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Old 02-26-2013, 01:16 AM   #1
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Do you need a good credit score to mortgage something?


Lets say your credit score is ~600, would you be able to mortgage a property you owned outright for at least a portion of it's appraisal value? I'd think a bank would give you up to %50 or so just based on the value of the property?

Trying to find the criteria, but it all seems to deal with getting a mortgage to buy a property, or second mortgages.

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Old 02-26-2013, 07:46 AM   #2
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Do you need a good credit score to mortgage something?


One way to find out for sure would be to call them and not count on info from complete strangers that may or may not have a clue.

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Old 02-26-2013, 07:56 AM   #3
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Do you need a good credit score to mortgage something?


Sounds like what you are talking about is a home equity loan (or line of credit). Why not just try a couple of banks and see what they say? If one is willing to work with you, they'll have the house appraised and tell you how much you can borrow.
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Old 02-26-2013, 08:01 AM   #4
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Do you need a good credit score to mortgage something?


I don't believe credit score matters too much since they can just take your house/property. As long as the portion of the property that you have already paid off is worth more than the amount you're borrowing.
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Old 02-26-2013, 08:10 AM   #5
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Do you need a good credit score to mortgage something?


Oh, but credit score does matter. Yes, if you default the bank can take your property. But banks aren't in the real estate business, they're in the money business. They don't want your house, they want your payments. Your credit score is a good indicator of your ability to make them.
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