Posted on: 08th Feb, 2012 03:31 am
I'm on my way to repair credit. At present, it is a bit under 600 on all three credit reports. I bought an owner finance house 3 years back and the deal is for 5 years. After the contract ends, I want to take out the equity in that property and buy another home with the cash. And I would like advice on how or where to go. I expect my credit to make it close to 700 or possibly into the 700's by then. Thanks for the replies.
Hannah, you will need to maintain (or obtain from the home seller) a record of your payments on that mortgage. That is in addition to the improved credit report you'll be able to provide to your prospective new lender when you wish to make the purchase you speak of.
If you succeed in getting your credit score up to 700 or so, you'll pretty much have a choice to use virtually any lender. Finding a reputable one isn't that difficult - you may wish to start getting to know some now...check out a few and see if you can trust them...or go get some recommendations from people you trust, who will have had favorable dealings with lenders. Dealing with someone who is expert in the market and trustworthy is imperative.
If you succeed in getting your credit score up to 700 or so, you'll pretty much have a choice to use virtually any lender. Finding a reputable one isn't that difficult - you may wish to start getting to know some now...check out a few and see if you can trust them...or go get some recommendations from people you trust, who will have had favorable dealings with lenders. Dealing with someone who is expert in the market and trustworthy is imperative.
As I remember do not declare the source of the funds if the loan application explicitly asks would be mortgage fraud.
GOOD LUCK
:idea:
GOOD LUCK
:idea:
Hi Hannah!
Welcome to forums!
I agree with what George has said!! If you have a credit score of 700 or more, most of the lenders will be ready to offer you loans at a low interest rate. You can contact your local lenders for the mortgage. Apart from that, this community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you will qualify for.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what George has said!! If you have a credit score of 700 or more, most of the lenders will be ready to offer you loans at a low interest rate. You can contact your local lenders for the mortgage. Apart from that, this community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you will qualify for.
Feel free to ask if you've further queries.
Sussane
Sabrina: HUH??????!!!!???
If you can increase your credit score over 700, you will be able to get loan from any source. In that case, it would be better to find out a lender in your locality. However, make sure that the lender is a genuine one.