 I thought most people changed the locks? |
| Whenever I move into a rented property I always change the locks - and give the landlord a key. This has never caused a problem. I do not know who has lived in the property before and who they have ... |
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 House size and area? |
| If you had a choice... would you buy a big house in a crap area, or a teeny house in a good area? We got schools to consider too...... |
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 I have an adjust. mortgage at 3.875 which is scheduled to go to 5.875 in Sept. Should I get a fixed rate now? |
| I'm wondering if I should ride out the next year at 5.875 and gamble that rates will come down the next time my mortgage adjusts in another year. Just wondering what you think rates will go to?... |
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 Why does my lender want to see my entire bank statement for the last 2 months? |
| Is it not enough to just show the cover page of the statement that shows the opening amount and the closing balance? Why would they ask for the entire statement the shows all transactions in the ... |
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| Should I refinance my 7/1 ARM 2 years early? |
| I have great credit and 40% equity in my home. I took out a 7/1 ARM 5 years ago and have 2 years left. I got a good faith estimate from a couple lenders and found I can refinance and my current ... |
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 Which renters should I choose? |
| Here are the situations. I have a 2 br and 2 bath condo apt. I won't be moving in right away and will sublet it for 6 month or longer or shorter depending on my current situation which I would ... |
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 How many skipped mortgage payments before the bank can begin foreclosure? |
| Lost job in the begining of May. Paid May mortgage payment, but only a fraction of June's. It is now July 21. Can the bank foreclose already? I just sent $600 but still owe $1,000 of June's ... |
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| Can my landlord refuse to let me take in a flatmate? |
| I'm thinking of taking in a flatmate or lodger to help me pay the rent. I will have to ask my landlord for permission. Do they really have the right to refuse? I have a 3 bedroom house and its ... |
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 I'm Buying my first home and I have a question about.....?? |
| Our closing date is set for the end of June this year, but I want to know if typically the owners of the house will let you do any work prior to closing. They have already moved out, and we want to ... |
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 What do I do when bank start to forclosure my house? |
Additional Details
I m not able to keep the house so I have to let it go. Please let me know what to when the eviction paper is on my door.
Thank you so ... |
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 My mom is selling her house and has received an offer and she has signed the purchase agreement recently.? |
| She has agreed in the agreement to close no later than 8/1 and to close within a week when their bank say it is ready. But, she heard from her real estate agent that they want to close in the ... |
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 Viewed a new rental property today and the estate agent said? |
| if you rent an unfurnished property the council tax will be less than a furnished one. is this correct. or are they lying to try and get us to sign the contract?... |
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 Do we legally have to pay rent while living with parents? |
| I am 21 and finish uni next month. I'm living with parents in a council house, parents are on housing benefit and dont pay rent. Legally, would i be required to pay rent after completing full ... |
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 Homes in Foreclosure!? |
| What are the requirements and steps taken in order to buy a foreclosed home? Has anyone done it and been sucessful? It's it worth it to try and buy a foreclosure as a young couple? Are there ... |
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 Is a cosigner frowned upon for a mortgage? |
Last time I looked at my credit score it was in the mid-high 500's. Both my parents and inlaws have offered to cosign for a home loan and both have stellar credit.
