Z3Dreamer
Thinks s/he gets paid by the post
There are many reasons one would want to borrow in ER. Buying that beach condo, refinancing existing debt, buying that new Z8,etc. Talked with a bank about borrowing. Here, are some comments by banker:
Your thoughts?
- Dear Mr. Z3, we don't count your SS as we need a long history of deposits. Your qualification letter listing the start date is not sufficient.
- Even though you have retirement assets, we use the last year or two of deposits as your income. Since you have no deposits until Mrs. Z3 recently retired, we can't count that.
- You are between tenants on your rental so we can't count that. When you get that tenant, we will use 75% of the rent income.
- We only count the required amount ($600) on the note payment you are receiving, not the actual amount. Actual amount includes additional principal of $1,400. We might not even count the income as it is from a related party.
- Yes, Mr. Z3, your perfect credit score is amazing but you have no income to qualify you on a loan.
Your thoughts?