2006-07-01 08:54:52 · 9 answers · asked by houstongal1976 1 in Business & Finance ➔ Renting & Real Estate
Not at all..as long as you have near 2 years rental history at that apartment or even a previous apartment, you will be fine..
I work for Providential Bancorp, we are a nationwide lender in downtown Chicago. I would be happy to assist you in purchasing your first home. My company actually specializes in working with first time home buyers.
Feel free to either call me after the holiday weekend at 312-264-6448, or email me any time this weekend at jasonf@providential.com..
I look forward to speaking with you, and i hope you enjoy your holiday weekend!
Jason Fry
Senior Mortgage Specialist
Providential Bancorp
600 W. Chciago
Chicago, IL
2006-07-01 10:18:28 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It won't hurt your chances in getting a mortgage since you'll have that in hand when you break the lease. However, it might hurt you down the road if your landlord winds up putting the account in collection or files suit against you.
The best first step would be to talk this over with your landlord. He or she may be willing to release you from your lease in exchange for one month's rent as liquidated damages. In this case, everyone walks away happy!
I did exactly that about 16 years ago. My lease was silent on the fact but the landlord agreed to release me from my lease in exchange for one month's rent as long as I provided him a copy of the closing papers as proof that I actually bought my home. We typed up a simple addendum to the lease, signed it, and all was well.
When you apply for a mortgage, the lender is likely to ask you how much longer you have to run on your lease. Typically they will want to see 2 or 3 months of lease payments as ready cash in addition to all of the other funds (down payment, closing costs, etc.) required to close in case your landlord won't release you from your lease. A copy of any agreement between you and your landlord will reduce that requirement to whatever you and your landlord have agreed upon.
It's all pretty easy when you play by the rules!
2006-07-01 09:20:39 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It won't hurt your chances up front - because you aren't going to break your lease prior to buying the house, right?
The negative impact would be if your landlord gets a judgment against you and down the road.....you go to refinance & can't because of the judgment.....and .....the latest ding is called UNIVERSAL DEFAULT....if any of your current creditors do a random credit check and discover negative reports.....they can and will imediately raise the interest on your credit card - even if you've never ever been late with that credit card.
2006-07-01 09:08:27 · answer #3 · answered by Paula M 5 · 0⤊ 0⤋
If you break the least your landlord can sue you. If they take you to court and win, you will have a judgement on your credit report. It will lower your score and your lender could require you to pay it off before they will give you a mortgage.
Why not stay where you are until you buy a house? It's only 6 months. You'll save your credit. Have a chance of getting your security deposit back and avoid the expense and hassle of moving twice.
2006-07-01 09:00:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
When you sign a mortgage there is a questions "are you involved in any judgements"? They can check if you are being sued by the lessor. Also, it can go on your credit, which will affect ability to get a loan. If you want to get out of your lease, try subletting or talking to your landlord to make some sort of arrangement.
If you thumb your nose at your landlord, it will hurt you. Try to resolve it creatively and cooperatively.
2006-07-01 08:59:33 · answer #5 · answered by Theo 2 · 0⤊ 0⤋
for sure the administration company is not any help. you're telling them you want to interrupt your settlement (Bust a deal, face the wheel; Thunderdome!) On-time price, that's what you're think to do. save the position clean, presentable, ditto. The employ is there to guard you _AND_ the owner. tell them that you will be out on a particular date. they are going to invoice you for the soundness as laid out in utilizing the employ. in case you do not pay, then they could take you to small claims courtroom to get well loss. It comes all the way down to definition of "their loss" there are certain issues a landlord can sue for even as a employ is broken. you'd be sued for the era that the valuables is vacant. The price to the top of the employ is the most that the owner can declare. this isn't a money grab yet merely a thanks to conceal the owner loss once you go away early. as an social gathering, if the owner re-rentals in 3 months, then legally you're in person-friendly words to blame for the damages/loss (3-months in this social gathering). there would nicely be extra "loss" if the owner can not employ on an same quantity. that's what a deposit is for. finally, take a great number of photos once you go away. there'll be finger element about the state of the valuables once you go away. the owner will also charge for mild bulbs. something previous time-honored positioned on-n-tear is recreation. strong success.
2016-10-14 01:03:11 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Absolutely! It will be reflected on your credit report.
You may still be able to get a house, but you'll end up with a higher interest rate because of breaking the lease.
2006-07-01 08:59:16 · answer #7 · answered by jamie5987 4 · 0⤊ 0⤋
Not unless that makes your landlord mad and he reports you to the credit bureaus. I'd try to find somebody to take over the lease.
2006-07-01 08:59:35 · answer #8 · answered by Stella Blue 3 · 0⤊ 0⤋
Breaking your lease may have an adverse affect on your credit...depending on your landlords reaction.
2006-07-01 08:58:51 · answer #9 · answered by Bear Naked 6 · 0⤊ 0⤋