How does having bad credit affect my mortgage payments?

How does having bad credit affect my mortgage payments?
by

1 Answer

Answer :

If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.
by

Related questions

What are some FHA mortgage requirements and how does credit affect the amount of loan you are able to get?

Description : What are some FHA mortgage requirements and how does credit affect the amount of loan you are able to get?

Last Answer : Some FHA mortgage requirements are being employed and having a decent credit score. Your credit doesn't affect the amount you can be loaned as much as how much money you make.

How do I know if the calculations of my (adjustable) mortgage payments have been correctly made through the years?

Description : How do I know if the calculations of my (adjustable) mortgage payments have been correctly made through the years?

Last Answer : Make an appointment with the company that services your mortgage and demand a complete accounting.

If your spouse dies...but you had a mortgage together...do mortgage companies have anything to help you out with payments?

Description : If your spouse dies...but you had a mortgage together...do mortgage companies have anything to help you out with payments?

Last Answer : Uhmmm, no.You may be able to negotiate to extend the term or change interest rate, but that is not automatic.

How to Avoid Falling Behind on your Farm Mortgage Payments?

Description : How to Avoid Falling Behind on your Farm Mortgage Payments?

Last Answer : The coronavirus pandemic has resulted in an economic crisis that spreads far and wide affected a number of businesses. Agriculture, too, has taken a hit with many farmers falling being on farm ... loanee is current on his/her mortgage.Farm Mortgage Loan Modification:A loan modification is similar t

What can I use to calculate mortgage payments?

Description : What can I use to calculate mortgage payments?

Last Answer : Mortgage payments are very expensive nowadays, so you have to work hard to get rich and to get all the worldly desires you have, you can use a calculator to calculate mortgage payments.

How do you refinance mortgage w/ bad credit now after finances change do to lost of job 2 years ago. found knew job about 3 month after but pays less.Asked about modification w/mortgage company said they don't participate. ?

Description : How do you refinance mortgage w/ bad credit now after finances change do to lost of job 2 years ago. found knew job about 3 month after but pays less.Asked about modification w/mortgage company said they don't participate. ?

Last Answer : Just because your mortgage company say they don't refinance does not mean you should stop. Make a list of the places that do participate and apply there to see if you can get the help you need.

Can I get a Federal Housing Administration (FHA) mortgage if I have bad credit?

Description : Can I get a Federal Housing Administration (FHA) mortgage if I have bad credit?

Last Answer : Federal Housing Administration guidelines require a minimum credit score of 620, two years since the last bankrupcy and three years since the last foreclosure. Individual lenders may have more strict requirements.

Is it possible to still get a reverse mortgage loan with bad credit?

Description : Is it possible to still get a reverse mortgage loan with bad credit?

Last Answer : You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.

How can I get a mortgage with bad credit?

Description : How can I get a mortgage with bad credit?

Last Answer : It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.

I have always prided myself for having perfect credit, but the recent downturn in the economy and unexpected medical expenses have no changed that. I don't want to file bankruptcy, but am way behind on payments. What are my options?

Description : I have always prided myself for having perfect credit, but the recent downturn in the economy and unexpected medical expenses have no changed that. I don't want to file bankruptcy, but am way behind on payments. What are my options?

Last Answer : For medical bills, you can make small payments to the hospital every month and as long as you’re paying off the loan, they can’t write it off as un upaid bill. So pay them $15 a month and use the extra $ to pay off your credit cards.

will the current problems at the stock market, affect our annuity payments?

Description : will the current problems at the stock market, affect our annuity payments?

Last Answer : No, you annuity payment should have been fixed up front.

Credit card interest computation on minimum payments?

Description : Credit card interest computation on minimum payments?

Last Answer : Without knowing which card you’re referring to I’m guessing they use the 30/360 method. Find the APR and multiply that by the principal balance. Divide that number by 360 to come up with the daily interest charge, or the per diem. Multiply that by 30 to come up with the monthly interest charge.

How do I set up credit card or Pay Pal payments for an online business?

Description : How do I set up credit card or Pay Pal payments for an online business?

Last Answer : answer:@LostInParadise I have an eBay biz, so getting Paypal payments is easy for me. However, I also have an Auctiva account, and they add the Paypal button to your web page for you. I think that if ... website . YouTube has a few good video tutorials as well. I'll gladly assist further if I can.

Reminders for credit card payments?

Description : Reminders for credit card payments?

Last Answer : The bill should be a pretty good reminder.

