How to get a loan if you have bad credit?
- Thread starter hornykid
- Start date
Assuming you have since cleared that up your credit should not be too bad and you should still be able to get a loan. If you have a long history of doing this kind of thing it could be a different story.hornykid said:
Generally unless you have really horrible credit you can always get a loan, the question is merely one of how hard they are going to screw you with interest rates. Better credit gets you a lower rate.
Or you can have your credit report (but not score) mailed to you from Equifax and Trans Union for free.
Maortgage/Loan
Is it possible to clear up personal Debt and Debt with Collection Agency`s
by getting a Mortgage and paying off everything in one lump sum. Say
someone has $30,000 debt and somehow gets a Mortgage for $200,000
and buys a place for $170,000, can the debt somehow get included into the
monthly payment. Will a Broker/Bank let you spend a large amount of the Mortgage to pay off personal debt.???????????????????
I think I know the answer but, just thought if someone has done this.
Is it possible to clear up personal Debt and Debt with Collection Agency`s
by getting a Mortgage and paying off everything in one lump sum. Say
someone has $30,000 debt and somehow gets a Mortgage for $200,000
and buys a place for $170,000, can the debt somehow get included into the
monthly payment. Will a Broker/Bank let you spend a large amount of the Mortgage to pay off personal debt.???????????????????
I think I know the answer but, just thought if someone has done this.
Maortgage/Loan
Is it possible to clear up personal Debt and Debt with Collection Agency`s
by getting a Mortgage and paying off everything in one lump sum. Say
someone has $30,000 debt and somehow gets a Mortgage for $200,000
and buys a place for $170,000, can the debt somehow get included into the
monthly payment. Will a Broker/Bank let you spend a large amount of the Mortgage to pay off personal debt.???????????????????
I think I know the answer but, just thought if someone has done this.
Is it possible to clear up personal Debt and Debt with Collection Agency`s
by getting a Mortgage and paying off everything in one lump sum. Say
someone has $30,000 debt and somehow gets a Mortgage for $200,000
and buys a place for $170,000, can the debt somehow get included into the
monthly payment. Will a Broker/Bank let you spend a large amount of the Mortgage to pay off personal debt.???????????????????
I think I know the answer but, just thought if someone has done this.
rayfinkel said:
To answer your question, YES....people do it every day take equity out of their home topay off credit cards, and loans, or put their kids their college and university,renovations, whatever.
However if the person owes a collection agency money its more than likely their credit is bad, but if their is equity in the house, then they should get approved.
Or drive over to their office in North York, show them 2 pieces of ID and they will give you a copy of your credit history free of charge.fijiman said:
I think what Ray is asking is.... "can you get a morgage for a house and a little extra to clear debt at the same time?"
I'm pretty sure that the answer to this is....no.
I'm pretty sure that the answer to this is....no.
If you already HAVE a home and you are putting a mortgage on a property you already have in order to get rid of higher interest debt this is a good idea.
If you are planning to BUY a home what are you thinking? You are in debt. Pay off your damned debts first. (a) you will get a crappy interest rate on your mortgage for being a deadbeat, (b) you are clearly still trying to live beyond your means.
If you are planning to BUY a home what are you thinking? You are in debt. Pay off your damned debts first. (a) you will get a crappy interest rate on your mortgage for being a deadbeat, (b) you are clearly still trying to live beyond your means.
That may be a little harsh. Buying a house is not a bad move if he can make the payments. In the case of property, i think you will almost always end up owning more than you owe and, with property appreciation, positively affect your net-worth... just as much as paying off a credit card, but with something solid to show for it... AND stop wasting your money on rent ...fuji said:
If you can afford to make the payments on a house, I think you should get one.
Find a good mortgage broker and ask them whether you can tack on some money to a mortgage to pay off your high-interest loans/credit-lines/cards.
Plus debt ain't so bad if you're enjoying yourself... I don't care much for being debt free when I'm 70. I want to have fun NOW. Gotta strike a balance.
Buy vs. rent is not a simple decision. You can "waste" money on rent, you can also "waste" it on interest to the bank, land transfer tax, and commissions to a real estate agent. Which one is right in a given situation depends on whether you wind up wasting more on renting or buying.
Do the math for your own situation, but generally buying only makes sense if you can produce a 25% down payment and you plan to live in the house for 5+ years. That's usually around where the break-even point is for most people, in terms of which way wastes more money.
This guy doesn't have money to pay off his debts so we are talking about some kind of crazy 0% down high ratio mortgage. Not a good plan.
Do the math for your own situation, but generally buying only makes sense if you can produce a 25% down payment and you plan to live in the house for 5+ years. That's usually around where the break-even point is for most people, in terms of which way wastes more money.
This guy doesn't have money to pay off his debts so we are talking about some kind of crazy 0% down high ratio mortgage. Not a good plan.
