Go to Jeff Salisbury LWGate Home Page.From: BOB FORD <BOB_FORD@compuserve.com>
Subject: MORTGAGE QUESTION
Date: Thu, 21 Jan 1999 10:27:54 -0500
Next Article (by Author): Re: Cancelled checks, proof of payment David Martin
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>From: Steven Klein <SKLEIN@snm.org>
>Subject: mortgage question
> =
>Mortgage question:
> =
>Is it possible to get a mortgage without
>doing a credit check, if so how much does
>one have to put down for a deposit?
> =
>SK
=
Steven
Yes but not from a regular mortgage broker or financial
institution. Almost all mortgages are sold buy the lender and to
sell a mortgage, the owner of the mortgage must complete
several steps and one of the steps is a credit check. =
You may find a sub prime lender that will make you a loan
without a credit check but their fees and points will be very high =
the interest rate will also be very high. Lenders that do these
kinds of loans usually want 50 percent or more down payment. =
This is a win win situation for them. They will make a large
profit from you in one of two ways. If you make your payments
on time, they get a very high interest rate. If you do not make
your payments on time, they are very fast to foreclose and take
the equity in your property. In some states if they do not sell
your property for enough to pay what you owe (unlikely if the
loan to value ratio is 50 percent) they will sue you for the
difference.
=
The only reason I can think of for not doing a credit check is
that the person has bad credit. If that is the case, buy a house
where the owner will "carry back" the mortgage. The seller may
not require a credit check.
If you need more info, let me know.
GOOD LUCK
BOB FORD
BOB_FORD@COMPUSERVE.COM
http://ourworld.compuserve.com/homepages/BOB_FORD/
FAX 714-637-2955 =
Editor of the 57-56-55 CHEVY LIST and TURBOGLIDE
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