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How did you get home loan if you didn't have any debt to build up your score and credit history?
by adrr 4y ago
How did you get home loan if you didn't have any debt to build up your score and credit history?
- bsenftner 4y agoIt's called putting down $150K in cash, and having a stable job. Also, my credit "score" is "N/A".
- adrr 4y agoPutting $150k down is like standard since you need to put down 20% anyway. Are you paying like significantly higher interest rate like a jumbo loan? If you don't have a credit score, the government won't back it so its more risk on the bank and you're paying a much higher interest rate. Banks also don't keep the loans and package them up and sell them. If you don't have a credit score, not sure how they would do that. No score would qualify as subprime.
- bsenftner 4y agoMost people's 20% down is also a loan. Plus, in addition to that $150K down payment, I can point to my savings account with more than the loan debt inside. The only reason I have a loan is for the tax relief, if not for that I'd have purchased the home completely. My home loan is under 2%.
- ryathal 4y agoThat's a stupid reason to have a loan, unless you really like paying banks more than the government. It's still a loss to you with the tax deduction.
- avgcorrection 4y agoCertified stud.
- AnIdiotOnTheNet 4y agoIt was easy in my case. As I recall, all my bank wanted to do was 3-way call a few bill collectors so I could authorize them to talk about my payment history.