Do you need high credit score to buy a home?

[Kingstone]

I think it is needed if one does not have the capital to purchase the property. A credit score is used to secure loans from banks and all these financial lenders. It will even automate the amount of money one can borrow.

 

[kayode10]

Hi credit score is like a pass mark which allow you to apply for any loan so far you have a good record. Positive credit card shows that you are not defaulting in the payment of your loans which will make you eligible to apply for bigger loans.

 

[Sincerem]

Provided you have the funds having a high or low credit score doesn't hinder you. If you're fazed with debts you'll first pay it before buying a home.

 

[Yusuf]

I really don't know about this because I'm currently leaving in the house I bought myself. Even though some take the credit I have not personally discuss with them to know how it works.

 

[btaliat]

They don't use that while dealing with real estate in my country but I think the system is good. It will be easier to determine the credibility of both the buyers and sellers when it comes to real estate management

 

[James07]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

Yes of course. If you want any form of credit / loan, your creditworthiness will be the number one most important factor to be considered. And this is only determined by looking at your credit score. But it doesn't have to be high. All you need to do is to maintain a positive credit score. That shows that you are managing your loans or credits well. It doesn't mean that you shouldn't have a loan in your portfolio.

 

[Bousine123]

Depending on the country you are it might be necessary considering you taking up a loan to support your purchase. But in my country, it's not a prerequisite.

 

[Lens]

There is nothing like credit score in my country if one wants to buy a hiee

 

[ahmedo24]

In my country provided you're a civil servant there is what we call national housing fund where if you're lucky you have access to loan to buy a house and pay in the next 35 years of active service.

 

[BrolySSJ]

In some countries, there’re requirements needed before purchasing a property such is a good credit score. Credit score is the number showing the credit worthiness of a person. This matters a lots to borrowers cause it determines the risks involved in borrowing a person money. This also matters a lot in real estate. Some real estate accepts down payments. Credits score gives the estate company a leverage to the risk involved. For people with high credit score, their down payments is always lower compared to people with lower credit score.

Does credit score matter when purchasing a home in your locality?

Credit score is very important if you are taking out a loan to buy the property because that will give the bank or institution an idea of how much of a risk you are when it comes to lending you money and therefore they can decide how to proceed based on that front. also it affects your interest rate.

 

[Richard92]

Indeed, it serves as a trust for any company. In Pakistan, if we have to buy a property, a down payment is demanded and then an installment is made on a monthly basis. If there is a government employee, he can easily buy any property because he believes that the government employee has a salary every month. I think these things are important for everyone who works in a property.

You don't really need a high credit scores to buy property you can be able to pay for your property instrumentally and at the end of that the property is yours.

 

[Chibson]

I don't really know much about having a credit score but I think it is mostly done in some European countries and America.

 

[kayode10]

There are some mortgage companies that will still require mid-range credit score so that you can buy out from them. But it is good to always maintain a good credit score.

 

[Kunkun]

Well different laws for different places but where I am that's not necessarily so because as long as the funds are available you can purchase a property or anything anytime you want

 

[justija]

In my country there's nothing like credit score , when you have or set up a amount that's bigger than the one set by the owner or if your a popular person in the locality , the easily sell it off

 

[nimzy]

In my country I can say nothing of such nature ever existed and even if it does is not in all Society of the country maybe it depends on the location and that kind of product that a person wishes to purchase.

 

[Dagm1]

Indeed within this particular component of the nation you don't require credit rating however you have to have actually a great task or even great company a minimum of prior to you can easily have the ability to acquisition a home. Nevertheless in some locations they don't inspect all of these points, as much you have actually the cash to spend for your home or even residential or commercial home all of the possession files will certainly be actually provided to you.

 

[Seno inyang]

Not in my country as a developing nation. You might end up spending your whole life planning or saving to get that done. We work more, we go for something worth more than that.

 

[Ceeny007]

I think it depends on the policy if the financial sector of each country and the regulatory Bodies,they decide the workings of the financial sector

 

[HayKay]

Having a good credit score will only apply when you need a loan or mortgage to get a house. Once your money is ready or enough to make the purchase, no one would really look into your credit worthiness; you'll make your payments and the necessary arrangements would be made