Because of this, the banker wants to insure his loan. He will do this by taking a second mortgage on your home, boat, car and anything else you have of value. This is a trick question. What the banker really wants to know is whether you are fiscally responsible. If you can prove your current income is well spent with some savings, investment in something or some other cash reserve, you will get the money even if you don't have enough equity.
Fiscal responsibility is the key here.
Maybe the time isn't right for you. One thing you can do is start a savings program in a locally owned bank. Save something every pay day and next year that diligence will help you achieve your real goal, a business of your own. E.W. Scripps Publications , All Rights Reserved. Site users are subject to our User Agreement .