| iv> | | | | automatically going to think the worst because you |
| Getting a no credit mortgage is no easy task. The | | | | have no spending history at all. You are very new to |
| idea of not having credit makes it very difficult for | | | | the idea of paying bills and this is likely to cause you to |
| lenders to assess your risk. Your credit report is the | | | | miss payments or not even make them at all. Prior to |
| history of your purchasing responsibility and if you | | | | 2006, there were many lenders out there who would |
| have none, lenders are going to think the worst. Getting | | | | let almost anyone borrow money. Well, we can |
| a no credit mortgage is very hard to do but not | | | | suffice it to say that most of these lenders no longer |
| impossible. Having no credit means that you are | | | | exist. By not being strict in their lending practices they |
| going to be in a very tough position when it comes to | | | | basically went under. |
| your mortgage rate but some people do not care | | | | There are companies out there who specialize in giving |
| about that at all; they just want to own a home. Your | | | | no credit mortgages but watch out for the fees and |
| credit score is the documentation of your spending | | | | expenses. Most of these businesses demand a ton of |
| history and if you have been able to pay off these | | | | money up front and it might end up costing you |
| debts. If you show that you have done this, | | | | several thousand dollars just to get your mortgage |
| mortgage lenders feel that you are much less of a risk | | | | completed. Compare this to a few hundred for most |
| to default on your home loan. | | | | mortgages and you realize you are throwing quite a bit |
| By having no credit, mortgage lenders are | | | | of money down the drain. |