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home loan or mortgage

Discussion in 'General Business' started by rockkingston1221, Oct 29, 2021.

  1. #1
    Do you want home loan or mortgage while you have bad credit score?
    SEMrush
     
    rockkingston1221, Oct 29, 2021 IP
    SEMrush
  2. sarahk

    sarahk iTamer Staff

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    #2
    I'm not sure how many of us are from Germany and if they're successful internet marketers they won't have to worry about bad credit scores. I think you may have come to the wrong place.
     
    sarahk, Oct 29, 2021 IP
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  3. mmerlinn

    mmerlinn Prominent Member

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    #3
    Yes.
     
    mmerlinn, Oct 30, 2021 IP
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  4. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

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    #4
    What's the difference between home loan and mortgage?
     
    qwikad.com, Nov 2, 2021 IP
  5. Terem123

    Terem123 Greenhorn

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    #5
    It looks too good to be true. Well, I don't know how about you, but the market of loans is a bit complicated and there is still lots of scam. When I see such ads when some guys promise to give the money to people who have bad credit score, I feel that it is a sort of scam. In most of the cases tha bank interests are extremely huge. I don't know, maybe this is an exception from the rule, but in most of the cases such ads have hidden hazards.
     
    Terem123, Nov 2, 2021 IP
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  6. jessicaherron9

    jessicaherron9 Member

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    #6
    Yes Please tell me suitable offer.
     
    jessicaherron9, Nov 3, 2021 IP
  7. jrbiz

    jrbiz Acclaimed Member

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    #7
    Let me see if I understand the proposition you are suggesting: A person has a bad credit score which means that s/he is not able to keep up with current bills and debt. Now, this same person is being offered the opportunity to take on even more debt with a big mortgage or home equity loan? Not a recipe for success.

    That said, there are financial planners who help people with multiple, high interest rate debts (e.g., credit cards) consolidate their debt into a single, low interest loan as a way to dig out of the mess they are in. This approach can work if they own a home and can take out a loan on it as collateral, but then they need intensive counseling to change to their spending habits, etc. This does not seem to be what you are posting about.
     
    jrbiz, Nov 4, 2021 IP
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  8. mmerlinn

    mmerlinn Prominent Member

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    #8
    Mortgage = Monetary loan to the "home owner."
    Home loan = "Home owner" loans out his home to someone else to live in.
     
    mmerlinn, Nov 5, 2021 IP
  9. Kalarabant

    Kalarabant Greenhorn

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    #9
    I got used to think that it directly depends on your personal wishes and laws of your state. If you have a bad credit score, then there is a very low chance that if you apply to mortgage, it will be approved. So, I personally prefer home loan in this case. Everything you need is just to apply to the regional center or bank, in order to calculate chances of approving mortgage for you. The best option for you in this case is to rent an apartment or house, until your credit score will be fixed. Banks should be convinced that you now have enough money to pay mortgage.
     
    Kalarabant, Nov 9, 2021 IP
  10. sarahk

    sarahk iTamer Staff

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    #10
    It is interesting to know how things work in other countries.
    In NZ it's relatively easy to get get a rental, save up, and get a mortgage. Rentals are usually only fixed for a year - the amount you need to save is the hard bit.
    I've heard in Belgium if you rent the normal lease is 8 years. I couldn't imagine committing to 8 years.
    In Germany rentals don't have kitchen fixtures etc, you have to bring your own. That's huge! Most kids here go flatting as teenagers. It's mindboggling that kids would need to install a kitchen.
    @Kalarabant - What's it like in Poland?
     
    sarahk, Nov 9, 2021 IP
  11. rockkingston1221

    rockkingston1221 Peon

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    #11
    Hello All, I have been turned away from many banks to obtain home equity loans. Can someone help me find the financing I need?
     
    rockkingston1221, Nov 17, 2021 IP
  12. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

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    #12
    Taking out a loan to buy a car is a bad idea. Cars depreciate the moment they leave the lot. Save up to buy a used car (in today's world even a used car can cost a fortune). I'd advise you against buying a new car and especially taking a loan to buy one.

    I know banks can be a pain in the butt, but if you were turned down by "many" banks, you need to rethink your strategy when it comes to buying a house. Not knowing the details, my guess is you don't have savings. You need to keep saving up till you're able to make a down payment. Some banks don't care how much you make a month, they want to see your savings (or other assets).
     
    qwikad.com, Nov 17, 2021 IP
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  13. sarahk

    sarahk iTamer Staff

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    #13
    Wholeheartedly agree!
    Went out car-shopping recently and were told that if we committed that day the delivery would be in SEPTEMBER!!!
    We expected the "drive away today" spiel, not a 10-month delay.
    Looking online used cars were as much as the new cars because their owners knew we couldn't actually buy a new car. That's the market adjusting to supply and demand.
     
    sarahk, Nov 17, 2021 IP
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  14. juegagerman

    juegagerman Peon

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    #14
    I would choose the mortgage for sure
     
    juegagerman, Nov 18, 2021 IP
  15. rockkingston1221

    rockkingston1221 Peon

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    #15
    Hello All, I have been turned away from many banks to obtain home equity loans. Can someone help me find the financing I need?
     
    rockkingston1221, Nov 19, 2021 IP
  16. mmerlinn

    mmerlinn Prominent Member

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    #16
    Well, looky here. Not only have the banks banned him, but even DP has banned him.
     
    mmerlinn, Nov 20, 2021 IP
  17. qwikad.com

    qwikad.com Illustrious Member Affiliate Manager

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    #17
    Saving him from getting scammed.
     
    qwikad.com, Nov 20, 2021 IP
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  18. sarahk

    sarahk iTamer Staff

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    #18
    Oh, I think we all know who the scammer was going to be.
     
    sarahk, Nov 21, 2021 IP