No Credit check or Verification of Income Mortgage?

Deal Score0

I personally can care less about my credit. I just want to take out a loan on a home I own. Using the value of the home as collateral. Does any one loan based just on the value of the property?

8 Comments
  1. Reply
    Kamal
    April 30, 2011 at 12:44 am

    Simple answer, NO!
    That is what got us in trouble, don’t you read the news?

  2. Reply
    acermill
    April 30, 2011 at 12:57 am

    Not going to happen. Lenders are always concerned with the credit status of persons to whom they will lend monies. That YOU do not care about your credit does not mean that lenders do not care about same. I am guessing that you have less than stellar credit, or you would not be asking this question.

    If you expect to be approved for any such mortgage, it is advisable to insure that your credit report indicates that you are a good risk for a loan.

  3. Reply
    kbk823
    April 30, 2011 at 12:58 am

    Those limited documentation loans are almost entirely a thing of the past. Your creditor is more interested in getting paid back than actually taking possession of your asset, should you stop paying on your loan. A credit check is an absolute necessity. You should be concerned with your credit, it’s really more valuable than your asset.

  4. Reply
    Glenn S
    April 30, 2011 at 1:21 am

    There are many hard money lenders that will give you a loan if the loan to value is high enough no matter what your credit score is. If you own the home free and clear you can borrow up to 33% to 50% of its appraised value. Be prepared to pay a way above market interest rate and a whole lot of loan fees. You may not personally care what your credit rating is, but you will pay dearly for your lack of caring. You would be considered a very high risk borrower and high risk equates to high above market rates.

    Most of these lenders pray that the borrower defaults. They get your property for pennies on the dollar.

  5. Reply
    Janet P
    April 30, 2011 at 1:29 am

    No one is going to give you money with no idea if you are able and even willing to repay them.

  6. Reply
    Robert W
    April 30, 2011 at 2:01 am

    you may find one who will but if you have bad credit your rates will be high?? and they will only loan about 80% value of the home too??

  7. Reply
    Leo F
    April 30, 2011 at 2:39 am

    LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!. That’s the stupidest statement I have heard in a long time. You want credit but do not want to earn it????? Look! Bad credit means you dont pay your bills and you are not a man of your word. So why in the heII would anybody loan you money??? No job, No credit,dam you got guts to even ask this question.

  8. Reply
    Michael
    April 30, 2011 at 3:28 am

    creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

    Leave a reply

    Register New Account
    Reset Password