Posted on: 05th Oct, 2005 10:59 pm
I occupy a part of the property, the other half of which is owned by someone else. i am capable of paying cash to the person but it will wipe out all of my savings. the house is worth $30,000. can I get a mortgage loan for this ? i am employed for over a year.will i get a loan at a higher interest rate because i have never paid rent or a mortgage before? But otherwise i have a good credit score.
Hi Garry
Welcome to the forums.
It am glad to know that you have a good credit score. Otherwise, I have come across several borrowers who have been unable to maintain a fair credit score and have gone through difficult times in getting a loan. You can obviously get a mortgage even if you haven't paid any rent before or taken any home loan previously. Whether you qualify for a loan depends on your debt-to-income ratio and the credit rating given by lenders on the basis of your credit core.
There are various types of mortgage loans available in the market and with the kind of score that you have, it is easy to qualify for loans at reasonable rates. And, you can also avoid the down payment by opting for loans that are offered at zero downpayment. But you are required to pay the closing costs for the transaction. The costs include loan fees, appraisal fee, legal fees, credit report fee, homeowner's insurance and title insurance fees and there may be more.
But when you apply for the loan just check out whether your lender has supplied you with an estimate of the closing costs. Just try and shop around for a loan amount of $15,000 and I hope you don't have to pay higher interest since you have a good credit score.
But in the entire mortgage process, you may require a mortgage attorney to help you out with the legal matters. You should shop around for the best possible offers and make it sure that you ask the lender about the various modes of repayment. Also, try and negotiate with the lender regarding the closing costs.
May God help you.
Regards,
Samantha.
Welcome to the forums.
It am glad to know that you have a good credit score. Otherwise, I have come across several borrowers who have been unable to maintain a fair credit score and have gone through difficult times in getting a loan. You can obviously get a mortgage even if you haven't paid any rent before or taken any home loan previously. Whether you qualify for a loan depends on your debt-to-income ratio and the credit rating given by lenders on the basis of your credit core.
There are various types of mortgage loans available in the market and with the kind of score that you have, it is easy to qualify for loans at reasonable rates. And, you can also avoid the down payment by opting for loans that are offered at zero downpayment. But you are required to pay the closing costs for the transaction. The costs include loan fees, appraisal fee, legal fees, credit report fee, homeowner's insurance and title insurance fees and there may be more.
But when you apply for the loan just check out whether your lender has supplied you with an estimate of the closing costs. Just try and shop around for a loan amount of $15,000 and I hope you don't have to pay higher interest since you have a good credit score.
But in the entire mortgage process, you may require a mortgage attorney to help you out with the legal matters. You should shop around for the best possible offers and make it sure that you ask the lender about the various modes of repayment. Also, try and negotiate with the lender regarding the closing costs.
May God help you.
Regards,
Samantha.
Thanks Samantha for providing me with such useful information. This is a great forum, i really look forward for it in future.
Thanks,
Garry
Thanks,
Garry
