What do banks look at exactly? - Posted by Doug

Posted by Bert G on May 13, 2000 at 11:38:50:

That would be a situation up with which we will not put.

OK, its getting silly now. Lets stop before it gets out of hand.
BG

What do banks look at exactly? - Posted by Doug

Posted by Doug on May 12, 2000 at 23:35:42:

Hi,

I own two apartment buildings that are fully rented and have decent equity in them. I’m getting ready to start a new job and found a condo I like (for myself to live in) but I’m a little apprehensive about going to the bank about it because I’m afraid they’ll see that I’m between jobs right now. Is this correct? I have excellent credit and have never missed/been late with a payment before. Would any of this matter to the bank and would I be able to get a loan in your opinion? How should I present my situation to them? Thank you in advance for all replies.

Doug

Re: What do banks look at exactly? - Posted by Ed Garcia

Posted by Ed Garcia on May 14, 2000 at 11:00:24:

Doug,

Relax; you can defiantly get a loan. If your income is not satisfactory to a
specific bank, then you can go Stated Income with a mortgage Co.

As far as to how would a bank view your unit is concerned. I would need
to have more information on you and your units.

Ed Garcia

Re: What do banks look at exactly? - Posted by Bert G

Posted by Bert G on May 13, 2000 at 11:23:49:

While we’re on the subject, you might find of interest the article at the following website.

http://notenetwork.com/Reports/Complete.Guide.html

It explains credit reports and how the scoring is arrived at. (Sorry, I didn’t mean to dangle my participle at you.)

BG

Re: What do banks look at exactly? - Posted by Tom-Pa

Posted by Tom-Pa on May 13, 2000 at 08:16:07:

Doug,
Several things here. First, were you planning on putting any money down? Second, how much income do you have from your properties? These are the questions a mortgage broker will ask so that they will know where to place your loan and what type of loan you will need. I think you need to talk to a mortgage broker, they should be able to help you get this property. Good Luck. Tom

You didn’t but you did “preposition me”… - Posted by English major

Posted by English major on May 13, 2000 at 11:31:40:

you reminded me of a funny joke, at Harvard one guy goes up to another guy and says, “where’s the library at?”, the other guy says, “my dear sir, at Harvard
we don’t end our sentences with a preposition”, the first guy says, “ok where’s the library at, a-hole?”