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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
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Experience:  Providing Financial, Tax & Business advice since 1986
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will be applying to a bank for a loan soon - I recd in mail

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will be applying to a bank for a loan soon - I rec'd in mail a pre-approved loan document for a bill consolidation from Embrace home loan. I called and gave the info that I gave to you. They said that if I filed a schedule F (tree sales) I could not get a loan from them. I would have to have seperate tax accounts for the commercial property, the farm and the house. I'm confused - we have a heloc now, (have had for years), paid off our mortg. never had an issue that we file a schedule f. what does that mean? will we have a problem getting a loan (mortg)from a regular bank?
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

NPVAdvisor :

Once again, this is a questions that can e answered only by the specific bank, you certainly have enough equity and income to meet good underwriting standards, as we discussed before ... it's just that certain lenders (especially the larger ones that have policy that's more about keeping their process streamlined than about your ability to service the debt) have their own policies that preclued that extra work of being sure you have sufficient control over the other company, etc

NPVAdvisor :

My gut says that if you work with a local bank, credit union or or even a regional bank with a strong presence in your local cmmunity, you'll have the best result

NPVAdvisor :

... and when I say "streamlined" I don't mean to refer to these VA streamlined mortgage processes, I meant the kine of internal bank paper-flow set-up that keeps that assembly line of mortgages going through the bank in as profitable way as possible ... where sometime as many as 50 people touch the file for one small part of the process, ... very bureaucratic, very profitable for the bank, ... but very inflexible and not able to handle atypical situations very well

NPVAdvisor :

Given the income and ratios we talked about before, I think if you get to a smaller, more hands on bank or credit union, where you walk in and talk to one VP or loan officer, you'll be fine.

Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 4167
Experience: Providing Financial, Tax & Business advice since 1986
Lane and 4 other Finance Specialists are ready to help you
Expert:  Lane replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 1 year ago.
Hi Lucille,

... just checking back in, as I never saw you come into the chat.

Let me know if you need anything else.

Lane
Expert:  Lane replied 1 year ago.

Thanks for EVERYTHING Lucille,

Let me know if I can help further.

If you want to be sure your next question gets to me, just say "For Lane," at the beginning of the question.

Thanks again,
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 4167
Experience: Providing Financial, Tax & Business advice since 1986
Lane and 4 other Finance Specialists are ready to help you

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