Inglewood Business Magazine May 2019

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28 Inglewood Business Magazine May - June 2019
Bad Credit, continued... Higher Interest Rate and Larger Down Payment Even though you have a lower credit score with less-than-perfect credit, it’s still possible to secure a mortgage loan, but you should expect to pay higher interest rates. A borrower with subprime credit may also have to pay a much higher down payment than someone with a better credit rating. By putting down a larger down payment, you show the lender that you’re willing and able to pay the monthly payment. When you invest more of your money, the lender sees that you’re serious about purchasing the home and keeping the home. Rebuild Your Credit Real Estate | Inglewood business magazine If you want to avoid the larger down payment and higher interest rates, it’s best to begin the credit rebuilding process before you apply for a mortgage loan. Paying all your bills on time can improve your credit and begin to build a more positive credit history for you. Paying down debt to secure a better credit utilization ratio is also recommended to boost your credit score. The lower the total amount of debt you owe, the better and higher your credit score is. Buying a home with bad credit isn’t impossible. If you take advantage of the home loans that are available to you and do enough research to know you’re getting the best interest rates, you’ll be able to buy a house and possibly build your credit while paying your mortgage. IBM www.inglewoodbusinessmag.com Inglewood Business Magazine May - June 2019 29
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Inglewood Business Magazine May 2019

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