Home mortgage eligibility is easier with two incomes. Mortgage providers of the home look for couples with regular income and the ability to make monthly payments. When one of the partners has a bad credit rating, it is more difficult to find a home loan. If you are part of a couple with a credit problem, do not despair that you can never buy your own home. It takes a big effort, but it is possible to get a Good interest rate mortgage loan in Singapore.
Mortgage qualifications
No matter how much money you and your spouse have in the bank, your monthly income must be sufficient to make the mortgage payments. Depositing a large amount of money in house or making a down payment is a way of settling with a partner to pay with an interested lender. Prepayments vary from not to 20 percent, but couples with credit problems can offer more – enough for the lender to feel comfortable with the return of the house, should the lender have to foreclose. This amount may require up to 50 percent of the value of the house. By paying this smaller mortgage for several years, you can show your creditworthiness as a couple.
Clear credit reports
Clearing bad credit takes time and effort. The credit report contains accounts signed by creditors and a bankruptcy. Restoring this account takes a few years to restore the responsible use of the credit. Using a new credit card responsibly is the first step to rebuilding the spouse’s credit report, but bankruptcies remain for at least seven years under most state laws on credit reports.
Propose the qualified spouse
You are a married couple, but according to the credit laws, the best money lender Singapore must consider each spouse as separate mortgage loans. If the spouse with the proper credit report also earns enough monthly to cover the mortgage payments, this spouse can buy the house as a married person who owns the property as the ‘sole and separate property’.
Pay more
You intend to keep the names of both spouses on the title deed, find a moneylender who is willing to accept your loan. This is more challenging, but there are private lenders who like to borrow money at high interest rates. These lenders require a sliding scale for “difficult qualifying” mortgages, and depending on the level of credit report damage, you can eventually pay an arm and a leg for the mortgage. Find private lenders using a local loan broker. There is an advantage to this loan. Once you have the mortgage and a responsible payment pattern, it is then possible to refinance your mortgage at a better interest rate from a regular bank lender.