Show112: 3 Mistakes to Avoid When Getting a Loan

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Things to Avoid with Financing

When it comes to getting financing for the purchase of a rental (or even a personal home) there are some things that are important to keep in mind that can hurt your ability to qualify or even close on the house.

The truth is these are common mistakes that are made all the time by borrowers because they just don't realize that these small things can really impact the qualifying process. Banks want to see a stable and reliable recent financial history and if you've got crazy things happening, it will most assuredly become a hindrance in the qualifying process.

In this episode, Kirk and I talk about three mistakes that are made often by borrowers and why to avoid them.  Kirk shares stories from his time as a loan officer, even one where a loan didn't close because the lady bought a brand new car on the day of closing.   We share these mistakes in hopes that you won't make them in your own financing process.

«Watch Our Training Video on 4 Ways to Finance Rental Property»

 

 In the show we discuss:

=>why banks want to see a stable and reliable financial history

=>why you shouldn't open new lines or credit or get a new car

=>how quitting or changing jobs in the process could hurt you

=>why you shouldn't make big transfers of money

=> and more...

Links Mentioned in the Show

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2 Comments

  • Matt

    Reply Reply May 15, 2018

    Hey guys,

    I just started reading your blog/listening to your podcast. Great stuff! This is definitely some helpful information that I’m sure not everyone thinks about when going for a loan. Would you say a lot of this holds true for commercial loans as well?

    • Emily

      Reply Reply June 13, 2018

      Thanks Matt! Honestly, we have not used a commercial loan yet, so I can’t say from first hand experience.

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