Rent Vs Buy with credit problems?

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My husband and I are buying a new home think. I am the only one on the issues of credit and loan payments. Instead we want is a job. Do you think it is better to buy now with higher interest rates and build credit history mortgage payment, or wait 6 months and work on your credit? Help …

3 Comments
  1. Reply
    Jeff
    May 3, 2011 at 1:18 am

    Nobody knows what the rates will be like in six months. that’s the risk.
    Depending on how bad the credit is, Rates look very good now. Can you afford the payment comfortably, now? If so I’d do it.

    If you do, though, make sure you have a prepayment penalty that fits within your time-frame for rebuilding your credit. Also, there is something called seasoning that you must have before you refi. it varies between companies, but you usually have to make consistent payments for a year or six months.

    If you’re planning to buy then refi into a better loan, be aware of closing costs. Anytime you have a short term loan you want it to cost as little as possible, even if the rate is higher.

    Feel free to write me with any questions.

  2. Reply
    gr
    May 3, 2011 at 1:45 am

    1. 6 months wont help your credit that much.
    2. interest rates will only go higher now.
    3.best thing to do is save up 25% or wait untill your credit and your husbands credit score is at least 620.

  3. Reply
    Stephanie A
    May 3, 2011 at 2:25 am

    I would say wait and get your credit better. A company called Financial Destination can get your credit repaired and they can show you how to do it free the web page is
    http://www.fdirep.com/runningover and also tonight is their consultation call which comes on at 9:30 pm Eastern Time I’ll be able to help you also call Stephanie after the call at 704 450 8877

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