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Understanding Home Loans That Don't Require a Credit Check

Jun 10, 2008
Why is home ownership such a big part of the American Dream? I don't think it's because just because of the extra space that owning a home affords you. You could rent a big house and enjoy the same space.

I don't think it's the personal finance reasons that people claim about how homes "make great investments" and "renting is throwing away money". Most families' finances are such a mess that they couldn't possibly argue that they own a home for personal finance purposes. Their actions show they hardly care a thing about their finances.

So I think what it comes down to is people want to purchase a home for the sake of being able to call something their own. It's the socially acceptable thing to do to buy your own home, and if you don't you're probably viewed as a second class citizen. So the question is how do you buy a home if you have got no credit history or some bad marks on your report?

If you are wanting to purchase a house but the credit agencies don't like you as much as they used to, you may want to look into the details and requirements of a home loan with no credit check. These loans could be the bright spot in your cloudy dreams of owning your own house, because this loan will allow you to borrow the money you need without going through any credit investigation.

It may seem hard to believe but it really is true and it just might be the answer you're looking for, even if you're a borrower with no credit or bad credit.

The essence of a no credit check mortgage is that it's a secured loan. By secured, I mean that the bank is not lending you the money just on the basis of your credit score and your earnings history, as they would with normal unsecured loans or lines of credit.

Your home becomes the collateral the bank needs in order to feel like it's not gambling by loaning you a relatively large sum of money - probably between one hundred thousand dollars and three hundred thousand dollars. The home is still yours to do with as you please. You can remodel it, add on to it, rent it out, or even sell it.

The lender is not concerned about any of those things. All they care about is that the several hundred thousand dollar loan they have on their books with your name on it has to be repaid, and if you don't do it they'll need to sell the house to get their money back and keep their business in the black.

Because the bank's risk has been minimized or eliminated with this type of lending arrangement, the conditions of the loan are likely to be highly favorable and beneficial to you as the borrower. You can get ridiculously low interest rates and great repayment terms.

This could be the ticket to getting the home you've wished for and dreamed about for years and years. Now it's within your reach.
About the Author
Mike helps people understand home loans with no credit check and other
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