Help me understand

Asked by Johnsonromas, Jonesboro, GA Mon Jun 10, 2013

The same financial bank approved a car loan that added up to $32,000.00 but said no to a mortgage loan from $50.000. I don't understand the standard a home is more important than a car. No I am not buying the car I just don't understand the policy. So I will keep trying because I've never been a quitter Have a nice day

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Christina Hayes’ answer
Christina Ha…, Other Pro, Morristown, TN
Tue Jun 11, 2013
As mentioned, the requirements for purchasing a home and a vehicle are a bit different. Do you know what your credit score is? Did the bank pull your credit, if so have them give you a copy of your tri-merged report. Many lenders want a 620 and above.

Best of Luck & Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
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Michael Cheng, Agent, San Jose, CA
Mon Jun 10, 2013
The standards are different as the way the loans are handled are quite different.
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