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Will paying off or paying down a 2nd mortgage early help to improve an already excellent credit score?
Wiki User
∙ 16y ago
Absolutely. Before you do it, check your contract for possible penalties associated with paying off the balance prior to the due date. If you pay the loan off early and there is no penalty - so much the better. Your credit score goes up and you pay less in interest than you would have had you taken the loan to term. If there is a penalty associated with early pay-off, you may want to compare the amount you would save in interest with the cost of the penalty. Then choose the path that makes the most sense.
Wiki User
∙ 16y ago
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Where can one improve their bad credit due to mortgage rates?
One can pay off their mortgage and therewith reduce his overall debt. Bad credit may also be due to past history, for example if one has already declared himself bankrupt, he will have a bad credit score.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
How can one get a mortgage if they have bad credit?
There are many mortgage alternatives such as leases, though a person may be able to co-sign on a mortgage with someone with excellent credit. Many times, private lenders will offer a mortgage to someone with bad credit. There can also be social programs that offer resources to low income families.
Can someone cosign a mortgage if they already have a mortgage of their own?
Yes. My boss owned a home and co-signed for me. It all depends on your credit. Yes
Should you be concerned if your mortgage is not showing up on your credit report?
You should contact you mortgage company. B/C if your paying a mortgage on time your credit score will improve greatly. And it may cause you problems down the road when you want to refi or buy another home.
Where can one improve their bad credit due to mortgage rates?
One can pay off their mortgage and therewith reduce his overall debt. Bad credit may also be due to past history, for example if one has already declared himself bankrupt, he will have a bad credit score.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
How can one get a mortgage if they have bad credit?
There are many mortgage alternatives such as leases, though a person may be able to co-sign on a mortgage with someone with excellent credit. Many times, private lenders will offer a mortgage to someone with bad credit. There can also be social programs that offer resources to low income families.
When you have moved to the US from Canada and have an excellent credit history will banks and mortgage lenders need your credit history if it applies in a different country?
No they won't.
What to do if the person that wants to get a mortgage for your propertybut cannot obtain one until credit it corrected. How can you still sell to them?
You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.You can take back a mortgage yourself. However, remember that you already know the potential buyer has poor credit and may not pay the mortgage payments. You should obtain legal advice from an attorney.
Can someone cosign a mortgage if they already have a mortgage of their own?
Yes. My boss owned a home and co-signed for me. It all depends on your credit. Yes
Should you be concerned if your mortgage is not showing up on your credit report?
You should contact you mortgage company. B/C if your paying a mortgage on time your credit score will improve greatly. And it may cause you problems down the road when you want to refi or buy another home.
How can you transfer your mortgage to your mother who has less than perfect credit if both of your names are already on the deed?
You can't transfer the mortgage, but you can remortgage in her name only.
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.
How can I refinance a mortgage with a bad credit?
One can refinance a mortgage with a bad credit by thinking in advance. You can do this by working at improving your situation, and then when it is time to refinance you can show that you have made an honest effort to improve it. You can find more ways to do this at a website called RefinanceMortgageSite.
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 does one obtain a no money down mortgage?
A good way to obtain a no money down mortgage is to have excellent credit. You can make appointments to speak someone who could help you with other options as well.
