Reasons To Finance Your Home Instead Of Paying All Cash Get a No Credit Check Mortgage

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Get a No Credit Check Mortgage

There are many reasons why you may need a no credit check mortgage. Some of the most popular reasons why you need such a mortgage are having no proven income, or having a large income, but a poor credit score or credit history. If you have your own business, especially if it is brand new, you may have a very high income, but you may not have either the income history or the documentation required by most mortgage lenders. This is true even if you did very well in investing at an early age or are a professional athlete early in your career. What should you do? Unless you have enough cash on hand to actually purchase a property, you need a mortgage. Unfortunately, most mortgage lenders won’t give you the time of day unless you can prove your income and credit history. If you don’t have either, you’ll be out of luck.

Fear not, there is hope if you want a mortgage but don’t want to get a credit check first. It won’t be as easy as running into your neighborhood bank or mortgage broker, but you’ll be able to get that mortgage and buy your home. You will have to do more to find a mortgage lender willing to lend you money without a credit check.

Look at it from the lender’s point of view. It is much easier, less expensive and more accurate to assess your ability to repay your mortgage if they can check your credit. Any lender is interested in your ability to repay your money. The harder it is for them to determine weather or you can’t do so, the higher interest rate you will typically pay for your mortgage. You can still get a mortgage if you don’t allow them to run a credit check.

They may require a larger down payment in addition to higher interest rates. In some cases they may not give you the highest interest rate, but you can get at least 20% down. The larger your down payment on the property, the lower the risk to the mortgage lender. If they need to default, they have your equity to recover their costs. Additionally, experience has determined that the larger your down payment, the less likely you are to default on the mortgage. Again, this is about the lender reducing their risk.

You will probably have to contact several lenders to find people willing to work with you and get the best interest rate and fee structure for your loan. In any case this is a good approach to take. You want to be able to compare loan packages from several different lenders, especially in the case of a credit check mortgage. Lenders know that your options are limited compared to traditional mortgages. This is another reason why you stand to pay higher interest rates and fees.

So, don’t give up in your search for a no credit check mortgage. There are lenders who will make your dreams come true. Whether you work with a mortgage broker, or other service that looks at mortgages from multiple lenders, you should probably compare what you’re offered from several different lenders. They key to getting a great mortgage is to go out there and see.

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