What is Capital one mailing address for credit card payments?

Description : What is Capital one mailing address for credit card payments?

Last Answer : Mailing address for capital One Credit Card?

Loan & Credit Line Payments?

Description : Loan & Credit Line Payments?

Last Answer : Loan & Credit Line PaymentsThis calculator helps determine your loan or line payment. For aloan payment, select fixed-term loan. For a credit line payment,you can choose 2%, 1.5% or 1.0% of the outstanding balance orinterest only.

I had filed for bankruptcy 2yrs ago and it was dismissed. I have a zero balance on a auto loan that shows on my credit report. Do I still have to make my car payments?

Description : I had filed for bankruptcy 2yrs ago and it was dismissed. I have a zero balance on a auto loan that shows on my credit report. Do I still have to make my car payments?

Last Answer : If you reaffirmed your car loan during your bankruptcy, you agreed to continue making the payments. If you included your car in the bankruptcy, then the loan was wiped clean, as it appears to have ... the lawyer who handled your bankruptcy, but my guess is that your car slipped through the cracks.

What company has low interest on credit card payments?

Description : What company has low interest on credit card payments?

Last Answer : Most major credit card's annual percentage rate are about the same. I would stick with either Visa or MasterCard. I would also advice that you stay away from store cards as their interest rates tend to be higher.

Who can I go to for help when I'm falling behind on my credit card payments?

Description : Who can I go to for help when I'm falling behind on my credit card payments?

Last Answer : Talking with the credit card company directly can often help, a loan advisor or credit assistance company like the one found at http://www.thinkmoney.com/expert-loan-views/1297/falling-behind-loan-repayment.asp is also an option.

A) PayUmoney Explanation: It can allow even the smallest of merchants to start accepting card based payments. It can accept all credit/debit cards. The POS terminal is easy to set up, can be operated using a pre- or post-paid SIM, and does away with the use of paper receipts—making it cost & battery effective, and, of course, very environment friendly. With a simple and hassle-free documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service.

Description : A) PayUmoney Explanation: It can allow even the smallest of merchants to start accepting card based payments. It can accept all credit/debit cards. The POS terminal is easy to set up, can be ... , a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service.

Last Answer : Which of the following company launched “Receive and Win” campaign for Ramzan? A) Mobikwik B) Freecharge C) Paytm D) MoneyGram E) Udio

Which of the following works is/are done by Credit Information Companies? A. Collecting records of an individual‘s payments pertaining to loans B. Maintaining records of an individual‘s payments pertaining to credit cards C. Creating Credit Information Reports D. All of the Above E. None of the Above

Description : Which of the following works is/are done by Credit Information Companies? A. Collecting records of an individual s payments pertaining to loans B. Maintaining records of an individual s payments pertaining to ... cards C. Creating Credit Information Reports D. All of the Above E. None of the Above

Last Answer : D. All of the Above Explanation: Credit Information Companies collects and maintains records of an individual‗s payments pertaining to loans and credit cards. These records are submitted to Credit ... scores which are provided to lenders in order to help evaluate and approve loan applications.

What does amortization mean? A. Spreading payments over multiple periods B. Buying a financial instrument in order to sell the same instrument at a higher price in another market C. Issuance approval,by a credit card issuer D. Buying the underlying securities at a specified excercise price E. None of the Above

Description : What does amortization mean? A. Spreading payments over multiple periods B. Buying a financial instrument in order to sell the same instrument at a higher price in another market C. Issuance approval, ... issuer D. Buying the underlying securities at a specified excercise price E. None of the Above

Last Answer : A. Spreading payments over multiple periods Explanation: Amortization is an accounting term that refers to the process of allocating the cost of an intangible asset over a period of time. It also refers to the repayment of loan principal over time.

In the NetBill’s protocol for small payments for services available in the internet. (i) the customer is charged only when the information is delivered (ii)the vendor is guaranteed payment when information is delivered (iii) the customer must have a certified credit card (iv) the customer must have a valid public key a. i, ii b. i, ii, iii c. i, ii, iii, iv d. i, ii, iv

Description : In the NetBill's protocol for small payments for services available in the internet. (i) the customer is charged only when the information is delivered (ii)the vendor is guaranteed payment when information is delivered  (iii) the customer ... , ii b. i, ii, iii c. i, ii, iii, iv d. i, ii, iv 

Last Answer : d. i, ii, iv

The Secure Electronic Transaction protocol is used for a. credit card payment b. cheque payment c. electronic cash payments d. payment of small amounts for internet services

Description : The Secure Electronic Transaction protocol is used for a. credit card payment b. cheque payment c. electronic cash payments d. payment of small amounts for internet services 

Last Answer : a. credit card payment  

How will the current bank rate affect the terms of my mortgage?

