Is It Possible to Get Mortgage with No Credit Check Easily – Read More to Know How
by Roy Robbins Refinance Your Mortgage Home Loans even with Bad CCan you get a home loan with no credit
check? The answer is yes. The law prohibits lenders from offering no credit
score mortgage. Therefore, when you apply for a home loan, the first thing the
lender will review is your credit score.
With every lender performing a credit check
for a home loan application, it is now impossible to get a mortgage with no
credit check. But, if your credit score is poor, you can apply for a bad credit
home loan. There are lenders who are willing to finance up to 90% of the
property value that even includes Lenders Mortgage Insurance (LMI). The LMI is
the one-time fee that lenders charge for a Loan to Value Ratio (LVR) of over
80%.
Every lender performs credit check, so it is now impossible to get a mortgage with no credit check. We made possible, get our help today and apply now.
If you can satisfactorily explain the
reason behind your poor credit, you will find some lenders that offer home
loans even for bad credit records such as settled bankruptcy, default or missed
payments, part IX agreement, court judgment, and so on. However, when you do
not have much credit activity and are looking for mortgage with no credit, you are
out of luck. Lenders are unable to establish your credit worthiness and you
come across as a high risk customer somewhat similar to bad credit customer.
It is mandatory for the lenders to perform
a credit check before they can disburse a home loan in order to fulfill the law
set out for responsible lending. As such, you cannot get a mortgage with no
credit check. That said, your low credit score does not imply that you cannot
make future payments. Lenders also evaluate other parameters such as monthly
income while reviewing a loan application.
While it is true that you cannot get a home loan with no credit check,
you can find a good deal on your bad credit home loan by making a large down
payment. You are required to pay at least 10% of the purchase price of the
house as down payment. Of this, 5% should be from your genuine savings that you
have held for over three months. These may include shares or bonds, or even
managed funds. Genuine savings are a must when borrowing more than 85% LVR.
Therefore, before applying for a bad credit home loan, it is better to save
some funds for down payment and additional fees such as conveyancing,
inspections and reports, loan fees, and LMI.
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Created on Aug 29th 2017 04:23. Viewed 787 times.