Is It Possible to Get Mortgage with No Credit Check Easily – Read More to Know Howby Roy Robbins Refinance Your Mortgage Home Loans even with Bad C
Can 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.
Created on Aug 29th 2017 04:23. Viewed 527 times.