Question: discussions-Respond informatively 1. Making a Loan Decision Bob and Jane have recently purchased a piece of land in the country that has a beautiful view

discussions-Respond informatively

Making a Loan Decision

Bob and Jane have recently purchased a piece of land in the country that has a beautiful view of the mountains. They want to build a cabin on the property to use on weekends and holidays. They have come to your bank for the construction loan to build their dream getaway. Both Bob and Jane have great jobs that they have been at for many years, and a credit rating of over 800. As the credit officer charged to work with Bob and Jane, what would be your concerns regarding this loan. What documentation would you want the couple to supply you with to make the loan decision?

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Call two banks and two mortgage brokers. Find out what current FICO score is needed in todays market to get a 30-year fixed rate loan. Report your findings below and discuss the differences you found. What might explain the differences?

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