Jul 28, 2009
No Credit Mortgage - Can You Get a Low Interest Rate?
Getting a no credit mortgage is quite difficult in the current economy but not impossible. The fact that you have no credit makes it very hard for lenders to even consider you for a candidate for a loan of such significance. There are options out there if you do the research. You have taken the first step in getting a no credit mortgage by starting your research. Now you must continue by contacting a mortgage lender.
It is not difficult to find a mortgage lender as their ads are all over the Internet and television. Many ads offer an 800 number to contact a representative. The best option is to go ahead and contact a representative and see if a no credit mortgage is an option. They are likely to refer you to someone else or explain to you your options which may include a co-signer. Do not be discouraged if it takes a few phone calls because it will work out in the long run.
Congratulations on taking the first step in getting a mortgage; doing the research is very important. Now I would encourage you to take the next step and contact a few lenders and see what your options are.