Can I catch a mortgage next to fruitless credit - Ontario?
My husband and I are looking for a mortgage. This is our problem...
We were renting a very expensive sheep farm house, and stupidly decided to help 2 ethnic group members out, and let them live next to us. We ended up supporting them completely for over a year. Ultimately, this took us into financial despair.
My credit score is 499, my husbands 487. We both hold full time, secure jobs, making more or less $100k/year.
I'm trying to clean up our credit, but am told it will take a while, is within any way we can get into a mortgage in a minute?
We have 5% down, but there is no bearing we can come up with 20 - 25% down. We're paying $1200 / mo for our Kitchener, ON apartment, and know we could have a house for that money.
We're looking at $175 - 199k houses.
Do we hold a chance? What should we do?
Thanks for any and all warning.
Answers:
Get your credit score up first. You'd be stuck with a high interest rate or worse but and interest only loan.
For free consumer information and advice on obtain mortgage loans with a bad credit history and tips on how to amend your credit rating before you apply for a mortgage visit the source below. Source(s): http://www.mortgageawareness.com
No, and if you were to have power over to get a loan you'd be paying a very big interest and that would be even worse to put you in debt. Source(s): personal information
With those scores you will want much more than a 5% down payment.
Check this out:
http://www.helium.com/tm/226327/planning…
I'm a mortgage broker from Edmonton, Alberta. I specialize in clients that have credit issues within the past. You can contact me at my website http://albertamortgageguy.com . I may be able to relieve you. Source(s): Sign up for a Free Mortgage Newsletter and save $1000s http://albertamortgageguy.com
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200,000$ Condo "Loan with HSBC" Still Owe 175-180,000 Market Value Then (200k to 210k) NOW ( 95k - 125k) What is the worst case scenario for: Paying Utilities...
We were renting a very expensive sheep farm house, and stupidly decided to help 2 ethnic group members out, and let them live next to us. We ended up supporting them completely for over a year. Ultimately, this took us into financial despair.
My credit score is 499, my husbands 487. We both hold full time, secure jobs, making more or less $100k/year.
I'm trying to clean up our credit, but am told it will take a while, is within any way we can get into a mortgage in a minute?
We have 5% down, but there is no bearing we can come up with 20 - 25% down. We're paying $1200 / mo for our Kitchener, ON apartment, and know we could have a house for that money.
We're looking at $175 - 199k houses.
Do we hold a chance? What should we do?
Thanks for any and all warning.
Answers:
Get your credit score up first. You'd be stuck with a high interest rate or worse but and interest only loan.
For free consumer information and advice on obtain mortgage loans with a bad credit history and tips on how to amend your credit rating before you apply for a mortgage visit the source below. Source(s): http://www.mortgageawareness.com
No, and if you were to have power over to get a loan you'd be paying a very big interest and that would be even worse to put you in debt. Source(s): personal information
With those scores you will want much more than a 5% down payment.
Check this out:
http://www.helium.com/tm/226327/planning…
I'm a mortgage broker from Edmonton, Alberta. I specialize in clients that have credit issues within the past. You can contact me at my website http://albertamortgageguy.com . I may be able to relieve you. Source(s): Sign up for a Free Mortgage Newsletter and save $1000s http://albertamortgageguy.com
Related Questions:
Walk away from a Mortgage contained by Michigan beside HSBC? Worse Case Scenerio? Credit? Out of Pocket? Jail Time?
200,000$ Condo "Loan with HSBC" Still Owe 175-180,000 Market Value Then (200k to 210k) NOW ( 95k - 125k) What is the worst case scenario for: Paying Utilities...