Do you need high credit score to buy a home?

[solomonmali]

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[HIFSA LAHORI]

In Pakistan there is no credit score required to purchase any kind of property. But down payment system is applicable here. Down payment also save your time and money. Sorry for this I have no experience in credit score.

 

[Kamon c4]

Okay, you said something right, that credit score is used to grade people that have used mortgage before. If one have low credit score, their is every possibility that the person won't get a loan from the mortgage bank until he or she builds the credit score higher.

Yeah that’s true. Every citizen has a credit score but most people are negligent about it in my country. Real estate companies that offers installments reviews credit score in order to evaluate the cost of the down payment and monthly mortgage

 

[Sincerem]

Yeah that’s true. Every citizen has a credit score but most people are negligent about it in my country. Real estate companies that offers installments reviews credit score in order to evaluate the cost of the down payment and monthly mortgage

Thanks for explaining it more better. Now I've understood how the credit score works. Some mortgages evaluates the persons credit score to ascertain if he or she should be given loan based on the previous loan offers and the amount that enters into the bank account.

 

[Shahzaib37]

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?

If you buy a big home and you need get more money and if you want small then you need small amount of business you also buy home on instalment it gives you benift and give more easy way to buy home.

 

[Eodine]

Do real estate companies accepts down payment in your locality? If yes, then credit worthiness is required to know the amount of down payments required for anyone planning to purchase a property. Please make more research. You can request for more information from the financial institutions you use

In my locality, down payment is accepted but credit worthiness, not so much so far the agent knows you and all other documents are provided. Credit score might just be use by the banks to know your financial standing so far you have savings with them

 

[Kamon c4]

Thanks for explaining it more better. Now I've understood how the credit score works. Some mortgages evaluates the persons credit score to ascertain if he or she should be given loan based on the previous loan offers and the amount that enters into the bank account.

Yeah you get it! Though in Nigeria very few real estate agencies inquires about the credit score cause they don’t accept down payment or mortgage. They only accepts full payment. The reason being that the government has t made provision for facilities to identify its citizens

 

[Robrown83]

There nothing like score credit here in my country, all you need is to have your money at hand or bank if you willing to buy property and if the price for the property meet your own target, you pay for it and pay the percentage for the realtor involve.

 

[Victor72]

No, over here in my country credit scores does not matters when purchasing a home, as long as you have the right amount to buy the house you are free to buy it

 

[Setfragil]

There is nothing like credit score in my country when you want to buy a house. They are only concern about your ability to pay for the house once you have the funds. They only check your financial records to know the source of your funds to know if they are clean when you are buying a huge house that requires paying with large sum of money.

 

[Setho]

Your credit score would really speak a lot about transactions you have made before and it is very important to have a good one especially if you want to take mortgage.

 

[tyrim88]

Though it is not popular in my clime here,but it is neccesary for investors to check your credit ratings when you want to buy property in real estate.These are things amonst other checks they look out for when you are not doing a down payment.

 

[Trexxxy]

Just like you said in some countries, real estate sellers allow people with very good credit score to pay less on the down payment for a property, this only works in developed countries.

 

[Chibson]

this is actually strange to me because in my country, credit score is not needed before you can buy a land or even any property. I think there are some countries especially the developed countries that has this type of policy.

 

[Anis Boukezzoula]

A high credit score maybe is something important for some activities but you don't need it completely to buy a home.

 

[Richard92]

A high credit score maybe is something important for some activities but you don't need it completely to buy a home.

This depend on the kind of credit score that you are trying to indicate but if it comes to a credit sign this morning and you don't really need a high credit score to buy a home.

 

[Anis Boukezzoula]

This depend on the kind of credit score that you are trying to indicate but if it comes to a credit sign this morning and you don't really need a high credit score to buy a home.

rules change from country to country, here, you need money and your personal paper and the house will be yours.

 

[Ralphjoe]

I don't think so you need need high score to buy a home. If you have your cash in your hand you can get what ever you want or you need. Money answer all questions and money can get you what ever you desire in life. But in case you don't have money and you desire to get a home for your self then you need high score of credit to do that for you because no one can get what he or she want with the attitude of frustrated. Your credit score matter in the case.

I also do not think that one need a high credit score for one to be able to buy a property in my country because I am into the estate business and there is no way that I was told that buying property needs and high rating score.

 

[Josephjossy]

In my own country the only requirement needed before you can buy a house or any other properties for you to be above 18 years that is the required age before you can be able to buy a commercial property and apart from this there is no other law that is attached the owing the property

 

[eLdavis]

I think you are talking about when it comes to taking of loans. Well I don't think anyone would like to give out loans to someone that credit worthy