0
If someone has bad credit and you buy there home will that affect you?
Wiki User
∙ 11y ago
No. It will not affect you unless you don't take the necessary steps to protect yourself from any liens against the real estate. You should be represented by an attorney who will have the title examined by a professional title examiner. The title exam will disclose any outstanding title defects, unpaid mortgages, judgment liens, income tax liens, etc. The attorney will also contact the town to determine if there are any municipal charges due such as utility charges, water and sewer charges, property taxes, or any other type of liens.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Does having bad credit affect your APR for a new car or home?
Bad credit will affect your APR on any new loan. Most banks use a tiered credit system to determine APR.
Where is it possible to refinance a home mortgage if someone has bad credit?
There are many places a person can go to refinance a home mortgage if they have bad credit. Bad Credit OK and Quicken Loans are two websites a person can use to help refinance their home mortgage.
Does someone living at an address with a bad credit history affect the credit rating of that address for anyone else living there?
No. Credit is tracked by the individual, not by an address.
Where can someone find a place for a mortgage if they have a bad credit score?
The best place for someone to get a mortgage with bad credit is from a government program. These programs include Home Affordable Refinance Program and Home Affordable Modification Program.
How can someone get a home equity loan if they have bad credit?
A person with bad credit can still apply and get a home loan by using the equity in their home as collateral. The more equity in the home the better the chances of being approved for the loan.
What are some home loan lenders for people with bad credit?
There are lots of places online where someone can find home loan lenders for people with bad credit. Some of these home loan lenders are Realtor and FHA.
How can bad debt affect your financial life?
Bad debt can affect your credit score which would impact getting a loan, purchasing a home, or getting some jobs. It can impact your long term financial stability by inhibiting someone from saving money for future expenses.
Where is one able to find a guaranteed home loan even with bad credit?
There is no way to guarantee someone will give you a home loan, but if you have poor credit, you can shop the same home lenders as someone with pristine credit. They will assist you in taking the steps to getting you approved for a home loan.
Where could someone in need of a loan but with bad credit obtain finance?
There are a few ways that someone with bad credit can obtain finance, The first is to use a home equity line of credit and you could also apply to credit unions or receive a peer to peer loan.
How can someone with bad credit purchase a home?
Buying a home with bad credit can be difficult but not impossible. First check your credit score then try to have your card limits raised which will help the credit score. Then talk to a loan officer to see which debts are best to eliminate before applying for credit.
How does having bad credit affect my mortgage payments?
If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.
Where can someone with bad credit get mortgages?
Someone with bad credit can apply for mortgages through the FHA program. These mortgages are backed up by the FHA and are a good choice for someone who has bad credit.
