-08 00:50:21 · answer #4 · answered by rsdudm 5 · 0⤊ 0⤋