2007-05-27 04:34:49 · 4 answers · asked by Alvin D 1 in Business & Finance ➔ Credit
Be prepared. Know your credit score, your debt / income ratio and other things that the lender will be looking for before you apply.
Most lenders have criteria, you could be turned down by one just because that is not the type of loan the generally service.
Do you have collateral or is it a signature only loan.
Search on line and get better educated about what lenders are looking for and know your own status.
I once went through 38 lenders on a business idea before the 39th told me they would do it.
(Do not have many lenders pull your credit report, that will reduce your chances. Pull it yourself and shop around. When you find one that will do it and meets your terms, then let them pull your credit.)
Good luck.
2007-05-27 04:44:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Interesting logical dilemma. If you are not turned down, you got the loan, if you are turnd down you don't get the loan. Perhaps you meant to ask, "How do I apply for a loan without getting turned down?' That's easy: meet the lender's requirements. The lower your credit score, the more you need collateral or the higher the interest rate you will pay. If your score is too low, you will not get a loan from traditional commercial lenders. Then you turn to friends and relatives. If your life style has not impressed them so far as far as repaying loans and being able to live within a budget, they will also say no. That leaves you with loan sharks, who will charge outrageous interest and break your knees if you don't pay.
You will need to work on your budgeting skills for a few months, so that you live within your income, pay down credit cards if you have any, and put some money in a savings account. Depending on how deep your credit hole is now, you might qualify for a loan in as little as six months.
2007-05-27 11:47:17 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
After you have settled on the home you want to buy, it is time to look out for financing it. In few instances, having a pre-approval with you before signing any financial agreement is very important. This is essential to prevent any disappointments in the future. Before purchasing a home, ensure you are eligible for a loan from a reputed lender. You need to be aware of lot of issues before you buy your home as it is the most important and expensive purchase you will ever make. You have to start by completing a mortgage application initially.
http://www.debt-loan-refinance-mortgage-credit.com/category/Home-Loan-Applications.html
2007-05-28 06:57:30 · answer #3 · answered by See Saw 3 · 0⤊ 0⤋
its very easy my frnd
2007-05-27 12:04:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