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Without you the bank wouldn’t be in business.
1) Character – You actually knew the banker. Local lending.
2) Collateral – Car, house, 4 wheeler, tractor, etc.
3) Credit – Payment history. 3 X 5 cards at Sears when my wife was young.
4) Capacity (paycheck) – This is the real asset. The real collateral.
Closing:
The real asset is you. No paycheck, no monthly payments. They’re not in the car business or the 4 wheeler business. They’re in the business of collecting interest payments from you. Selling the installment contract to someone else who collects the interest payments and getting paid a fee.
Bank doesn’t want empty houses they have to pay taxes/insurance/maintenance on. They want interest payments, your rent payment for the use of their money.
Resource:
You know where to find me. Podcast page. email or voicemail.
Coaching is available.
I’m Greg Whitaker reminding you:
Get Your Mind Straight. Get Your Money Straight
Debt Shepherd 2017, All Rights Reserved
