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Interest rates ?

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Old 02-17-2006, 04:21 PM
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Default Re: Interest rates ?

Russ, what are looking to get? Have you sold your formula,yet.
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Old 02-17-2006, 04:46 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Loan Ranger
If a bank uses credit score to determine rate (risk based pricing) typically 720 or above will give you the best rate. It may vary a little to as low as 700 to as high as 740 but a 800 plus score would not get a rate lower than a 750 score.
So if I had a credit score of 830 and have never had a boat loan above 150k. Could it get aproved?

Rob
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Old 02-17-2006, 04:49 PM
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Default Re: Interest rates ?

Its all about what your debt to income ratio is every month.. I think 33% is the magic # for trouble free borrowing..
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Old 02-17-2006, 05:08 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Strip Poker 388
So if I had a credit score of 830 and have never had a boat loan above 150k. Could it get aproved?

Rob
Im sure if you had the dti ratio it wouldnt be a problem.
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Old 02-17-2006, 05:13 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Pantera1
Its all about what your debt to income ratio is every month.. I think 33% is the magic # for trouble free borrowing..

Actually it's more about your credit score, not being the largest amount you have ever borrowed and putting some money down. I've seen 45% D/I approved no problem. If your credit score is 620 and your debt ratio is 20% you will have a lot of problems buy a boat.

780+ used to get you a discount with Key( or a premium to the broker, passing it on to you is another discussion).
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Old 02-17-2006, 05:20 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Von Bongo
Actually it's more about your credit score, not being the largest amount you have ever borrowed and putting some money down. I've seen 45% D/I approved no problem. If your credit score is 620 and your debt ratio is 20% you will have a lot of problems buy a boat.

780+ used to get you a discount with Key( or a premium to the broker, passing it on to you is another discussion).
Your right ..my girlfriends a mortgage broker and she was looking at someones paperwork last night ..her score was 475 (pretty low) but she said she was going to qualify for that commercial loan.. Weird business thats for sure.. I have 740 score and less than 10% DTI and i was turned down for a second on my house because I had started my business 8-10 months prior.. The lenders have alot of say in whether you qualify and for what rate etc..
One thing is for sure CASH is still KING
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Old 02-17-2006, 05:28 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Von Bongo
Actually it's more about your credit score, not being the largest amount you have ever borrowed and putting some money down. I've seen 45% D/I approved no problem. If your credit score is 620 and your debt ratio is 20% you will have a lot of problems buy a boat.

780+ used to get you a discount with Key( or a premium to the broker, passing it on to you is another discussion).
Key's discount is at 720 so a 810 score or a 750 score makes no difference, they both qualify.
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Old 02-17-2006, 05:28 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Pantera1
I have 740 score and less than 10% DTI and i was turned down for a second on my house because I had started my business 8-10 months prior.. The lenders have alot of say in whether you qualify and for what rate etc..
One thing is for sure CASH is still KING
See you went about that all wrong as newly self employed falls into that "uncertanty" area for lenders..what you ment to ask for was a commercal loan for your new business and you were willing to give a 2nd on you home as collateral....I'm kind of kidding but not really, many consumer departments would balk but commercal lenders may have done it..all depends on who you talk too..also you may have had luck with stated income, however many times there is a restriction that you must prove you have been in business for 2 years...
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Old 02-17-2006, 05:30 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Strip Poker 388
So if I had a credit score of 830 and have never had a boat loan above 150k. Could it get aproved?

Rob
Some lenders require prior borrowing experience, some do not worry about it (within reason). With good credit and good affordability a new loan in excess of prior high credit is not normally an issue.
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Old 02-17-2006, 05:32 PM
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Default Re: Interest rates ?

Quote:
Originally Posted by Von Bongo
See you went about that all wrong as newly self employed falls into that "uncertanty" area for lenders..what you ment to ask for was a commercal loan for your new business and you were willing to give a 2nd on you home as collateral....I'm kind of kidding but not really, many consumer departments would balk but commercal lenders may have done it..all depends on who you talk too..also you may have had luck with stated income, however many times there is a restriction that you must prove you have been in business for 2 years...
Yup went the stated income route and got approved ..pretty good rate too I think 1/2 point over prime but I backed out..
I just needed cash for finishing a house project. I ended up doing it out of pocket ..(bologna sandwiches for a while) ooh and maxed out some plastic ..oops
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