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#1
10/23/2007, 11:42 AM
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any bankers in the lounge?
Particularly those in mortgages. I'm wondering what the primary consideration is when deciding to either grant or deny a mortgage application. is it outstanding debt, credit, or something else? i guess it would be a combination of factors, but lets say that an applicant has outstanding credit, a current mortgage, and an equity loan. what are the factors to consider if said person is interested in purchasing another property?
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"I wanna know what I've been hiding, in my shadow"-m.j.k. "well here we are, Mr. Pilgrim, trapped in the amber of this moment. There is no why." |
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#2
10/23/2007, 11:46 AM
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i should probably note that the existing mortgage is on a vacation property and the equity loan is from the permanent home, which is otherwise paid for.
__________________
"I wanna know what I've been hiding, in my shadow"-m.j.k. "well here we are, Mr. Pilgrim, trapped in the amber of this moment. There is no why." |
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#3
10/23/2007, 01:16 PM
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My wife is a mortgage underwriter (in other words, she makes the decisions). Shoot me an email or pm me and I'll run the scenario by her if you want.
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"I reject your reality and substitute my own" Mythbusters |
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#5
10/23/2007, 02:18 PM
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I used to be a broker before the market crapped out. Some of the things they consider are credit history, debt to income ratio, length of stable employment and future prospect of employment, amount of reserve funds available, interest in property (meaning do you have enough invested that you are unlikely to default), feasability of use (meaning is property suitable for your use), the lender's lien position, etc.. It's definately a case by case basis and I urge you to shop with several different lenders to obtain the best rate and terms. Trust me on this and do your comparison shopping because the difference can be lots of thousands of dollars.
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People, who have lost their dreams, will try to shoot down yours. Guard that door fiercely. |
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#7
10/23/2007, 03:52 PM
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Hey I have Banker's hours. I come in late and leave early.
Does that count ? As for your mortgage question, I think its your creit score and income left after paying bills. Not sure what the ratio used these days though. Used to be easier to qualify with the mortgage boom, these days they have tighten up. |
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#9
10/23/2007, 05:31 PM
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I stayed at a Hol...............................
Nevermind!!!!!
__________________
Jesse I want to be a bear turd when I grow up. ~ Bart All butts must be sniffed for identification purposes. ~ Mutt Tequila makes my clothes fall off ~ crp |
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