Description : How will the current bank rate affect the terms of my mortgage?

Last Answer : The current bank rate is one factor to how much interest you will pay on your mortgage. If the rate is very high, your interest will also higher, limiting how much you can take out in a mortgage and what house you can buy.

Consult A Credit Score Chart When Getting A Mortgage?

Description : Consult A Credit Score Chart When Getting A Mortgage?

Last Answer : Getting a mortgage is not something that takes just a few hours or a few days. There are many steps to the process, and it generally takes at least a month. In many cases, it will take a few ... . However, it can tell you what the numbers mean so that you have a better understanding of the process.

If my credit is marginal, where can I find a mortgage for poor credit?

Description : If my credit is marginal, where can I find a mortgage for poor credit?

Last Answer : Yes, there are mortgages available for people with low credit. First, contact a reliable local bank and see what their options are. Be wary of so-called "mortgage shacks" that offer up shady mortgage advice.

Where can I find a mortgage company that will approve a mortgage when I have a 553 credit score?

Description : Where can I find a mortgage company that will approve a mortgage when I have a 553 credit score?

Last Answer : There is probably no credit union or bank that will approve you when your score is that low. What on earth did you do to have such a horrible credit score? You should be ashamed of yourself.

Is it a bad idea to make two big purchases (monthly payments) at once?

Description : Is it a bad idea to make two big purchases (monthly payments) at once?

Last Answer : Since the car is still running, why not do the apartment getting and settling in first and then see how you make out before buying a new car?

Is an Adjustable Rate Mortgage really as bad as I have been led to believe?

Description : Is an Adjustable Rate Mortgage really as bad as I have been led to believe?

Last Answer : If you can pay off your loan in 5 years it’s a smoking deal – otherwise unless you refinance into a 30-year fixed later you’d get screwed over.

)A currency having a falling exchange rate due to continuing balance of payments deficit is called a- (1) Soft currency (2) Hard currency (3) Scarce currency (4) Surplus currency

Description : )A currency having a falling exchange rate due to continuing balance of payments deficit is called a- (1) Soft currency (2) Hard currency (3) Scarce currency (4) Surplus currency

Last Answer : (1) Soft currency Explanation: Soft currency is a currency with a value that fluctuates as a result of the country's political or economic uncertainty which may be due to balance of payments ... set unrealistically high exchange rates, pegging their currencies to a currency such as the U.S. dollar

Suppose a customer table is having different columns like customer no, payments.What will be the query to select top three max payments?

Description : Suppose a customer table is having different columns like customer no, payments.What will be the query to select top three max payments?

Last Answer : SELECT customer_no, payments from customer C1 WHERE 3

A currency having a falling exchange rate due to continuing balance of payments deficit is called a (1) Soft currency (2) Hard currency (3) Scarce currency (4) Surplus currency

Description : A currency having a falling exchange rate due to continuing balance of payments deficit is called a (1) Soft currency (2) Hard currency (3) Scarce currency (4) Surplus currency

Last Answer : Soft currency

What should I know before having my mortgage refinanced?

Description : What should I know before having my mortgage refinanced?

Last Answer : You should know the value of your house. You will have to pay for a assesment of it's worth and if you do not have equity then the refinance will rarely go through but you still need to pay.

Wells Fargo Bank just cancelled lines of credit giving 60 days notice. How does it affect everyone?

Description : Wells Fargo Bank just cancelled lines of credit giving 60 days notice. How does it affect everyone?

Last Answer : Effect on me: Zero - never had an account with them. My guess is that their new CEO decided that the profit margin on those was not large enough. Their prerogative. They have no obligation to ... dig themselves out of the hole they created with the fraudulent accounts they created. This is a one off

Will voluntarily cancelling a credit card adversely affect my credit rating?

Description : Will voluntarily cancelling a credit card adversely affect my credit rating?

Last Answer : I have been told it is a negative on your credit report but I had a couple on my report I had canceled and had no trouble arranging a home loan (a legit home loan through a local bank).

Would raising your credit limit negatively affect your credit rating/score?

Description : Would raising your credit limit negatively affect your credit rating/score?

