i would love to get a mortgage and earn enough to pay for one but are there any companies out the that do not give you false promises or charge you a massive deposit or massive interest , once i'm on the mortgage ladder i can then start repairng my credit , my credit can't be that bad as i have recently bought a new car and did manage to get credit for this !
any serious advice would be much appreciated !
2006-07-29 20:55:10 · 11 answers · asked by terrystoner1 1 in Business & Finance ➔ Renting & Real Estate
debt consolidation
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-01 22:11:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Bad credit rating is not a big problem when applying for a mortgage but you have to understand if you have a bad credit rating you will pay higher interest - thats the name of the game - you are a risk and will pay for the risk. You cannot expect the same rates as somebody who has a good credit rating - if you do not have a deposit and want 100% this is an added risk and rates will be higher. I could get you a mortgage tomorrow but I am honest about what I do - bad credit = higher interest. All lenders have fees and I have never known them to make false promises - they either agree your application or decline it. Use a qualified reputable broker who will charge you up to 1% as his advice is invaluabe and he is independent and uses whole of market lenders - if he doesn;t charge he probably isn't very good and only uses certain lenders. - in this life you get what you pay for. Good Luck
2006-07-30 01:57:47 · answer #2 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
If you have poor credit, you're going to pay high interest if you can get financed at all. Just because you got a car loan does not mean that you'll get a mortgage. In fact, the opposite may be true if the car loan has you over-extended.
You need to clean up your credit BEFORE you go for a mortgage! And you need to earn enough to repay it BEFORE you get one!
2006-07-29 23:47:10 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Get a financial advisor. An independent one not through your own bank, they will be bias. They will not charge you for their advice, they take their commission from the mortgage lender you sign up with. There are about 300 different deals out there - interest only, fixed rate, cash back , don't have to prove your income etc, etc. Even though the housing markets is steady, banks and building societies still are desperate for your business and are offering some great deals. Good luck.
2006-07-29 21:04:54 · answer #4 · answered by pampurredpuss 5 · 0⤊ 0⤋
You will need to go to a specialist Mortgage broker.
Mortgages are not normally decided by credit rating alone.
2006-07-29 21:04:53 · answer #5 · answered by Boris 5 · 0⤊ 0⤋
start paying off bills!! 4 little bills are worse than 1 big one. Work on lowering your debt ratio, do not by anything on credit until you get a mortgage..
2006-07-30 04:56:15 · answer #6 · answered by clifton_woodruff 4 · 0⤊ 0⤋
FHA has 1st time home buyer programs that offer 100% financing for as low as a 585 FICO score. Check with your local county/city governments for local downpayment assistance programs as well.
Start at www.nhf.org for more info. Good luck!
2006-07-29 21:02:22 · answer #7 · answered by hrh_gracee 5 · 0⤊ 0⤋
i know how you feel,,,,,,, there are some mortgage lenders which don't use credit scoring, if you go and see a mortgage advisor he should be able to point these out for you ,,,,,,, that's what i did,,,,,, good luck
2006-07-29 21:00:20 · answer #8 · answered by P-H 2 · 0⤊ 0⤋
this depends how bad it is - see http://www.RogerV.com/improve_credit.htm for some help on fixing. If you're above 620 or 660, you'll be fine in general...580 if going FHA (if clean i.e. no bankruptcy).
2006-08-01 19:23:27 · answer #9 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
It's possible as long as you are not bankrupt
2006-07-29 20:58:10 · answer #10 · answered by Anonymous · 0⤊ 0⤋