Question : Applying for a personal loan will it affect us in buying a home?
We payed down our credit cards and we need a personal loan to pay off a college degree and do some fixer upper in the house we have now. We want to buy another home will this affect us in getting a loan with the bank for our new home? Our credit scores right now are excellent. Need professional advice.
- asked by YSM
All Answers:
Answer #1
Any debt will affect the amount you can qualifyfor.
- answered by bud68
Answer #2
any hard enquiry will lower your score
- answered by NEo
Answer #3
my daughter had this situation they were advisedto get the mortgage first then apply for the loan.
- answered by Bren
Answer #4
Save up and pay cash!
- answered by philslittlemama
Answer #5
People with poor credit feel that it is difficultto get personal loans. However, there are manyfinancial companies and banks that provide loansto bad credit applicants. Bad credit personalloans are generally soughtThe interest rates on secured loansare lower than unsecured loans. However, there isalways the risk of losing your house or propertyif the loan is not repaid.
- answered by Carissa
Answer #6
yes it will hurt your score...Your score will beimpacted by the mere fact that you apply for theloan.If after borrowing the money and paying offthe student debt you still have total debt greaterthan it is not that will have a negative impact onyour score.If the student loans are a problemconsolidate them and stretch out the paymentterms. Don't waste money fixing up the house youare getting ready to move out of that would besenseless. In most cases people spend more fixingup a house they are planning on selling than theyget back for the increase in the sale price of thehouse compared to just selling as is. Remember,someone buying a used house will always havethings they want to change and the odds of youchanging something just like the buyer would haveare about zero.
- answered by IG64
Answer #7
If you have excellent credit now then applying fora personal loan will not affect your score enoughto change what you qualify for.If you have a lotof inquiries during the last month in differentindustries (personal loan, couch installmentcredit check, mortgage loan credit check, car loancredit check...etc) then that can negativelyaffect your credit.You can pull a free copy ofyour credit report from Annualcreditreports.comYoudon't have to sign up for anything. It'scompletely free. No need to pay for your creditscores as it really doesn't matter. If you seelow balances on cards and no derogatory accountsthen your can assume you score is fine.
- answered by Jon Jong
Answer #8
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- answered by Kidman H
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