BANKS WONT LEND DO TO LOAN TO DEBT.I HAVE $8OO DOLLERS A MONTH FREE CASH WITH A 720 CREDIT SCORE BUT BANKS WONT LOAN,BECAUSE OF MY MORTGAGE AND CAR.IVE GOT ENOUGH INCOME TO DO ANOTHER INV FOR THE LONG TERM UNTIL THE MARKET CHANGES AGAIN.WERE TO GO FOR A LONG TERM INV.
investing is not about going to banks every time you want to invest. Read the forum and learn how others are doing it. Oh, and dont use caps please.
Look into buying Sub 2, using private money, using IRA’s, etc. As was mentioned, the banks are not always the best choice.
Graceland,
You don’t really give anyone enough information to give you an informed opinion. The banks don’t care about “loan to debt”, they want to know if you have enough income to service the loan you are seeking. They will compute your “income to debt” ratios to see if you can afford the loan you are applying for.
Tell us more about your gross income and your minimum monthly payments for all your debts (home mortgage, car loan, credit cards, equity credit line, etc.) and maybe we can give you more insight to how the bank sees you as a borrower.
Also, you don’t tell us anything about the potential investment you want to buy. How much is the deal, how much will you finance. If this is a rental property, what is the net operating income? Just having $800 discretionary income each month may not be good enough if that amount won’t cover your loan payments.
Using all caps is the internet way of “ranting”. Most participating in these forums see all caps and ignore those posts. Your post is just a little long on rant and too short on details. Fill in the blanks and maybe we can help clarify things for you.
graceland - what kind of “banks” have you spoken with and how many did you ask? If you have a deal the money will be there.