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I want to purchase a home in SC but my credit is not son good. Would you suggest a rent to own or is there anyway I could get a mortgage and get help fixing my credit in less than a year?
Wiki User
∙ 15y ago
There is a company www.vrtmg.com/rlunsford that will clear up your credit in less than a year depending on what is on your credit.
If your credit is bad, you will get ripped off on a mortgage. A better option is to rent while you pay off debts, which will rebuild your credit. Once your debt level is down and your on time history has improved, your credit score will go up. Build up a good down payment, and the mortgage rate will be even better.
Wiki User
∙ 15y ago
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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.
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 enabled sharecroppers to purchase goods on credit?
The sharecroppers were able to purchase goods on credit for a mortgage or lien on the farmer's crop. The merchant would advance supplies such as food, clothes, or tools in return.
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.
Will paying off a mortgage help boost your credit score?
If you have a history of payments made on time and lived up to the agreement..you betcha! We paid off our mortgage 5 years ago and our credit score has decreased according to the credit bureaus this is due to the fact that we do not have a mortgage. The longer we go without a mortgage (or car loan) the lower our credit score goes. That is because the credit score is based on available credit against what you owe. But having no mortgage is a huge plus when it comes to making a large purchase because what you owe based on your income will be a lower percentage.
What and where to pay a mortgage loan?
A mortgage loan is a loan that is used to either purchase a property or get a loan with your property as collateral. You can secure a mortgage through financial institutes like banks, credit unions or mortgage companies like Fannie Mae.
If you did a loan modification on your mortgage do you qualify for the first time homeowner tax credit?
No, the tax credit only applies if you purchase your first home in the specified time period. A refi or modification would not count as a purchase.
How can I get a mortgage with bad credit?
It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
Can a credit card loan spent to purchase a home be tax deductible?
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
Where can a person go to get information on mortgage lenders for bad credit?
There are a few websites where one can go to get information on mortgage lenders for bad credit. Realtor have an article on how to get a mortgage with bad credit. The Bad Credit Whiz website has a list of the top 10 bad credit mortgage companies.
Is mortgage payable is credit or debit?
credit
