Posted by JoeS on April 18, 2002 at 22:42:18:
I had a similiar experience. The person who was trying to refi had 4 credit lines maxed out, DUH! The credit lines were used to buy the property he was trying to refi! Sometimes loan officers at banks can be terribly stupid. Go find a GOOD and reputable mortgage broker who specializes in these types of deals. There are many out there, you have to search.
Can I get a Mortgage with my credit situation? - Posted by J
Posted by J on April 18, 2002 at 08:45:06:
I have been obtaining many lines of credit from various banks in the last month. I am planning on using this “cash” to buy my first rental, and then immediatly obtain a mortgage. I would then repay the credit lines. My question is - Will I have a problem obtaining this mortgage with all of these credit lines appearing on my credit report?