how to find the right bank!

1 Reply

I am a self employed, trying to get a heloc , I can't find a bank to lend me ($100000) they offer ($45000) !! the mistake I made is when doing my taxes return I took all my deductions! then I appear to make a small income monthly (the banks take in consideration your income after deductions!!!!! I didn't know that or I would go easier on the deductions!!!

my question is what bank ,or what loan can I ask for to get at least $65000!!! to pay off my credit cards and use the rest for down payment for a quadplex ! I have equity on my house (more then 150000) and there is only $ 70000 left in my mortgage!

 I have been self employed for more then 4 years,

and how about this cosigner ? does he have to be a family member?

what are my best options???? thank you

I'll start by saying that I am no financial expert.  My first piece of advice (and probably one you don't want to hear) is to get the credit card debt paid down before asking for a loan.  Debt to Income ratios are huge factors when banks are deciding to approve a loan for you.  This may take a while, but will help drastically.  It will also help bring up your credit score which will make getting a loan easier.  It may take a few months, but this will have lasting effects as long as you don't go crazy with the credit cards!

The second thing I would tell you is to find a bank that does in house loans.  These are portfolio lenders and they tend to be a little more lax on their loan approvals.  All you have to do is ask the lender if they keep their loans in house.  

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