$100,000 Poor Credit Financing Loan in Cincinnati Ohio
This client lives in Cincinnati, Ohio and is applying for a $100,000 loan with a poor credit rating. They would like to use these funds to pay off their existing mortgage as well as pay for a number of repairs that they feel their home needs. They will likely also complete a number of renovations at the same time.
They are experiencing a problem finding a lender who will lend them this money due to their poor credit rating. They indicate that their only debt is the mortgage they currently hold with all credit cards at a zero balance and no car loans of any kind. There problem stems from a few years ago when they had a dispute with the credit card company that they no longer use. All of these details check out when we investigate their borrowing history and review their credit rating. Other than the credit rating, this couple appears to be a good credit risk even if they do have a poor credit rating.
Lenders will likely want to do some more due diligence to verify everything. This will include confirmation of income for both parties, confirmation of employment and an appraisal of their home. They purchased their home at the low end of the housing crisis, so in theory the value of the home should have actually increased a bit. An appraisal will confirm this theory.
Once all of this information gathering has been completed a final review will be taken and we anticipate that there will be several lenders lining up to lend this financing loan even with the poor credit rating, based on the information we currently have.
Poor Credit financing Loan Amount :: $100,000
Home Loan Application and Processing Speed (when do you need the funds):: would appreciate a prompt reply so that I can make arrangements to hire contractors
Do you currently have a mortgage? :: yes, but plan to consolidate the mortgage with this new loan
Bank Name and Branch :: PNC Bank, East 4th Street
What City/Town, State and County do you live in? :: Cincinnati , Ohio
What is your employment field? :: Sales manager with a local car dealer
Employment Position :: Sales manager
When are you paid? (monthly/weekly/biweekly):: bi weekly
Your credit rating to be – excellent, fair, or bad? :: we have a moor rating mainly due to the number of credit cards we carry between my wife and I
How did you find us? :: Google search
How are you paid? (direct deposit/paper check):: Direct deposit to my checking account
Gross Amount Per Paycheck :: $ 3,270
Do you agree to have this information published online, without your PRIVATE information of course? :: yes, but please do not mention my company or any other personal information
Extra information here please (some detail):: We would like to borrow $100,000. We live in Cincinnati, Ohio and both my spouse and I work for the same company. I am a sales manager with the company, while my wife works in the engineering side of the firm. She is a technical drafts person and prepares the plans for the equipment that my team sells to our customers. We both have worked for the same company for the past 10 years and in fact met each other at one of the company parties.
Our jobs are pretty secure, or at least as secure as any job can be in this economic environment. Our company is busy with orders so we believe everything is ok. One can never be too sure these days.
We own our own home which we have owned for the past 8 years. We really focused on paying the mortgage down and now just have a small balance left. We were able to purchase this home at a very low price when the real estate market bottomed out a few years ago. Now that the economy seems to be improving a little bit, we were hoping to spend some money on it to fix it up and make some repairs that are needed.
Note to Lender :: the problem we are facing is that our credit rating is poor and we are having trouble being approved for a mortgage or a loan. We missed a couple of payments a few years ago on a credit card due to a dispute. This credit card has been fully paid out and we canceled it due to the dispute, however in the process of resolving the issues we had, the company lodged a complaint and reported our lack of payment to the credit rating agencies. Now we have a poor credit rating which we are attempting to resolve.
You probably hear this all of the time, however if you check you will see that the only loan we have is our mortgage and that we do not have any other debts at all. All credit cards are fully paid up, our car is paid for and we have been current on our mortgage for as long as we have held it. Please help us to be approved for this poor credit financing loan. Thank you.
|Category: Home Mortgage Loan||APR 2.85%||APR 3.131%||APR 3.42%|
|Length of Term||15||20||30|
|Amount to be paid||$121,492.28||$131,438.79||$151,440.55|
|Total interest paid||$21,492.28||$31,438.79||$51,440.55|
|Paid per installment||$665.71||$540.16||$414.91|