If you can achieve that number you won't have any trouble getting
loans at a decent interest rate.
Not exact matches
The idea is of course to incentivize banks to increase their lending — they now have the possibility to stoke credit demand by offering
loans at extremely low
interest rates, while still able to achieve a fairly
decent interest margin.
Consequently then, secured
loans usually are easier to obtain
at decent interest rates than are unsecured
loans.
Someone that has had a short sale can expect to wait
at least 2 years for a
decent interest rate on an institutional mortgage
loan, although negative credit will show on your credit report for 7 years.
For instance, with a $ 25,000 5 - year car
loan at an
interest rate of 16 % (which could be significantly higher with bad credit) would likely cost you over $ 6,000 more than if you had
decent credit and were able to get the same
loan with an
interest rate of 8 % (which could be significantly lower with a 700 + credit score)-- a typical home mortgage could cost you an extra $ 100,000 in
interest!
@John Verduzco, credit score isn't a problem just hoping we can refinance a paid off investment property to pullout cash, but
at a
decent interest rate., or get a construction
loan when the dust settles with current transition.