Terrance G: What is a good explaination for taking out a loan before buying house?
Active duty military. Had a house in Mississippi, so we had to sell our house. Of course, the seller market is terrible, so we had to suffer a loss just to sell. Had to take out of loan just to meet closing cost. Now we’re in the process of buying a new house. What is a good explaination for taking out a loan, besides the obvious (banks don’t like you taking out loans to pay loans) Any help would be appreciated.
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The truth is the best answer.
The “good’ explanation is always the truth. The bank will make their decision based on the amount of the debt, not necessarily the reason for the debt. As long as the bank feels that you can afford the new loan and this other one, you will not have an issue.
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