Do mortgages have something to do with credit history?
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cassius
Apprentice
Joined: 11 Mar 2004
Posts: 7
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 Posted: 09/04/07 - 04:43 Post subject: |
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| Hi. I am a college student doing some research. I am supposed to write a short piece about mortgages. I already figured out that a person can get a mortgage depending on their income. Four times your yearly income, if I have understood it well. But how about credit history. Do mortgages have something to do with that? |
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otes
Apprentice
Joined: 10 Aug 2004
Posts: 6
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| Posted: 10/24/07 - 01:15 Post subject: |
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| Yes, that's right! You understood correctly. If an individual does not pay off their loans, credit cards, mobile phone bills or anything else, credit scoring agencies classify him as an irresponsible lender. Thus his credit rating goes down. of course, lending such a person such a big amount as is required for a mortgage is a bad idea! |
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