Do Creditors Look More Favorably on Renting or Owning?
Author: Mandarine
Posted: Wed Feb 25, 2004 7:13 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
How is Rent or Own Home viewed during the application process? What about Monthly Rent payment? What's looked upon more favorably?
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Author: Guest
Posted: Wed Feb 25, 2004 7:46 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
OWNING
Author: Mandarin
Posted: Wed Feb 25, 2004 9:29 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
OK, do they like better higher rent payment or lower rent payment?
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Author: Verne
Posted: Wed Feb 25, 2004 11:04 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
They like lower rent payments. They compare it to your income. If your rent payments (like a mortgage) are too high in relation to your income (say over 35%) a potential creditor is less apt to extend credit. There are lots of different formulas, some not allowing anything over 20%, others allowing as much as 50%.
NightStar probably knows the skinny on this better than I do. I've always rented and don't know much about mortgages. But they look at rent in much the same way, in trying to determine what is acceptable for your income.
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Posted: Wed Feb 25, 2004 7:13 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
How is Rent or Own Home viewed during the application process? What about Monthly Rent payment? What's looked upon more favorably?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Guest
Posted: Wed Feb 25, 2004 7:46 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
OWNING
Author: Mandarin
Posted: Wed Feb 25, 2004 9:29 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
OK, do they like better higher rent payment or lower rent payment?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Wed Feb 25, 2004 11:04 pm
Post subject: Do Creditors Look More Favorably on Renting or Owning?
They like lower rent payments. They compare it to your income. If your rent payments (like a mortgage) are too high in relation to your income (say over 35%) a potential creditor is less apt to extend credit. There are lots of different formulas, some not allowing anything over 20%, others allowing as much as 50%.
NightStar probably knows the skinny on this better than I do. I've always rented and don't know much about mortgages. But they look at rent in much the same way, in trying to determine what is acceptable for your income.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
