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We have a home loan but we have a very high interest rate. Now we owe for nothing except our house payment; can we get a better interest rate than what we have now. Our credit will show that we have no credit except for the home loan.

9 Thoughts on Can i get a Home Loan with no credit? If so, How bad is the interest rate?
  1. Reply
    Janet P
    January 2, 2013 at 6:37 pm

    The home loan is enough. What is your score? That is what really matters.

  2. Reply
    January 2, 2013 at 7:07 pm

    You can try to refinance with a different lender, that tends to be the best way to go to lower interest I believe. As long as you’re in good standing with your current lender, you shouldn’t have a problem.

  3. Reply
    January 2, 2013 at 7:12 pm

    To find out about rates just call the lenders in your area and ask, by ACORN policy they have to tell you their current rates in no uncertain terms and you are not obligated to let them take an application to find out what you qualify for (everytime you apply for credit, your credit report is checked, and these inquiries show up on the report. So frequent credit checks look to the underwriters like you’re applying for credit cards etc. but are apparently denied.)

    Your credit score and amount you are borrowing in relation to the homes values are the two most important factors in determining the rate you qualify for. Ideally, you’ll want to borrow 85% or less of the homes value meaning that the lender is almost guaranteed a 15% profit should you default on your loan right off the bat.

    Hopefully you’ve made all your mortgage payments on time, and have a solid work history with enough income to cover your outgoing expenses, as these are red flags that may nix a loan.

    The first place I would check is your current lender to see if they can lower your rate to retain your business and I would say it just like that.

    Hope this helps!

  4. Reply
    January 2, 2013 at 8:01 pm

    Why will it show you have no credit other than the home loan? Have you recently filed for Bankruptcy?

    There are programs out there that may be able to help you. Some will allow you to use what are called “non traditional” lines of credit to build up a “Credit Report” for you.
    Things that are usually used for this are : Utility accounts, Rental History, and Mobile Phone Accounts.

    Let me know if there are any other questions I can help with, or if you would like to chat more!

    Best Wishes!

  5. Reply
    January 2, 2013 at 8:47 pm

    It all depends on how long you have had the mortgage out and on your credit score. Check your score and post back so we can help you with this and let us know your interest rate.

  6. Reply
    indronil s
    January 2, 2013 at 9:43 pm

    Yes you are in a critical situation. You have not mentioned about your present interest rate but people with bad credit have higher rate of interest. You have to make some search on yahoo or google to find the companies who offers loan in your area and whose rate of interest is lower than yours present one. And i am sure you will find one.
    To know more you can visit
    Best of luck.

  7. Reply
    stephen l
    January 2, 2013 at 10:16 pm

    I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.

  8. Reply
    January 2, 2013 at 10:20 pm

    yes if u have good credit score.

  9. Reply
    Corrine G
    January 2, 2013 at 10:59 pm

    I saw your Question requiring a loan.

    Why don”t you approach a private lender?I got my loan from a certain agency.Their interest rate of 0.2% is simply great..Why don”t you try there?You can contact them with their email,,

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