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I have a low credit score, can I still get financing?
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You can. It is just a question of the price you will have to pay. Money has a price. The price for borrowing money is the interest rate you will have to pay. The higher the risk the higher the interest rate the lender will want to receive. This higher interest rate level is relative to the rate a borrower with very good credit would have to pay. The credit spread between high and low risk loans is independent from the overall level of interest which is determined by market factors.
In a twisted way it is more costly for people with a patchy financial past to finance a home than it is for people with spotless financial credentials. Due to the higher interest rate for higher risk loans the borrower can find himself in a vicious circle of high payments and potentially unstable income. This might be a good reason to wait and obtain a better credit history before venturing in to the realms of homeownership.
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