Article Views:
31
Ezine ready page
Ezine ready page
Posted on November 30, 1999 by Joy Stoyle | Posted under Mortgages
No Credit Check Mortgage
|
Is it possible to get a no credit check mortgage? The answer is a definite "maybe". Mortgage lenders are in the business of loaning out significant amounts of money, and almost always they are going to want a great deal of assurance that this money will be paid back to them, with interest. They like to see that a potential borrower has a history of always paying their bills, and always paying them on time. Though very few people can have perfect credit histories—things happen that are sometimes beyond our control—a high credit score will often show that, on average, a person has not had too much problem paying their bills. People with high credit scores don't have to worry about looking for a no credit check mortgage, but people who've had a lot of trouble paying their bills often do. It might be possible to get a no credit check mortgage if you can put up collateral that is worth the same or more than the amount that you want to borrow. Though this would be an unusual situation, it could happen. Perhaps you inherited a house that you own free and clear, but you want to purchase another house. You could use the value of the home that you already own as collateral for purchasing another home. This would mean, however, that the lender would own the title to both of your homes until the second home was paid off. Another way to get a no credit check mortgage is if you draw up a contract and make payments directly to the owner of the home that you want to buy. This is often called "rent to own". If you have a good, reliable income and perhaps a relationship with the owner, then you might be able to buy a home this way. About The Author: |
Tags:
