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If one individual's credit score is over 700 and the other is over 500 will they be able to get a mortgage loan together?
Wiki User
∙ 8y ago
With most lenders the person who makes the most income has to go first. If the person with the lower score makes the most money they'd have to go first on the loan. You'd ofcourse want to have the person with 700 scores be the main borrower.
So the choice if the person with the lower score makes more money, either leave them off the loan and just put them on the title but not the loan. If the person with 700 scores doesn't make enough income to support the mortgage then there are other alternatives such as taking it other than full documentation, I recommend speaking to a mortgage specialist about your alternatives to that.
Wiki User
∙ 8y ago
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What is the difference between a consumer credit report and a residential mortgage credit report?
a consumer credit report was more likely connecting to individuals as consumers,on the other hand,a residential mortgage credit report was simply focusing to the households considered as the consumer it self.
A credit score is?
Credit score is ranges from 300 to 850. Credit is a evaluation of your credit card bills, mortgage and other loans.
What are the current mortgage rates for various credit scores?
This is dependent on other contextual factors such as employment and geographic location, but with an average credit score a mortgage rate can be about 6%. A good credit score will have lower.
How can one get a mortgage with bad credit history?
Although having a good credit history is better when applying for a mortgage it is possible to still get a mortgage with a bad credit history. When getting a mortgage with a bad credit history, one will have to pay a higher interest rate. Show the mortgage lender that you have a good job that will cover your mortgage. If you eliminate all other debt it looks better to the lender and gives one a better chance at getting approved.
Where might one get a mortgage if they have bad credit?
You can get a mortgage with bad credit from companies like the FHA. Other options include brokers and small lenders. However, the interest rates are sometimes higher on these options.
What is the difference between a consumer credit report and a residential mortgage credit report?
a consumer credit report was more likely connecting to individuals as consumers,on the other hand,a residential mortgage credit report was simply focusing to the households considered as the consumer it self.
A credit score is?
Credit score is ranges from 300 to 850. Credit is a evaluation of your credit card bills, mortgage and other loans.
Where can one get a no documentation mortgage?
You can get a no documentation mortgage from Mortgage Rates Experts, Bills, Get a Loan with Bad Credit, Hasty Cash Advance, No Doc Mortgage and other websites.
What are the current mortgage rates for various credit scores?
This is dependent on other contextual factors such as employment and geographic location, but with an average credit score a mortgage rate can be about 6%. A good credit score will have lower.
How can one get a mortgage with bad credit history?
Although having a good credit history is better when applying for a mortgage it is possible to still get a mortgage with a bad credit history. When getting a mortgage with a bad credit history, one will have to pay a higher interest rate. Show the mortgage lender that you have a good job that will cover your mortgage. If you eliminate all other debt it looks better to the lender and gives one a better chance at getting approved.
Where could one get a mortgage for 50 years?
Like most other mortgages, if an indiviudal is looking to get a mortgage for fifty years they can go to a mortgage broker or their bank / credit union.
What are mortgages for poor credit?
It will depend on the lender, how much you need for the mortgage loan, what the price of the home is, and other market factors when you apply for the mortgage.
Where might one get a mortgage if they have bad credit?
You can get a mortgage with bad credit from companies like the FHA. Other options include brokers and small lenders. However, the interest rates are sometimes higher on these options.
How can one apply for a credit card when already has a mortgage in the UK?
As long as one is not behind on their mortgage payments, one should not effect the other. If one hasn't been making payments they will likely not be accepted for a credit card.
How many points does your credit score increase after a mortgage refinance?
If the mortgage refinace was used to pay off other debt, it my increase your score. Not sure by how much.
How can a person with bad credit increase their chance of qualifying for mortgage loans?
There are a couple steps to take in order to qualify for a mortgage with bad credit, such as check your credit report, demonstrate a steady income, eliminate all other debt and to also look for a co-signer.
What is the meaning of no doc mortgage loans?
A no doc mortgage is one that requires no documentation to be signed at the time of sale. There is no need for a credit check or other background financial information.
