| Posted by: Richard W. Jan 2 2003, 07:09 PM |
My questions are related to getting a mortgage. How good does your credit need to be? Do banks/lenders just refuse people with late payments in their past, or do you end up having to pay higher interest
rates? |
| Posted by: loanuniverse Jan 3 2003, 12:09 PM |
Any bank that knows what they are doing is able to provide a product to the borrower in spite of their credit history. Mortgage products are tiered to your credit history as the investor banks and institutions require you to meet a certain level of credit worthiness, which is usually reflected by your credit score.
Will they refuse you if you have late payments or a bad credit history? Yes, but they will surely come back to you with a more expensive alternative.
I recommend you request your credit report to find out what has been reported. It should cost you around $10 and might even be free if you live in some states. In addition, try to get your credit score. I know that I got my credit score for free a couple of years ago online. |
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