12-26-2009, 03:02 AM
Well when it comes to loans, it has to do with the current economy in my mind. Good economy 2005 easy loans, bad economy 2008, 2009 really tough to get a loan.
Construction loans are the toughest because if the buyer isn't good for the loan in the end, then the lender must be able to market the property. Therefore all the machinations. I know I've done it construction, and straight mortgage, 10 % down loan and 20% down loans. None were/are a fun exercise, and I imagine unless you are Bill Gates or the equivalent, you must go through this gauntlet as ugly as it is. The scrutiny and endless questions and paperwork are all meant to discourage, in my opinion the faint at heart. It is emotional, it is viseral, it is how money is controlled. So lucky you you made it and now you own/ have the privilege of purchasing your home like about one half of all citizens.
mella l
"New York London Paris Hilo"
Construction loans are the toughest because if the buyer isn't good for the loan in the end, then the lender must be able to market the property. Therefore all the machinations. I know I've done it construction, and straight mortgage, 10 % down loan and 20% down loans. None were/are a fun exercise, and I imagine unless you are Bill Gates or the equivalent, you must go through this gauntlet as ugly as it is. The scrutiny and endless questions and paperwork are all meant to discourage, in my opinion the faint at heart. It is emotional, it is viseral, it is how money is controlled. So lucky you you made it and now you own/ have the privilege of purchasing your home like about one half of all citizens.
mella l
"New York London Paris Hilo"
mella l
Art and Science
bytheSEA
Art and Science
bytheSEA