Things You Need To Know For Getting the Loan You Want

1. A history of steady employment for at least two years with the same company(s), with a constant or increasing income is a must for qualifying for a real estate loan.

2. Information you will need to provide the banks before they will lend you money will consist of…

(1) The address of your place of residence for the last two years.

(2) Your social security number.

(3) The names and locations of your employers for the last two years.

(4) The gross monthly income from your current job(s).

(5) Information on your different checking and saving accounts.

(6) Information on all the loan(s) and loans payment(s) that you have outstanding (still have).

(7) Complete information on all real estate that you own.

(8) Approximate value of all personal property that you have.

(9) Any investment or business income that you receive.

(10) Current check stubs and W-2 forms for the past two years.

(11) Any personal tax returns for the last two years and a current income and balance sheet for the last two years if you are self-employed.

(12) Money for an appraisal for the property and for the cost of a credit report.

       For Those of You Who Want To Make an Unsecured Loan

(1) Bankers like to make unsecured loans based on 10 – 20% of your gross salary.  Of course, they usually don’t like to make unsecured loans.

(2) Bankers like to give unsecured liens of credit based on a 10 to 1 average checking account.  Meaning, if your average checking account is $10,000, you can get a line of credit for $100,000.

(3) Bankers look at your salary for a payback plan.  If you are self-employed or have other income, they will probably discount it some.

(4) Bankers want to know how you will pay them back just use the magic words “ just charge my account monthly”

(5) Most lenders look at the bottom line of your income tax returns. A severe problem is if you are in the zero tax brackets.

                 How Long Things Stay On Your Credit Report

(1) How long x will be on your credit report.

(2) How long before you can get money for a real estate loan.

Bankruptcy: (1) 10 years – (2) 2 years

Foreclosure: (1) 7 years – (2) 3 years

Negative Accurate Account Information: (1) 7 years – (2) less then two 30 day late payments

All the information in number (2) is contingent upon you having good credit. after the said information or problem has accrued, your credit and credit report must be in good standing for you to get loans.

This Article was brought to you by:

Joshua Fogle

Author of:

(1) How To Make 10% Or More On Your Money

(2) Stock Up On The Stock Market

(3) How To Buy Real Estate With One Hundred Percent Bank Financing

To find me on eBay type in "ZMZ"

Copyright © 2007 Joshua Alan Fogle All Rights Reserved