Dear Olga: Mortgage with bad credit
How can you buy a home with bad credit? Or rather, should you ever buy a home with bad credit? And why or why not?
Dear Bad Credit,
Having a low credit score can be stressful but that doesn't mean that you don't have options.
Before we go into my advice, did you know that it's not always "better" to own your property versus renting? In March, I wrote a blog post about how it's sometimes more cost effective to rent, you can read the blog post here.
If you believe that purchasing a home is the best decision for you, there are a few things to consider:
Do you have enough cash coming in each week to afford the monthly mortgage payments?
What is the goal you're trying to achieve? You may need the extra space, but think if putting off buying a house for a year could help lighten your money stress.
Are you downsizing? If you're working on making your mortgage payments more manageable then you're making smart money choices.
What may be right choice for one situation may not be applicable to your current scenario. When in doubt, speak to an expert! You can find a link to my calendar below 👇
In case your low credit has to do with a financial setback you recently experienced or currently experiencing, here is a blog focused on getting through financial setbacks without worrying about things you cannot control.
If you need more guidance about your specific situation, I'm happy to hop on a quick call with you. Here's a link to my calendar! 🗓
If you have a money question, submit it here for a chance to be featured in the "Dear Olga" column!
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