How to Get Started with Social Investing
Episode 120: What is social investing? What are investment clubs? Learn how to get started with social investing with Thomas Beattie of Voleo. Tune in to take advantage of free […]
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Getting a Mortgage Without a Credit Score 2 Frugal Dudes
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How to Get Started with Social Investing 2 Frugal Dudes
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Getting a Mortgage Without a Credit Score
2 Frugal Dudes
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Episode 121: Learn about getting a mortgage without a credit score– one of the caveats of financial independence!
Paying Mortgage Insurance Premiums
Kevin hasn’t had much time to spend money lately, because he’s head his head down at work. On the plus side, Kevin got a notice from his mortgage provider saying that he’s eligible to cancel his mortgage insurance premium because he’s putting so much extra into the mortgage.
Getting a Mortgage with No Credit Score
Sean is in the planning process of building a house. Since selling his house in 2016, Sean has no credit. He had an amazing credit score, and since he hasn’t been borrowing, his score has disappeared. This has proven to be a challenge for securing a mortgage for building.
Sean went through the online service Credible, and it wouldn’t service him.
He also went through the Federal Credit Union, and they would not provide service.
The local broker will also not work with him.
Wells Fargo offered 3.1% and Churchill– recommended by Dave Ramsey– offered 3.5%. The higher rate is related to a lack of credit score.
Wells Fargo was the only one that looked at Sean’s money in the bank and determined that he was eligible for a “traditional” mortgage, rather than putting all their chips on a credit score.
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Music: https://www.bensound.com/royalty-free-music
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.
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