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What can result in getting a second mortgage while having a bad credit score?
Wiki User
∙ 10y ago
If one is trying to get a second mortgage while having bad credit it may be difficult due to one's credit standing. There are many companies that do provide second mortgages to those with bad credit and one can choose something such as a fixed mortgage rate so one knows what the payments will be over time and thus allowing one the opportunity to attempt to repair one's credit score.
Wiki User
∙ 10y ago
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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.
Ask us of these describes the costs and benefits of getting a mortgage?
Buy a House but Result in Large Interest Payments - Apex
If you do a reverse mortgage CAN you rent out your home?
No, you must keep the home as your primary residence, renting out the home is a violation of the mortgage agreement and could result in the mortgage note being called due.
What is sub prime crisis?
Subprime crisis is a crisis started in the year 2008 that affects the mortgage industry because of the approved loans that they could not afford. In result, many lending institutions and hedge funds closed. This also affects the global credit market that results in higher interest rates of credit.
Does a mortgage loan help your credit score?
Typically speaking, yes. A mortgage loan acts as an installment loan, which if you pay on time on a regular basis, and your balance goes down each month, it can certainly help your credit. That being said, just one or two MISSED mortgage payment can have a huge negative impact on your credit score. 30% of your credit score is determined by your payment histories and a huge chunk of that 30% is your mortgage payment. If you are talking about a REFINANCE mortgage with which you consolidate debt, that can have a huge positive impact on your score because your revolving account balances drop to zero. High balances on revolving accounts (like credit cards) have a large negative impact on your score. You never want to carry a balance on a credit card that is more than 50% of the credit limit. While it's true that refinancing can help you consolidate high-APR credit card debt, and reduce the associated balances, a refinance will likely lower your credit score in the short term. Also, you are exchanging unsecured debt with secured. If you cannot make the payments, you are facing foreclosure or a short sale. This happened to many folks during the 2008 subprime downturn, so be very careful. Essentially, any time you apply for new credit, you appear as a higher credit risk to other lenders, so your credit score will drop as a result. But long-term you'll improve your financial position if you make timely payments on any new loans.
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 is it possible to find a credit score calculator?
One can find a credit score calculator and estimate his/her credit score on Calxml. The result depends on one's mortgage, auto loan, student loan, credit card, etc.
What are the costs and benefits of getting a mortgage?
Mortgages enable people to buy houses but result in large interest payments.
Ask us of these describes the costs and benefits of getting a mortgage?
Buy a House but Result in Large Interest Payments - Apex
Which of these describe the costs and benefits of getting a mortgage?
Mortgages enable people to buy houses but result in large interest payments. Apex
What can result in consuming alcohol?
Having fun and getting drunk. Any other questions?
Would my remortgage interest rates goes up if I missed a payment?
Failure to make your mortgage payment will result in your lender reporting the mortgage lates to the credit reporting bureaus. Your initial late payment may result in a 30 day late which can bring your FICO scores down. For More Information go to http://www.mkemortgage.net/content/what_happens_if_i_cannot_make_my_mortgage_payment_456.htm
What factors influence the result of a mortgage interest calculator?
Anyone interested in what would influence the results of a mortgage interest calculator would be well informed that a few things factor in. Depending on the Market, Individual Bank Policy, Promotions, loan structure and lastly Credit History all play a role.
What tends to result in an increase in the selling price of houses in an area?
An increase in mortgage interest tates.
If there are two unmarried people on the title and one has a mortgage while the other pays the mortgage is this considered taxable income to the one with the mortgage?
No, this does not result in income as long as there is no obligation of the person to pay the mortgage of the mortgagor. For instance, if person B is paying the mortgage because person B owes A money, person A would report income. However if B is paying the mortgage as a gratuitous transfer, this is a gift to A to the extent that B is adding equity in the house to A. If the title is 50-50, the mortgage payments result in a gift in the amount of 50% of the payment.Paying the mortgage just to be nice constitutes a gift. Gift taxes only apply if the taxpayer's unified credit is used up. The unified credit or applicable exclusion amount is 3.5 million dollars in 2009, and it is expected to be reduced to $2 million dollars in 2010 (although the applicable exclusion amount on the books as of today us unlimited in 2010, but Obama's administration has proposed to reduce it to $2 million.)So, unless you have more than $2 million dollars to give away during your life and when you die, no gift tax will be incurred. And, unless you owe the other person on the title money, the payment of the mortgage will not result in income to the other person.
Will putting your child as an authorized user on your credit card result in credit getting established for your child?
Probably not they I believe they would need to be jointly on the account. when they are an authorized user they only have the name not all of the child's information.
Which of the following tends to result in a decrease in the selling price of houses in area?
an increase in mortgage interest rates
