How many loans you can apply for at once?
Saturday, April 11th, 2009 at
1:50 pm
I am buying two houses, one has 4 legs(9,000 lamborghini I mean) and one is set in the ground(0,000).. Can I apply for both loans. I mean is it possible to have some thing like that at one time.
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Tagged with: ground 0 • lamborghini • legs • loans
Filed under: loans
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As long as you are honest with the bank, and can afford the payments, you can apply…just be careful about stretching yourself too thin…generally, banks only want you spending about 40% of your income on debt, anything above that they can decline you
you want to watch it because every application will lower your credit score for up two 3 years one through 3 points
If you have the wherewithal to pay the loan payments, you can have as many loans as you want.
The lenders will be looking very closely at your financial ability to pay, though.
if your rich enough
Of course, you can "apply" for 10,000 loans daily, but I know what you mean.
Yes, you can get a loan for the car, and a loan for the house BUT you can not get a house loan for a car, and you can only get a mortgage loan for a house.
If you buy the house, and can wait 10 years for the Lambo, then you'll probably have enough equity in the house to take out a home equity loan for the Lambo at less percentage rate than a car loan.
Would you like a FREE Lamborghini?
If you invest aggressively in a 401(k) plan and add to a Traditional IRA account as if you're making monthly Lamborghini Murciallago payments, then once you have invested enough to cover the cost of the car, you'll be able to borrow (your own money without IRS penalty) from that account, and the interest you are charged will go back to your account (your money) and you can do all this at affordable monthly payments (which are YOURS to keep- because you are paying yourself back, in addition to the car, too).
I have 2 very nice BMW's in the garage thanks to my American Funds loans at 6% interest (which is my money, too).
Rich people know how to work the system. It's easy and fun.