Can I buy a house with poor credit history?
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ingelbert
Apprentice
Joined: 01 Nov 2006
Posts: 3
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 Posted: 04/13/08 - 07:13 Post subject: |
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| I have recently started thinking about buying a property. However, I do not have too much money, I have to plan the costs very carefully. I was thinking of getting a mortgage, but I have poor credit history. Can I buy a house that way at all under these conditions? If anyone could tell me, that would be great. Thanks in advance. |
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jorge
Apprentice
Joined: 29 May 2006
Posts: 8
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| Posted: 05/13/08 - 01:51 Post subject: |
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| Credit rating is probably essential for anyone trying to get any kind of loan or mortgage. Simply put, the better your rating, lenders will have greater confidence in you and will give you a better deal. Still, even with a bad credit rating, you will be able to get a mortgage for buying a house, but not with every lender. Also, you might not be able to get a deal that would ideally suit you, but with some luck and patience, you might still be able to get a decent mortgage, although most probably with higher interest (which means higher monthly payment). You might hire an independent mortgage broker in order to get the best deal possible. Best of luck. |
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