Is it possible to get a mortgage with a decent, fixed interest rate with bad credit?
May 28, 2009 in
Financial and Loan Tips
The Grit
I have good to fair credit, but he has bad to, well, bad credit. We’re sick of renting.
I have good to fair credit, but he has bad to, well, bad credit. We’re sick of renting.
Also, has anyone had experience with online loan companies like Lending Tree?
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4 comments
Family Guy Rules on May 29, 2009 at 3:19 pm
Credit cards have interest rates
Octavius on May 31, 2009 at 7:40 am
No, unfortunately only crefit sharks will go for it and rip you off with high interest rates
abrahamrbgem on June 1, 2009 at 11:45 am
Forget lending tree. You want to be able to look your broker dead in the eyes when he’s tossing out that interest rate.
As far as getting a decent interest rate with bad credit goes, depends what’s decent to you. More directly, NO! Should that stop you from making a purchase, maybe! If you find a really good deal, I would suggest buying it now, taking whatever rate they give you, just be sure that the loan program they give you does not have a prepayment penalty, and refinancing in about a year after having fixed your credit.
becky w on June 4, 2009 at 4:34 pm
My husband and I just bought a house and it sounds like we are in the same situation. I have bad credit, my husband has fair crdeit. So, we talked to out mortgage lender and they said the best thing for us was to have the home only in my husbands name, otherwise my bad credit causes us to have a very high interest rate. Plus, if something, god forbid happened like a divorce, since we were merried before the purchase of the home, I still have say in the settlement.
We also looked into lending tree, but they wanted a large amount down, like 20%, and we just didn’t have it. So we went through citizens bank. They only required 3% down, and when we bought our house we put in the offer that the home owner pay our closing costs and 3% down.. People really want to sell there homes, so go for it.
P.S. We got a locked interest rate od 6.5.% Not bad for not great credit.