Here's a note I got yesterday from a friend of mine who was in the morgtgage business and decided it was time to retire.
"One of my best friends who is independently wealthy couldn't get a regular rate 2 years ago even though it was free for all because even though he could show more just in cash assets than the house he was buying was worth and he was putting down 20%, he didn't have credit scores due to not enough credit.
"He had one credit card which he paid off every month and had paid cash for his previous 2 homes, had a condo in Mexico that was free and clear, and he was within the ratios.
"No scores means no credit at current rates. He ended up having to get the loan on a niche program at 7.25 and that was with me cutting as much as I could! He wanted the loan to start getting credit in case he needed to get loans for his kids when they go to college. So much for that strategy!
"It the utmost example of the Peter Principal in practice! The Principal is alive and well and living in the mortgage business!"
SO THE QUESTION IS, WHERE IS THE NAR LOBBYIST? WHERE IS THE MORTGAGE BANKING LOBBYIST?
BILL CHERRY, REALTORS
SINCE 1964
DALLAS-HIGHLAND PARK
214 503-8563
WEB
;)
;)
My husband and I ran into a similiar situation - we own about 6 rental properties practically free and clear, have money in the bank and have three times the equity in our personal property than we owe. We tried to refinance and because we didn;t show enough positive cash flow in the rentals we didn't qualify!
Gotta love it!