When applying for a home loan and I also have bad credit Do you have to pay any fees to apply for a home loan???
2006-10-24 10:05:03 · 14 answers · asked by juicy 3 in Business & Finance ➔ Renting & Real Estate
Well first of all, ask your friends and family where they go to get a mortgage. If they know someone who is in the business that they can trust, ask for the number and make an appointment. I think in most cases a mortgage broker is a better option than simply walking into your neighborhood bank.
As for your bad credit, this may or may not mean you can get a loan, I currently work as a loan processor and have processed loans for people who have had past foreclosures so you would be surprised what you can still get with bad credit. At best, you will end up with a slightly higher rate and may have to put up a higher down payment. As for fees, you will likely have to pay for an appraisal ($300), credit report ($20), title insurance ($500-$1000), escrow costs ($500-1000) and lender fees ($500-$1000). You may also have to pay for other fees like mortgage broker fees and what are called discount points where you can buy down a lower rate, and these could each run into the thousands. Often times, you will have the option of wrapping these fees into the loan amount so you can avoid having to pay any upfront costs. But beware of anyone who charges an application fee, I think most states have laws against that. All fees should be charged to you at closing, at the same time you will be getting your money.
2006-10-24 11:03:31 · answer #1 · answered by adam n 2 · 0⤊ 0⤋
Never pay any fees to apply for a loan. Even your initial credit check can be free. Because you have bad credit, you need to have all 3 credit bureaus pulled; Equifax, transunion, and experian. This will cost you $21. Your Loan Officer needs to know your middle score and will need to see a complete loan application to see if there's a loan program you qualify for.
2006-10-24 15:35:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depending on how bad your credit is you can probably get a loan somewhere to buy a home. However be upfront about your BR or whatever you have with the lender. Tell them the facts not fiction. If they think you can qualify they might or will ask for money for a credit report...
Shop around before paying out any money up front. get a feel maybe your credit isn't as bad as you think or maybe its worse and there is no way...
2006-10-24 10:10:57 · answer #3 · answered by Scott 6 · 0⤊ 0⤋
befor even getting your hopes up and looking at houses, goto your bank and ask them to look at your finances and credit score and tell you what they are willing to loan you. Then look at the houses in your range. If they say they wont give you the loan then ask them what you can do to clean up your credit in order to get a loan. As far as fees go I arranged it so that the closing costs and fees were added into the loan.
2006-10-24 10:09:04 · answer #4 · answered by eric s 2 · 1⤊ 0⤋
most banks cannot do bad credit loans. You can play with the numbers to even sometimes get a no closing cost loan, and if your buying you can have the seller pay for it. what makes your credit so bad? above 500 midscore?
-cjkloanguy yahoo com
2006-10-24 10:21:57 · answer #5 · answered by cjkloanguy@yahoo.com 2 · 0⤊ 0⤋
fees apply regardless
many will offer "free approval,"
meaning they will waive the fee providing you follow through with obtaining a loan through them
pulling credit is fairly cheap, usually 15-25 USD
you apply for homeloans through a bank or mortgage broker
the four most important factors are:
- credit score
- amount of $ desired
- your income
- your total debt
2006-10-24 10:06:30 · answer #6 · answered by oracle 3 · 1⤊ 0⤋
Go to your bank and talk to a loan officer. They can tell you just want is required, as far as what your fees will be, how much if anything you can get approved for.
2006-10-24 10:12:53 · answer #7 · answered by nanners040477 4 · 0⤊ 0⤋
Almost sure that you might find many financial solution at: loandirectory.info-
RE How do you apply for a loan to buy a house??
When applying for a home loan and I also have bad credit Do you have to pay any fees to apply for a home loan???
2014-09-03 22:37:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You can contact me and I can answer all of your questions. My name is Sam, and I work with a company specialzing in these types of transactions. My phone number is (510) 596-3526
2006-10-24 15:44:41 · answer #9 · answered by Sam 1 · 0⤊ 0⤋
it is gonna get me flagged, yet right here is going: Are you particular you opt for to purchase a house in Arizona?? you will get stopped each time you tension out of your driveway!! everlasting resident isn't the comparable as criminal Resident - or is it? GC
2016-10-02 22:13:55 · answer #10 · answered by ? 4 · 0⤊ 0⤋