Posted on: 20th Aug, 2013 02:04 am
I have a credit score of 800+. When I applied for a loan, I was at a deficit of 5k for the closing. So, I took out $5k loan at 0% from my bank. But the bank did not like that. So, my brother gifted me the money so that I have full closing costs with me. But now the bank says that I will have to return the loan and also close down the account. Returning the loan is fine with me but I cannot close down this account as I had this one for a long time. What do I do now?
When you are looking forward to close a loan or a mortgage, it is better to avoid applying for any other loan. If you wish to get the loan, then you will have to listen to what the underwriter and the lender says. I guess that your debt to income ratio is on the borderline for which the underwriter is vehemently asking you to close down the account and pay off the loan.
Hi Cleament,
Niicss is right in saying so. You will have to very careful about taking out a mortgage. Nevertheless, you can still have a word with the lender and his underwriter and check out if he allows you to keep the account open.
Thanks
Niicss is right in saying so. You will have to very careful about taking out a mortgage. Nevertheless, you can still have a word with the lender and his underwriter and check out if he allows you to keep the account open.
Thanks
When you get to the point where you can close a loan or a mortgage, usually it is in your best interest not to immediately look for another loan. If you do pursue a new loan, you will be bound to what the lender says as far as the stipulations of the loan. If the current debt to income ratio of your credit report is on the borderline of what is acceptable or considered risky, that can cause problems with the bank. This is why it is important to check your credit score and know how the banks view you.