Last Answer : I'm not 100% sure about this, but every financial guidebook I've ever read said to keep getting your limit bumped every year if you need it or not. If it were harmful to your credit, I don' ... be so widely advocated for. Therefore, my best guess is that it's neutral/beneficial to your credit score.

How does consolidating credit cards affect one's credit?

Description : How does consolidating credit cards affect one's credit?

Last Answer : If you can manage the consolidation successfully then it can actually help raise your credit rating, however.. If it gets out of hand then watch out as your good credit plummits.

does credit score affect a HARP interest rate

Description : does credit score affect a HARP interest rate

Last Answer : Need Answer

Does a bounced cheque affect your credit score, even if no loan payment is involved?

Description : Does a bounced cheque affect your credit score, even if no loan payment is involved?

Last Answer : Bounced cheque doesn't affect the credit score until the payment is related to a loan transaction.Banks doesn't report transactions to credit bureaus. but remember that when you take a loan in ... transactions.but if the same problem persists then bank could deny the loan. hope this helps

How do repossessed cars affect your credit rating?

Description : How do repossessed cars affect your credit rating?

Last Answer : A car reposession will leave a major black spot on your credit rating for 7 years.

Does it affect your credit score if you check it too often?

Description : Does it affect your credit score if you check it too often?

Last Answer : Check Your CREDIT SCORE FREE You LOVE this I GUARANTEED You Won't REGRET ht tps : //yazing. com/deals/ credit/repair/Jairaj Just Copy The Link and REMOVE SPACES and / BETWEEN CREDITREPAIR

My wife and I are totally disabled. We are on a fixed income. Military/ssn income. We had to foreclosure on a rental house,how is this going to affect our credit rating. Up to now we were in the 740 range?

Description : My wife and I are totally disabled. We are on a fixed income. Military/ssn income. We had to foreclosure on a rental house,how is this going to affect our credit rating. Up to now we were in the 740 range?

Last Answer : A foreclosure will severally hurt your credit rating but you need to avoid using credit it costs you more than you can earn in the long run due to interest. Just save to buy what you want.

Are there any credit cards that won't negatively affect my credit score?

Description : Are there any credit cards that won't negatively affect my credit score?

Last Answer : Your best bet would be to close those older credit cards. While it may take some time, your credit score can be improved. However, opening a new credit card, even if it doesn't affect your credit score ... best way to go. I am unsure if there is a credit card that wouldn't affect your credit score.

Does unsecured loan affect the credit score?

Description : Does unsecured loan affect the credit score?

Last Answer : Not only unsecured loans, but any loan you take affect your credit score.If you are paying the EMIs regularly without delay then it will boost your credit score and vice-versa.If you are interested in ... com, submit your details and choose the bank with best interest rates. It's as easy as that.

How do loans and debt consolidation affect credit score?

Description : How do loans and debt consolidation affect credit score?

Last Answer : If you pay your bills on time and in full each month it will help your credit score rise. If you are late on payments and have outstanding payments then your credit score will become lower. Your credit score is an important thing to help you obtain loans such as car loans or a mortgage.

How Your Credit History Can Affect Employment?

Description : How Your Credit History Can Affect Employment?

Last Answer : Most people know that your credit report history can affect the rates you pay for mortgages and auto loans. Few people, however, are aware of how your credit history can affect employment. The majority of ... . Before applying for a job, it is helpful to get a copy of your credit report history.

How does Full Faith and Credit Clause affect the states?

Description : How does Full Faith and Credit Clause affect the states?

Last Answer : Each state must recognize the law and legal proceeding from another state.

How will a reduction in 'Bank Rate' affect the availability of credit? (1) Credit will increase (2) Credit will not increase (3) Credit will decrease (4) None of these

Description : How will a reduction in 'Bank Rate' affect the availability of credit? (1) Credit will increase (2) Credit will not increase (3) Credit will decrease (4) None of these

Last Answer : (1) Credit will increase Explanation: Bank rate, also referred to as the discount rate, is the rate of interest which a central bank charges on the loans and advances to a commercial bank. ... bank becomes more expensive. It is more applicable when there is a liquidity crunch in the market.

How will a reduction in ‘Bank Rate’ affect the availability of credit ? (1) Credit will increase (2) Credit will not increase (3) Credit will decrease (4) None of these

Description : How will a reduction in ‘Bank Rate’ affect the availability of credit ? (1) Credit will increase (2) Credit will not increase (3) Credit will decrease (4) None of these

Last Answer : Credit will increase