real estate: Financing Approval Fundamentals for Real Estate
- 05/20/07 01:56 PM
Today we will consider the fundamentals of Real Estate financing approval. The first thing that we need to review is what a bank looks for in a prospective borrower. There is a simple way to remember the 5 key factors a bank looks at when considering a loan. The acronym is MICCE. M is for Money. The bank wants to know if the borrower has sufficient funds to close. The bank looks at your available cash reserves or savings to ensure that you have enough for a down payment, if necessary, and if you have enough money on hand to cover (2 comments)