Get a mortgage with no credit check

There are many reasons why you may need a no credit check mortgage. Some of the most popular reasons you may need a mortgage of this type are having no verifiable income or having a large income, but a low credit score or no credit history. If you own your own business, especially if it’s fairly new, you may have a very high income, but you may not have the income history or documentation required by most mortgage lenders. The same is true if you did very well in investing at a young age or if you are a professional athlete early in your career. What are you supposed to do? Unless you have enough cash on hand to buy a property, you’ll need a mortgage. Unfortunately, many mortgage lenders won’t give you the time of day unless you can verify your income and credit history. If you don’t have either, you’re out of luck.

Fear not, there is hope if you want a mortgage but don’t want to get a credit check first. It won’t be as easy as going to your neighborhood bank or mortgage broker, but you can get that mortgage and buy your home. You will probably have to do more legwork to find a mortgage lender who is willing to lend you money without running a credit check.

Look at it from the perspective of the lender. It is much easier, less expensive, and more accurate for them to assess your ability to pay your mortgage if they can check your credit. Any lender is interested in your ability to repay your money. The more difficult it is for them to determine the weather or not, the higher the interest rate you will typically pay on your mortgage. However, you can still get a mortgage if you don’t let them run a credit check.

They may require a larger down payment in addition to a higher interest rate. In some cases, they may not give you a higher interest rate, but you may need to have at least a 20% down payment. The higher the down payment on the property, the lower the risk to the mortgage lender. If they need to foreclose, they can have your equity to recoup their costs. In addition, experience has determined that the higher your down payment, the less likely you are to default on your mortgage payments. Again, this is about the lender lowering their risk.

You will probably have to approach many lenders to find those willing to work with you to get the best interest rate and fee structure for your loan. In any case, this is a good approach to take. You want to be able to compare the loan package from several different lenders, especially in the case of a no credit check mortgage. Lenders know that your options are limited compared to a conventional mortgage. That is another reason why you have to pay higher interest rates and fees.

So don’t give up on your search for a no credit check mortgage. There are lenders that will make your dream come true. Whether you work with a mortgage broker or another service that reviews mortgages from multiple lenders, you probably have to compare what several different lenders offer you. The key to getting a great mortgage is to go out and search.