Go Back   DIY Chatroom Home Improvement Forum > DIY Repair > General DIY Discussions

CLICK HERE AND JOIN OUR COMMUNITY TODAY...IT'S FREE!

Reply
 
Thread Tools Search this Thread Display Modes
Old 02-26-2013, 12:16 AM   #1
Member
 
Join Date: Mar 2010
Posts: 368
Share |
Default

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.

tibberous is offline   Reply With Quote
Old 02-26-2013, 06:46 AM   #2
Member
 
Join Date: Nov 2011
Location: Hartfield VA
Posts: 25,560
Default

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.

joecaption is offline   Reply With Quote
Old 02-26-2013, 06:56 AM   #3
Member
 
Join Date: Jan 2009
Location: WV
Posts: 2,857
Default

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.
md2lgyk is offline   Reply With Quote
Old 02-26-2013, 07:01 AM   #4
Member
 
Join Date: Jul 2011
Posts: 790
Default

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.
mikegp is offline   Reply With Quote
Old 02-26-2013, 07:10 AM   #5
Member
 
Join Date: Jan 2009
Location: WV
Posts: 2,857
Default

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.
md2lgyk is offline   Reply With Quote
The Following User Says Thank You to md2lgyk For This Useful Post:
drtbk4ever (02-26-2013)
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are they good Shenandoah Cabinets good quality? robertmazzo Carpentry 74 10-02-2013 03:22 PM
NJ Lumber Yards - good suppliers for decking? Quicksmoke Building & Construction 5 03-23-2012 01:50 PM
What is a good efficient heating system for cold climates? reveriereptile HVAC 7 02-08-2012 08:26 PM
ebay SCORE SCORE SCORE!!!!!!!! GoodSpeakers Home Theater 0 11-28-2010 09:18 AM
Suggestions for good home improvement reward credit cards? docmattman Off Topic 2 10-19-2010 09:28 AM




Top of Page | View New Posts

Copyright © 2003-2014 Escalate Media. All Rights Reserved.