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Yes, generally all joint financial agreements/contracts require that all applicants submit to a check of their credit history. In a few states the requirements for a married couple are somewhat different.

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โˆ™ 2005-10-17 15:47:36
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Q: Do they do a credit check for adding your name to the house mortgage?
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I am in need of a loan to mortgage my house. Where can I find an FHA loan?

Zillow and Relator have agreements with many banks to give you this FHA mortgage on your house. Have them look at your house, and some background checks (including your credit score), and then they'll check to see if your qualify for a FHA loan.

Where can I find out about reverse mortgage financing?

Reverse mortgage financing is where you are paid per month and when the house is sold you then pay back all the money that was borrowed. In order to get more information about reverse mortgages check with your local credit union or bank. If you are searching on-line check with your current mortgage provider.

What does bad credit mortgage rate mean?

A bad credit mortgage is sometimes called a sub prime mortgage. It is for people with low credit rating who wish to purchase a house. Due to the risk of lending to such people, the rate will be slightly higher.

What is the average house mortgage rate?

There are many factors that can play into your house mortgage rate such as age and credit history as well as the size of your loan. On average, a mortgage will run you about 3% to 4.5%

How does a second mortgage lean on a house effect a credit rating?

Is the questioner asking about having a 2nd mortgage on his house, which WOULD show up on his credit records? Or are we talking about the 2nd mortgage holder filing a lien against his property for non-payment? Actually the answer to both is the same. Any actions taken involving credit transactions WILL show up on a credit bureau reportsand will affect his credit standing.

Can i find out if there is a mortgage on an estate?

Check the deed at the court house. There will be a lien against the property if their is a mortgage.

If there is a lien on a house but someone else is on the 2nd mortgage does it affect their credit also?

yes, only if the second mortgage does not get paid.

How to get a mortgage on property willed to you?

Go to a bank and apply for a loan. They will run a credit check and determine whether or not to give you a loan on the house. You might also consider a reverse mortgage, that gives you some money each month.

Can they take your house if you do not pay your credit card?

Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property. But then, if her name is not on the house, she couldn't have used it for security on the credit card, so NO.

Do you need good credit to buy a house?

Yes, in order to obtain a mortgage you will be required to have a good credit record.

What can one do with an adverse mortgage?

An adverse credit mortgage is designed and available for people who have had financial difficulties in their past. It make purchasing a house more realistic and available to those who have bad credit.

Should your parents have you on the title of their house to avoid forced sale?

If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.

What happens when a borrower doesn't pay back a mortgage loan?

The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.

Can you sell your house with judgments on your credit report?

Sure; the problem in such a case would be getting a mortgage to buy a house, not selling a house.

I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?

the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.

What are the requirements to get a mortgage on a house?

The requirements to get a mortgage on a house are generally these. At least one of the potential mortgagees should be in full time employment or some other regular, reliable means of income. They should have a deposit saved which will cover a percentage of the value of the house -the percentage depends on how much the mortgage lender requires, and they should be credit worthy. To ascertain this it may be worth while asking for a credit report from one of the credit companies.

Which bank is best to get a mortgage?

Mostleaders/banks have the same products, your ability to get a mortgage loan will be hinged on your credit score and your ability to purchase a house.

What does a mortgage payment cost?

A mortgage payment depends on several main things: -How much your house is worth -How much you put down for your house -Your credit approval -The type of mortgage plan you chose, usually 15 or 30 years

If your name is not on the mortgage or deed are you responsible if the bank forecloses on your spouse's house?

If the bank is foreclosing on your spouse's house and you are not on the deed or mortgage then you are not responsible for the debt. The foreclosure should not affect your credit record.

Is your credit history affected by a lien that is put on a house?

If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.

Can someone with a mortgage get another mortgage to buy a second house?

If they have good credit and the ability to repay. Most people who own multiple homes have multiple mortgages.

What if you have bad credit to inherit a house as an heir?

credit has no part in inheriting a house but to refinance or to get a mortgage it does. You will have to get collateral normally be something of value if you default on your refinanced mortgage or your mortgage. Also death tax will be processed on your Inheritances home that was given to you.If you rent the home out to avoid penalties think again. Credit scores in buying a house has a effect on your ability to own a house but not if the home is given to you all you will have to do is take the house over with a trustee of wills that gives you the OK to take the house and you can either live in it or sell it as you wish but remember this the government does tax and they will want their monies!

How does one apply for a mortgage?

A mortgage is a loan taken out to purchase a house. One can apply for a mortgage by approaching a lender, such as a bank. The bank will need one's information, such as one's credit history and employment records.

How can you get the best mortgage rates?

Have pristine credit. The better your credit history is, the lower your mortgage rate will be. The worst things you can do to your credit, in the eyes of a mortgage company: 1) Not pay your bills. This is absolutely the worst thing. 2) Not use credit at all. If you never use credit, the mortgage company can't determine how you act when you do. 3) Not carry a balance. If you get a credit card, make small purchases and always pay them in full at the end of the month, mortgage companies consider that not using credit. 4) Having way too much available credit. If you have many credit cards, the mortgage company will assume you might actually use all that credit. If you DO use it all, you won't be able to pay your house payment.

Where are no credit check apartments in mn?

Your parents house.

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