A friend who used ... |
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CrazyKriket | Why is good credit so necessary to buy a home? |
My husband and I are trying to buy a home. Someone beat us to the offer by a day. However, the single lady has bad credit and needed a co-signer which is her father. But then we found out that dad has bad credit too. My realtor tells me that this loan most likely won't go through, and that we'll be able to buy the place in a week or two. I'm just curious as to why. Why does excellent and bad credit make such a difference when buying a home? |
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Jessica S
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Good credit is needed because they want to know that they can rely on people to pay there house payments. If your credit is bad it is usually because you have had late payments or no payments. If you have cash to pay credit doesn't matter. Plus it all depends on your income, also. |
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huffmak2
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Having credit is how they rate you on whether or not you're willing to pay your bills. Those with bad credit usually don't pay bills on time, if at all and therefore no one is willing to lend them money. Good credit shows responsibility, a willingness to take on debt, and still pay for it. Hence, those who pay on time raise their credit scores and are more able to get credit in the future. Good Luck. |
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dg8499
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Well, I am in the mortgage industry and I actually work for Citibank which is one of the largest banks in the world. So speaking on why credit means so much is simple. Banks dont know "you" as a person so credit scores are basically a reflection on a person. Now fico scores are based on a tier which will result in rates for customers based on how high or low they score. If a person doesnt have a score or a low score, how is the bank assured that they will be paid back a huge loan?? That being said a bank doesnt always lend on credit. There are other things they consider, like assets, job history, rental or mortgage history, downpayment, and property type. Good luck with the house!! |
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"Hooks"
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Because the seller,Realtor and mortgage co wants to know you are going to be able to pay for the home and your credit history is important to them.Your income and credit history are the most important things in qualifying for a loan for a particular home. Most Realtors will use this to pre-qualify you as to the price of house you can afford before they start showing you homes. |
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rangalewis
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Think of your credit report as your Grade report. Credit report let’s the Banks know how well you have been repaying your debt. (i.e. credit cards, car payments). If your father has bad credit that tells the bank; this person has not paid his debts on time. Banks do not like people who do not pay their bills on time.
There are many ways of getting this problem fixed. Have you spoken with you Mortgage broker about it?. He/She should tell you how to get it fixed fast. I’m faced with these kinds of problems on a daily basis. This is not a big problem!. Your Realtor needs to work with a competent mortgage professional. |
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myloanagent
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The higher the credit is ,better the rate and lower the risk for the lender.
When you have posible buyer for your property they should be Pre-approved not just pre-qualified, I'll say accept the offer but contengent , meaning that your house can still availabe for other possible buyers; in this days is hard to find buyers so if you have one try to keep it, but listen carefully DO NOT ENTER INTO A PURCHASE for the new place until your transaction close and you have the money in the bank.
I am a Mortgage Broker in Orange County California but I lend money in 50 Estates.
always always alwasy make sure the money is in your posession then you move on.
good luck |
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kwabena1041
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Well Im currently closing on my 1st home a condo. So I have a little experience in the whole process. Your credit score is important because you will need a loan from a bank in order to purchase the property from the seller. Your credit score dictates weather or not a bank will loan you the funds. The better your score, the better deal you will get from the bank. If your score sucks banks assume you are not educated and they will try to give a bad interest rate or an adjustable interest rate (ARM). The recent news about foreclosures is due to banks taking advantage of people with low scores. The banks gave them ARM. With an ARM loan the interest rate usually starts low, so the monthly payments are affordable, but the very next year the adjustable rate skyrockets,and the monthly payments become unaffordable, and people loss their homes.Your credit score is a reflection of your credit history, your paying habits and the amount of debt you currently have. When you don't pay bills on time, or pay slow this causes your score to drop. The longer you pay slow or ignore debt the lower your score.
Credit scores range from like 400-800.I think the lowest your score can be is the low to mid 600's. Anything lower you will have a very hard time finding a lender. Now its not just your score its your debt to income ratio. All that is, is your ability to pay your current debt with the income you currently make. This was a problem for me because I have student loans. So my debt to income ratio was not great.
Basically if you plan to buy a home start by getting your credit in order. There are lots of things you can do.
Pay debt
Get a credit card
Don't acquire more debt |
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Terry S
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Good credit is an indication you pay your bill on time.
Lenders don't know you from adam and need a quick and inexpensive way to determine what you're made of.
Asking why good credit is important is kinda like asking why people with good grades get into Harvard.
How you are in one thing, is how you are in everything.
If you pay your bill on time and have no late fees, or charge off's on your credit report that's telling the bank you're a reliable borrower and they are most likely going to be repaid in a timely manner.
People who don't pay their bills on time call the system "Broken" are actually the ones who are broken.
Terry S. |
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Andrea B
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If you have poor credit, that usually means that you have paid credit cards or loans late or have too much credit. Both of these are warning signs to a lender and make them think that they will not get their money back from the loan. Since a home loan is usually for 10,000s or 100,000s, that is a lot of money for a company to lose out on. |
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