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200,000 $ I need a loan for 200,000 that I would pay back 1,500.00 monthly

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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 02:51 PM
Original message
200,000 $ I need a loan for 200,000 that I would pay back 1,500.00 monthly
I have good credit

do you think that would ever happen???

NOPE


don't have the political clout nor the contacts



fuck the rich

the poor get poorer
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seriousstan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 02:55 PM
Response to Original message
1. Why not? I had no problem getting a $150 k loan with an $1100/month payment.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 02:57 PM
Response to Reply #1
2. not real sure why?
credit score is 750

I just don't know the right people I guess

I will be fine

will pay it all off and they can all screw off
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Herman Munster Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 03:01 PM
Response to Reply #2
3. have you tried
lendingtree.com? go nationwide with your loan search. SOMEONE will offer you a loan. You just have to check the details whether the interest rate and terms are acceptable to you.
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wryter2000 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 03:11 PM
Response to Reply #2
4. That sounds strange
I would think they'd be throwing money at you. They were happy to give me a $300,000 mortgage. I still haven't figured out why someone would want to loan me that much money.
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Nicole Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 03:24 PM
Response to Reply #2
5. No collateral?
That's the only reason I can see as to why you were turned down.
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mattclearing Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 03:41 PM
Response to Original message
6. This doesn't make any sense.
That's a perfectly reasonable loan/payback ratio. If you have good credit, you'd have the loan.
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deadmessengers Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 03:49 PM
Response to Original message
7. Is this a secured or unsecured loan?
I mean, if you're looking to buy a house, and have good credit, people should be lining up to throw money at you. That's because mortgages are secured loans, and secured loans are fairly low risk, as long as the loan-to-value and PITI-to-income ratios are within reason.

On the other hand, if you need $200,000 for something unsecured or high-risk (a business loan is a good example), you'll have a very hard time doing so, regardless of political connections, your credit score, or just about anything else. Is that the case here?
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ngant17 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 05:16 PM
Response to Original message
8. time-value of money
At 200k loan on a fixed-rate 30-year mortgage, assuming $1500 month in payments, this should put you in at 8.23% range. I don't think it would be unsurmountable to find a broker or financier who could risk this, even given a less-than-perfect credit rating.

What's the best interest rate you can find at this time?
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Midlodemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-23-06 05:20 PM
Response to Original message
9. I don't understand why you can't get a loan.
Unless it is isn't secured by a piece of property or something, you shouldn't have had any trouble getting a loan.

And, frankly, a $200,000 isn't something the *rich* would go after, so I guess I don't understand your rant.
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